1,920 SF Mixed-Use Building
1876 A Fulton Street
Bedford-Stuyvesant
Closed 01/22/2016 at
$750,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building at 1876 A Fulton Street in the Bedford Stuyvesant neighborhood of Brooklyn. The building is located between Patchen Avenue and Ralph Avenue, less than 1 block from the Ralph Avenue C subway station and approximately 1½ blocks from the Utica Avenue A express subway line.
The brick building consists of 2 residential units, 1 retail store and a 2 car garage. The retail store is occupied by an outstanding restaurant tenant. The restaurant pays $3,200/month and also pays 75% of the water bill for the building and one-third of the total real estate taxes. The 2 residential units are vacant and need to be renovated. One of the units is configured as a 2 bedroom and the other is configured as a 1 bedroom unit. There is also a 2 car garage that is being rented at $250/month.
The property has projected income of approximately $80,000/year when fully occupied, which equates to a 7.25% Cap Rate after renovation. The property also has substantial development potential as it has 2,872 additional buildable air rights.
Attractions
The property is conveniently located less than one block from the Ralph Avenue C subway station and approx. 1½ blocks from the Utica Avenue A Express Train station which allows for service into Manhattan in under 30 minutes. It is also in front of the B25 bus stop which provides access to Downtown Brooklyn and Broadway Junction. Situated directly on Fulton Street, a main commercial corridor in Brooklyn, the building is located near many excellent retailers and is on the same block as an Associated Supermarket and in very close proximity to a Rite-Aid Pharmacy.