10,611 Mixed-Use Building
267 Flatbush Avenue
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TerraCRG has been retained to exclusively represent ownership in the sale of 267 Flatbush Avenue in the Prospect Heights section of Brooklyn. This property is one of the most visible and prominent properties on Flatbush Avenue and offers a unique opportunity to acquire a corner property just steps away from the Barclays Center and Pacific Park.
The 10,611 SF property consists of 9 residential units, 8 of which are free market, and 1 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 a net operating income 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 unit it paying $668/month.
The area offers a unique mix of local and national retailers that include Apple, Whole Foods, Shake Shack, Chipotle, Starbucks and SoulCycle. The property is within a few minutes walk of Pacific Park, one of the largest development projects in NYC. Over the last few years, since the opening of Barclays Center, Flatbush Avenue has been established a true retail destination.