501 Smith St 4,200 SF 5% Leased Retail Building Brooklyn, NY 11231 $3,500,000 ($833.33/SF)

501 Smith Street offers a fully renovated corner retail property located at the southeast corner of Smith and 9th Street in the dynamic Carroll Gardens and Gowanus neighborhoods of Brooklyn. Positioned adjacent to the Smith-9th Street subway station serving the F and G lines, the property provides high transit accessibility and a strategic location within one of Brooklyn’s most desirable retail corridors.
The two-story brick building comprises approximately 4,000 square feet of retail space on a 2,047-square-foot lot. Recently upgraded and offering strong street visibility, this property is well-suited for investors seeking a value-add or owner-user opportunity. The ground floor vacancy allows for customization to meet tenant demands, while the second floor is secured by a new 10-year lease, creating immediate income stability. The asset generates in-place and projected annual gross revenue of approximately $260,000, ensuring consistent yield potential.
Zoned M2-3, the site supports a floor area ratio of 2.0, offering future development flexibility with approx. 4,094 buildable square feet. The surrounding area continues to experience robust residential and commercial growth, complemented by major retailers such as Whole Foods, Harbor Freight, and Lowe’s within close proximity. This property provides both current income and future upside in a thriving Brooklyn market.