1103 Church Ave
Brooklyn, NY 11218
Retail Property For Sale

1103 Church Avenue in the Prospect Park South neighborhood of Brooklyn, New York. The subject offering is a 3,074 square foot mixed-use property located on Church Avenue in between Stratford and Westminster Roads. The subject property rests on a 21 x 99 square foot lot and is configured as two apartments above one retail unit occupied by a veterinarian since 2011 who just signed a lease amendment increasing the rent by 10% and extending the base term until 12/31/2031 with additional 10% rent increases every five years. The property underwent $500,000 worth of major capital improvements in 2018 and is now 100% occupied. Work performed on the building includes new structural steel designed to carry two additional floors, a full extension of the ground floor retail space, an extension and conversion of the second floor from prior use by the vet to two gut-renovated two-bedroom apartments, brand new roof, electrical service, plumbing, HVAC, and hot water heaters. The property is zoned R6A/C2-4 and has an additional 2,836 square feet of air rights that can be utilized. The property is six blocks from the Church Avenue B, Q subway station and is in close proximity to multiple local, regional and national tenants. This is a rare opportunity to acquire a recently gut-renovated mixed-use apartment and retail asset in a rapidly growing market of Brooklyn with little management, zero deferred maintenance, a long term commercial tenant with a prominent neighborhood presence, and the ability to add two additional floors with structural steel already in place.