Six Unit Corner Mixed-Use Building

Overview

This offering presents an opportunity to acquire 136' of frontage on a main retail corridor with four parking spaces. This building also offers over 5,500 SF of air rights. The 5,839 SF walk-up building is comprised of five large 3-bedroom apartments as well as retail space occupied by a salon situated directly adjacent to the bus stop. There is also space for parking up to four cars. The property grosses approximately $135,550 annual and the NOI is ~$105,230. The Asking Price of $2,250,000 equates to just $385/SF. There is upside in the assets in both the income, rents average $22/SF in a $40/SF market, as well as the neighborhood. New luxury developments in the area, such as the Hudson Companies' 254-unit residential tower at 626 Flatbush Avenue, 123 Parkside, 111 Clarkson Avenue and 271 Lenox Road, with 56 luxury units just one block away, are expected to continue to attract the influx of young students an families seeking housing close to Prospect Park. The portion of the Rogers Avenue retail corridor adjacent to the property has also seen considerable growth in recent years. Residents priced out of more expensive Brooklyn neighborhoods have migrated to Prospect Lefferts Gardens to be close to Prospect Park, Flatbush Avenue as well as the Rogers Avenue and Nostrand Avenue retail corridors. The building is located just 2-3 blocks from the 2,5 trains at both the Winthrop Street and Church Avenue subway stations as well as walking distance to the Q train at Parkside Avenue, providing service to lower Manhattan in under 20 minutes