1228 Flatbush Ave - Storefront Retail/Residential FOR SALE


Brooklyn, NY 11226- Flatbush-Ditmas Park
$2,400,000 USD
212-430-5276
1228 Flatbush Ave, Brooklyn, NY for Sale
$2,400,000 USD
Storefront Retail/Residential - FOR SALE
1/29
null | 6.47% Cap Rate

1228 Flatbush Ave
Brooklyn, NY 11226
Flatbush-Ditmas Park


OVERVIEW

The subject offering is a 3,740 square foot, three story mixed use property located along the prime Flatbush Avenue retail corridor in Flatbush, Brooklyn. The asset consists of 1,540 square feet of ground floor retail and two 1,100 square foot residential units above. The property features 20 feet of frontage and sits on a 1,600 square foot lot. The ground floor retail is leased to El Dorado through September 2030 with structured 5% annual increases, providing strong in place cash flow and built in growth. The second and third floors are currently vacant, offering full upside through lease up or repositioning of the residential units. Zoned R7A/C2-4, the property offers a total buildable of 6,400 square feet, leaving approximately 3,104 square feet of additional air rights. The surrounding corridor is densely populated and supported by a strong mix of national and local retailers including Metro, Dunkin, Popeyes, Wingstop, Target, Subway, Key Food, Burger King, and Crunch Fitness. This is an opportunity to acquire a mixed use asset with stable retail income, annual rent growth, and significant value add potential on both the residential and development side.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$727 USD /SF

CAP RATE

6.47%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1933

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,600 SF

ZONING

R-6

APN/PARCEL ID

05209-0007

ASK ABOUT THIS PROPERTY

Alexander ArustamianMarcus & MillichapMore Info
212-430-5276

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Alexander ArustamianMarcus & MillichapMore Info
212-430-5276

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.