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378 Central Ave 4,125 SF 100% Leased Retail Building Brooklyn, NY 11221 $1,950,000 ($472.73/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity: There is significant upside in the rent roll that can be unlocked via renovations.
- Available Air Rights: There are roughly 1,375 available air rights for future expansion, development, or disposition.
- Transit-Oriented Location: Just two to four blocks from J, Z, M and L train, providing direct access to Williamsburg, Manhattan, and beyond.
- Fully Free-Market: The property is fully free market, allowing future ownership to capitalize on neighborhood improvement.
- Tax Class Protection: Designated as a 2A Tax Class property, capping tax increases at 8% annually or 30% over five years.
EXECUTIVE SUMMARY
Broker of Record
Cory Rosenthal
License # 10991237833 (NY)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Cory Rosenthal
License # 10991237833 (NY)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,125 SF
Building Class
C
Year Built
1931
Price
$1,950,000
Price Per SF
$472.73
Cap Rate
8%
NOI
$156,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.65
Lot Size
0.06 AC
Opportunity Zone
Yes
Zoning
R6 - Medium-density residential district, typically found in Brooklyn, Queens, and the Bronx, that allows for multi-family apartment buildings and includes a mix of building types.
Frontage
AMENITIES
- Bus Line
- Commuter Rail
- Security System
- Storage Space
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Ley Salon
- Services
- -
- -
- -
- Princesitas Bakery & Pastry Shop
- Retailer
- -
- -
- -
- VN Buy & Sale
- Services
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Ley Salon | Services | - | - | - | ||
| Princesitas Bakery & Pastry Shop | Retailer | - | - | - | ||
| VN Buy & Sale | Services | - | - | - |
Walk Score®
Very Walkable (86)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 03332-0035 | Improvements Assessment | $386,550 |
| Land Assessment | $4,500 | Total Assessment | $391,050 |
PROPERTY TAXES
Parcel Number
03332-0035
Land Assessment
$4,500
Improvements Assessment
$386,550
Total Assessment
$391,050
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378 Central Ave
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