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1228 Flatbush Ave 3,740 SF 33% Leased Retail Building Brooklyn, NY 11226 $2,400,000 ($641.71/SF) 6.47% Cap Rate
Executive Summary
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.
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.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$173,838
|
$52.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$173,838
|
$52.68
|
| Taxes |
$7,382
|
$2.24
|
| Operating Expenses |
$11,250
|
$3.41
|
| Total Expenses |
$18,632
|
$5.65
|
| Net Operating Income |
$155,206
|
$47.03
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $173,838 |
| Annual Per SF | $52.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $173,838 |
| Annual Per SF | $52.68 |
| Taxes | |
|---|---|
| Annual | $7,382 |
| Annual Per SF | $2.24 |
| Operating Expenses | |
|---|---|
| Annual | $11,250 |
| Annual Per SF | $3.41 |
| Total Expenses | |
|---|---|
| Annual | $18,632 |
| Annual Per SF | $5.65 |
| Net Operating Income | |
|---|---|
| Annual | $155,206 |
| Annual Per SF | $47.03 |
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,740 SF
Building Class
C
Year Built
1933
Price
$2,400,000
Price Per SF
$641.71
Cap Rate
6.47%
NOI
$155,206
Percent Leased
33%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.34
Lot Size
0.04 AC
Zoning
R-6 - R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx.
Frontage
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05209-0007 | Total Assessment | $73,020 |
| Land Assessment | $12,960 | Annual Taxes | $7,382 ($1.97/SF) |
| Improvements Assessment | $60,060 | Tax Year | 2026 |
Property Taxes
Parcel Number
05209-0007
Land Assessment
$12,960
Improvements Assessment
$60,060
Total Assessment
$73,020
Annual Taxes
$7,382 ($1.97/SF)
Tax Year
2026
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1228 Flatbush Ave
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