Gross SQFT
3,850
Year Built
1920
Property Type
Apartments
AUCTION DATE: FEB 24
VACANT VALUE-ADD OPPORTUNITY
BASE BSF: 5,816
COY BSF: 10,237
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity: Property is in need of a full gut renovation or redevelopment.
- Two Tax Lots: Two side-by-side buildings, each configured with ground floor retail and two floor-through residential units on upper floors.
- Delivered Vacant: All units are vacant and ready for immediate work.
- Fully Free-Market: The property is fully free market, allowing future ownership to capitalize on neighborhood improvement.
- Redevelopment Opportunity: The properties have combined 5,817 buildable SF as of right, or 10,237 buildable SF with newly enacted City of Yes FAR, 6,536 SF of which are unused air rights for future expansion.
- Protected Tax Class: Tax Class 1 limits tax increase to no more than 6% per year or 20% over 5 years.
- Proximity to Transportation: Located within a 3-4 blocks of the A and C trains at Utica Avenue and Fulton Street.
Broker of Record
- Cory Rosenthal
- License No. 10991237833 (NY)
- (866) 889-0550
- Matthews Real Estate Investment Services, Inc
- 1600 West End,
Ste. 1500 Nashville, TN 37203