We have been retained on an exclusive basis to arrange for the sale of 171 Bedford Avenue, a three-story+cellar, 6,044 SF mixed-use property located along one of Brooklyns most established and sought-after retail corridors in the heart of Williamsburg. The property consists of ground-floor commercial space with two large four-bedroom residential units above. It further benefits from protected Tax Class 1 status and exceptionally low current real estate taxes of approximately $21,500 annually.
The residential component offers an immediate value-add opportunity, with the second- and third-floor apartments currently generating just $4,200 and $4,600 per month (approximately $36/SF). Both units are occupied on a month-to-month basis, while nearby comparable apartments support approximately $90/SFmore than double the existing level. The large, full-floor layouts provide an attractive opportunity for renovation and repositioning with the potential to materially increase income.
The ground-floor retail is occupied by a long-standing optical tenant paying approximately $17,000 per month (~$86/SF on an effective-area basis), with 3% annual increases and a lease extending through July 2029. Comparable Bedford Avenue storefronts are approaching $200/SF, creating substantial mark-to-market potential at lease expiration, while the currently unused cellar and rear yard offer additional opportunities to enhance the property. The 25 100 lot also provides longer-term development flexibility.
With a premier Bedford Avenue location, significant upside across both the residential and commercial components, and an unusually low tax burden, 171 Bedford Avenue presents a compelling Williamsburg value-add investment opportunity.
The residential component offers an immediate value-add opportunity, with the second- and third-floor apartments currently generating just $4,200 and $4,600 per month (approximately $36/SF). Both units are occupied on a month-to-month basis, while nearby comparable apartments support approximately $90/SFmore than double the existing level. The large, full-floor layouts provide an attractive opportunity for renovation and repositioning with the potential to materially increase income.
The ground-floor retail is occupied by a long-standing optical tenant paying approximately $17,000 per month (~$86/SF on an effective-area basis), with 3% annual increases and a lease extending through July 2029. Comparable Bedford Avenue storefronts are approaching $200/SF, creating substantial mark-to-market potential at lease expiration, while the currently unused cellar and rear yard offer additional opportunities to enhance the property. The 25 100 lot also provides longer-term development flexibility.
With a premier Bedford Avenue location, significant upside across both the residential and commercial components, and an unusually low tax burden, 171 Bedford Avenue presents a compelling Williamsburg value-add investment opportunity.
Stories: 3
Units: 2
Total Rooms: 15
Listing Courtesy Of Compass
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