237-243 Avenue U
Brooklyn, NY 11223
$360K.INCOME - IN CONTRACT BY BOB SCAGLIONE · Retail Property For Sale

Prime Brooklyn Gravesend /Bensonhurst location.Corner Avenue U/West 4th street.IN CONTRACT TO AN ALL CASH BUYER $ 5,500,000. Certificate of Occupancy strictly Commercial ,Ground store,basement accessory uses storage ( approximate 8000 sq. ft. ) more than 10 feet high basement plus entire 2nd floor offices. Building Height in feet 25 feet. Building class K2. Total 15,880 building square feet. Lot area 7940 irregular.Building width 82 feet by 97 feet depth. First time on the Market. The building is in excellent condition. The ground floor tenant is A NEW C Town Supermarket AS OF AUGUST 1,2019 paying $ 20,000.per month + heat ,water and tenant pays any additional tax above $97,250. Base Real Estate taxes owner responsible for twenty year lease beginning May 1,2017 through April 30,2037. Every 5 years an increase. The 2nd floor offices tenant is the MTA and paying $10,219.58. per month plus utilities. Lease until March 31,2020 with options to renew. In the future the 2nd floor has additional uses such as any type of very large Business, Corporation, National franchises, Real Estate management , mortgage ,insurance , title companies,FITNESS CENTER, medical & billing company from one of the Hospitals,National health & fitness centers , and many other uses. The entrance for the 2nd floor is adjacent to North field Bank. Office space is Approximately currently $15.00 sq. ft. for prime condition and location. Lease expires March 31,2020. Fair market rent for 2nd floor office space $ 12,000. to $14,000. Potential an additional $24k-$48k more next year. ONLY $18.00 to $21.00 square foot ( Total potential income $144,000. or $ 168,000). Two short blocks away from McDonald Avenue (F Train ) and 3 short blocks away from the Avenue U ( N ) train and buses. Five minute drive to Ocean Parkway towards Manhattan or the Belt Parkway. Annual Gross Income $362,635.. Owner Real Estate taxes $97,250. + Insurance $9,119. Net operating income $ 256,265. Excellent property for investment. prior to contract buyer to due diligence. Subject to Errors and omissions.