Two Contiguous Mixed-Use Buildings
1384-1386 Flatbush Avenue
Flatbush
Closed 01/31/2017 at
$2,075,000
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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.
Attractions
Flatbush is emerging as a strong sub-market in Brooklyn. The main retail corridors in the area, Flatbush Avenue, Bedford Avenue, Rogers Avenue and Nostrand Avenue, have attracted several national tenants to the area including Target, Nike, Home Goods, Applebee’s, Men’s Warehouse, AT&T, Verizon Wireless, Modell’s, Blink Fitness, Dallas BBQ, The Vitamin Shoppe and more.