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245a-247 South 1st St, Brooklyn, NY 11211

$3,950,000
Listing Details:
$3,950,000 Price
Townhouse Property Type
Williamsburg Neighborhood
4 Beds
4 Baths
4,600 Approx. Sq. Ft.
Key Features:
Allows Pets
Description:

Bedford Realty is pleased to offer 245A-247 South 1st Street for sale, a Southside Williamsburg mixed-use property with fantastic upside for an owner/user or investor. Situated on South 1st Street between Roebling & Havemeyer, a location that housed one of Williamsburgs iconic Michelin starred restaurants for over 10 years. The two affixed properties offer one large retail space and four residential units spread amongst +/- 4,600 gross SF. The 2300 SF retail space currently available for lease boasts 10'+ ceiling heights, vented kitchen with existing hood, walk in fridges, exposed brick and original oak floors. A full-height cellar offers an additional ~ +/-2,300 gross SF.
Asking commercial rents in the surrounding area along Grand Street averaged $100/SF and Northern Bedford Avenue hover north of $200/SF. The four FM residential units spread amongst both buildings offer additional immediate cash flow. All units are market rate, open concept layout, occupied with a mix of MTM and 1 year leases. Once fully stabilized and with minimal updates this property can easily see north of 5.0% cap rate.





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