Free Market Mixed-Use Building | Prospect Lefferts Gardens

Highlights:

• Projected 6.5% Cap
• Very Low Expenses
• Ideal Location
• Fully built out Café Retail Space

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of 1209 Nostrand Avenue – a mixed-use building in the Prospect Lefferts Gardens neighborhood of Brooklyn.
The ~2,400 SF property consists of:

A free-market 4-bedroom plus office/2 full bath unit that is fully renovated including an in-unit washer/dryer.
A fully renovated retail store which was previously a successful café. The space is fully built out and includes new flooring, service countertop, cooking hood/kitchen equipment, updated electric, electric roll down gate and a full basement.

The building itself is also in very good condition including the roof, which was replaced 5 years ago.
When the retail space is occupied, the building should have a gross annual income of ~102,000 and the Cap Rate should be about 6.5% with no renovation required to achieve that cap rate.
The property is ideally located on the same block as the 2/5 Winthrop Street train station and in very close proximity to both Prospect Park and SUNY Downstate Hospital.