A mixed-use and a multifamily building at 527 Carroll Street, located between 3rd and 4th Avenues on the border of Brooklyn’s Park Slope and Gowanus neighborhoods, were sold in an all-cash transaction valued at $3,400,000.
The 25’ x 100’ lot consists of two buildings, one mixed-use and one multifamily, that combine for approximately 3,750 square feet. The two buildings have undergone a full renovation. The mixed-use building, located in the front of the lot, contains one retail unit and two, two-bedroom residential units above. The multifamily building, located in the rear of the lot, contains two residential units, of which one is a two-bedroom duplex and one is a two-bedroom unit with a private roof deck above. All units feature brand new appliances, exposed brick, and individual boilers. There is a laundry room intended to be shared by all tenants located in the rear building. Additionally, there is a beautiful, landscaped interior courtyard. The sale price equates to approximately $907 per square foot.
The property is ideally located on the cusp of both the Park Slope and Gowanus neighborhoods. It is just two blocks from the Union Street subway station, where the R train is accessible. Some neighborhood attractions include Whole Foods, the Textile Arts Center, and multiple restaurants including Dinosaur BBQ, Little Neck, and Runner and Stove. Additionally, the property is located within the PS 321 school district and is across from PS 372, The Children’s School.
“The sellers did a beautiful job gut renovating the buildings. The biggest challenge in this transaction was proving the retail rent. The sellers retained Cushman & Wakefield’s Nicole Liebman for the assignment, who was able to find the perfect tenant, proving the buildings full income potential. At this point the buyer, who had toured the building months earlier, increased his offer, ultimately transacting at $3,400,000, which equates to a 5.45% cap rate,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction along with Winfield Clifford. “527 Carroll Street was purchased by a 1031 exchange buyer willing to pay over $900 per square foot to acquire the turn-key mixed-use investment property,” added Winfield Clifford.
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Neighborhoods: Gowanus, Park Slope/ Agents: Winfield Clifford