The Tri-State Investment Sales Group for Avison Young announced they have been named exclusive sales agent to market 1148 Pacific Street, a 6,770-square-foot, five-story residential building comprised of 10 free-market units in the Crown Heights neighborhood of Brooklyn. The asking price for the building is $4.75 million, a 5.3% in-place cap rate.
Brandon Polakoff, Senior Director, Fritz Richter, Associate Director, and Jeremy Stenberg, Associate are marketing the property on behalf of the Tri-State Investment Sales Group representing the owner, Pacific Sunshine Realty.
"This well-located property has been recently re-developed, giving it a competitive edge over other comparable Crown Heights and Prospect Heights rental buildings," noted Richter. "The ten free market residential units are ripe for cash flow, making this an outstanding investment opportunity. We are expecting significant interest given the protected 2B tax class, Free-market cash flow and impressive building quality."
1148 Pacific Street is ideally located in the historic Crown Heights building and nearby a variety of mass transit options. Additionally, the property is minutes away from numerous restaurants, amenities and parks, including Prospect Park and the Brooklyn Botanic Garden.
