Mixed-Use Building w/ Over 3,400 SF in Air Rights
1241 Flatbush Avenue
Flatbush
Closed 02/13/2013 at
$485,000
B41
I would like to be contacted:
718-768-6888
Want Ofer to contact you?
I would like to be contacted:
Google MapsDetails
Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building located at 1241 Flatbush Avenue in the Flatbush neighborhood of Brooklyn. The propery is located on Flatbush Avenue between Avenue D and Newkirk Avenue.
The building consists of 4 vacant one-bedroom apartments in need of total renovation, and 1 commercial unit currently occupied by a restaurant paying $2,000/month ($2,200/month starting 9/1/12). After the renovation and occupation of the residential units, the projected and actual income for the property is $7,400/month. With annual expenses projected at around $24,700, the projected net operating income is approximately $64,100/annual, equal to a projected 10% Cap. The R7A/C2-4 zoning allows for an additional 3,472 SF to be built.
The property is located just a few blocks from the 2,5 Newkirk Avenue Subway Station and the Q Cortelyou Road Subway Station. The property is also accessible through the B41 bus line that runs north and south on Flatbush Avenue.
Attractions
Flatbush’s primary commercial strips are Flatbush, Church, and Nostrand Avenues, with Coney Island Avenue also emerging as a major strip. One can find Caribbean, Soul food, Chinese, Mexican and South Asian restaurants. Most of the businesses are small, with some larger businesses also present, such as Old Navy, Rite Aid, Stop & Shop, Staples, Gamestop, and Target.