267 Flatbush Ave
Brooklyn, NY 11217
10,611 SF Mixed-Use Building · Multifamily Property For Sale · 10 Units

TerraCRG has been retained to exclusively represent ownership in the sale of 267 Flatbush Avenue in the Prospect Heights section of Brooklyn. 267 Flatbush Avenue is one of the most visible and prominent properties on Flatbush Avenue. The property offers a unique opportunity to acquire a corner property just steps away from Barclays Center and Pacific Park. The 10,611 square foot property consists of nine residential units, eight of which are free market, and one commercial space. The building was recently gut renovated and includes a brand new lobby and rooftop. Morgan's BBQ, a neighborhood favorite, occupies the retail space. The commercial space also includes a large outdoor seating area along with a fully built out basement. Currently, the property has an NOI of ~$470,000, with significant upside remaining on both the retail and residential income. The commercial tenant is paying $54/SF, which is 40% below the market rate, and one rent stabilized tenant is paying $668/month. The property offers a unique mix of local and national retailers that include Apple, Whole Foods, Shake Shack, Chipotle, Starbucks and Soul Cycle. The property is within a few minutes walk of Pacific Park, one of the largest development projects in NYC. Pacific Park consists of 15 mixed-use buildings comprised of 8,000,000 square feet of residential and retail, and is surrounded by an 8-acre park. Over the last few years, since the opening of Barclays Center, Flatbush Avenue has been established as a true retail destination. The corridor features over 20 food establishments including some of Brooklyn's most trendy restaurants. The corridor draws from several different neighborhoods uniquely located within close proximity to Prospect Heights, Prospect Park as well as Clinton Hill, Crown Heights and Fort Greene. The property is just one block away from the Bergen Street subway station (2,3 trains) and two blocks away from the Atlantic Avenue/Barclays Center subway station (2, 3, 4, 5, N, Q, R, B, D and LIRR). The Atlantic Avenue station has an annual ridership of nearly 14,000,000, making it the station with the highest annual ridership in Brooklyn.