Vacant 3 Unit Mixed Use Building

Highlights:

• ~8% Cap Rate
• Offered at $361/SF
• Free Market Building
• Fully Vacant
• 3,600 Gross SF

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of 1478 Flatbush Avenue – a VACANT & FREE-MARKET mixed-use building in the Midwood neighborhood of Brooklyn.

The 3,600 SF property consists of two free-market apartments and one ground floor retail store. Each unit in the 3-story building is ~1,200 SF and all the units are full floor throughs. The property also has over 4,000 SF of additional air rights.

When occupied 1478 Flatbush Ave has a projected gross annual rent roll of ~$144,000 and a projected net operating income of ~$115,000. It benefits from very low expenses due to its tax-class protected status. At asking price the property is offered at $361/SF and even factoring in some renovation cost, the property should equate to ~8% Cap when occupied.

This location is an extremely active residential and retail corridor as it is just a few blocks away from Brooklyn College, the 2 & 5 Subway Station (Flatbush Ave-Brooklyn College Station) and near many great retailers that bring many people to the neighborhood including, Blink Fitness, Target, ALDI Supermarket, Chipotle and Citizens Bank to name a few.