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Vacant 3 Unit Mixed Use Building 1478 Flatbush Ave 3 Unit Apartment Building $1,300,000 ($433,333/Unit) Brooklyn, NY 11210
INVESTMENT HIGHLIGHTS
- ~8% Cap Rate
- Free Market Building
- 3,600 Gross SF
- Offered at $361/SF
- Fully Vacant
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $1,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $433,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| No. Units | 3 | Building Size | 3,646 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Zoning | R7A, C2-4 | ||
| Price | $1,300,000 |
| Price Per Unit | $433,333 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 3,646 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Zoning | R7A, C2-4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
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Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 05249-0068 | Improvements Assessment | $59,880 |
| Land Assessment | $14,280 | Total Assessment | $74,160 |
PROPERTY TAXES
Parcel Number
05249-0068
Land Assessment
$14,280
Improvements Assessment
$59,880
Total Assessment
$74,160
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Vacant 3 Unit Mixed Use Building | 1478 Flatbush Ave
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