Two Contiguous Mixed-Use Buildings

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use buildings located at 1384-1386 Flatbush Avenue, between Foster Avenue and Farragut Road in the Flatbush neighborhood of Brooklyn. The two building package consists of two retail stores and four free-market residential units. The ground floor retail combines for 3,400 SF and 40 feet of frontage on Flatbush Avenue, just three blocks from Flatbush Junction and Brooklyn College. The residential units consist of four floor-through, renovated two-bedroom apartments with home office, all of which are individually metered with tenants responsible for their own utilities including heat and hot water. The gross annual revenue for the package is ~$180K. With annual expenses of $32,099, the net operating income is $146,965. The property is located just two blocks from the 2 and 5 subway lines at the Flatbush Avenue Brooklyn College station, with an annual ridership of ~$6.5mm.