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6819 3rd Ave
Brooklyn, NY 11220
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Trophy Mixed-Use Investment 6 Units + Restaurant Prime Bay Ridge INVESTMENT OPPORTUNITY 6 FAMILY AND CHIC RESTAURANT!
- 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION.
- HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN.
EXECUTIVE SUMMARY
Trophy Mixed-Use Investment 6 Units + Restaurant Prime Bay Ridge INVESTMENT OPPORTUNITY 6 FAMILY AND CHIC RESTAURANT! HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN. EXTRA-LARGE (27x70 BLDG SIZE-7500 SQFT-27x106 LOT SIZE Zoning: C1-3/R5B) 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION. MAKING IT A LUCRATIVE INVESTMENT OPPORTUNITY FOR THOSE LOOKING FOR STABLE, LONG-TERM RETURNS. OVER $220,000/YEAR RENTAL INCOME. CENTRALLY LOCATED ON BUSY, HIGH-TRAFFIC & BUSTLING 3rd AVENUE, IN THE EPICENTER OF BAY RIDGE. WELL-ESTABLISHED RESTAURANT WITH BEAUTIFUL OUTDOOR DECK TENANT IS IN THE PROCESS OF OBTAINING A LIQUOR LICENSE. TENANT PAYS ALL THEIR OWN UTILITIES + 1/3 BLDG TAXES & 1/2 BLDG WATER BILL. BUILDING OWNER ALSO OWNS ALL RESTAURANT FIXTURES AND THEY ARE INCLUDED IN THE SALE. RESTAURANT SEEKS A LONG LEASE EXTENSION! THIS VERY EFFICIENT & EXTREMELY WELL-MAINTAINED PROPERTY PRACTICALLY RUNS ITSELF. PRIME PIECE OF INVESTMENT REAL ESTATE IN ONE OF BROOKLYN'S MOST DESIRABLE & PREMIER NEIGHBORHOODS, WITH EVEN MORE OUTSTANDING UPSIDE POTENTIAL FOR ITS NEXT SAVVY OWNER. 5.75% Cap at $157,820 NET-With Potential to Surpass 6.0% Once Rents Are Optimized! Owner retiring after 30 successful years. Just collect and count. THE PROPERTY OFFERS EXCEPTIONAL UPSIDE RENTAL POTENTIAL. Of the six residential units, five are currently free-market with no leases in place, allowing a new owner to raise rents to market levels. The layout of each unit-a classic railroad-style two-bedroom with dual hallway entrances and a central living space-makes them ideal for maximizing rental income. Based on current market trends and comparable rentals in Bay Ridge, each free-market unit has potential to command up to $2,700/month, compared to existing averages below $2,000/month. This creates a projected upside of over $41,000/year in additional gross income.
PROPERTY FACTS
| Price Per Unit | $445,833 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Sale Condition | 1031 Exchange | Lot Size | 0.06 AC |
| No. Units | 6 | Building Size | 7,468 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1931 |
| Zoning | R6B - a medium density residential zoning district | ||
| Price Per Unit | $445,833 |
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 7,468 SF |
| No. Stories | 4 |
| Year Built | 1931 |
| Zoning | R6B - a medium density residential zoning district |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
PROPERTY TAXES
| Parcel Number | 05863-0002 | Improvements Assessment | $495,450 |
| Land Assessment | $13,050 | Total Assessment | $508,500 |
PROPERTY TAXES
Parcel Number
05863-0002
Land Assessment
$13,050
Improvements Assessment
$495,450
Total Assessment
$508,500
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