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1397 Flatbush Ave 2,184 SF 100% Leased Retail Building Brooklyn, NY 11210 $1,100,000 ($503.66/SF) 7.29% Cap Rate
Investment Highlights
- Three-story mixed-use building with a ground-floor retail tenant and two free-market residential units.
- Free-market residential units offer near-term upside through rent adjustments and leasing flexibility.
- Situated on bustling Flatbush Avenue near Brooklyn College and surrounded by major national retailers and dining options.
- Retail space leased to a nail/hair salon under a long-term agreement ending in 2033, providing secure, stable income.
- Favorable R7A/C2-4 zoning with additional air rights enabling potential future development or building expansion.
- Convenient access to Newkirk Av (2/5 trains) and Newkirk Plaza (B/Q trains), ensuring strong commuter and consumer traffic.
Executive Summary
The subject offering is a 2,280 square foot, three-story mixed use property located along the prime Flatbush Avenue retail corridor in Flatbush, Brooklyn. The asset consists of 798 square feet of ground floor retail and two 741 square foot residential units above. The property features 20 feet of frontage and sits on an 800 square foot lot.
The ground floor retail is leased to a nail salon through 2033, providing long term stability and strong visibility. The residential units are both free market, with one apartment leased through 2027 and the other currently operating on a month-to-month basis, offering the ability to mark rents to market in the near term.
Zoned R7A/C2-4, the property offers a total buildable of 2,640 square feet, leaving approximately 360 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 well located mixed use asset with long term retail stability and embedded upside driven by free market residential units.
The ground floor retail is leased to a nail salon through 2033, providing long term stability and strong visibility. The residential units are both free market, with one apartment leased through 2027 and the other currently operating on a month-to-month basis, offering the ability to mark rents to market in the near term.
Zoned R7A/C2-4, the property offers a total buildable of 2,640 square feet, leaving approximately 360 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 well located mixed use asset with long term retail stability and embedded upside driven by free market residential units.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,184 SF
Building Class
C
Year Built/Renovated
1933/2025
Price
$1,100,000
Price Per SF
$503.66
Cap Rate
7.29%
NOI
$80,165
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.51
Lot Size
0.02 AC
Zoning
R7A - R7A Contextual Residential Zoning District in NYC. This is a multifamily residential zone with medium sized buildings.
Frontage
24’ on Flatbush Ave
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05228-0012 | Improvements Assessment | $52,500 |
| Land Assessment | $9,240 | Total Assessment | $61,740 |
Property Taxes
Parcel Number
05228-0012
Land Assessment
$9,240
Improvements Assessment
$52,500
Total Assessment
$61,740
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1397 Flatbush Ave
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