Corner Mixed-Use Building
267 Flatbush Ave
Prospect Heights
Closed 03/13/2013 at
$6,200,000
LIRR
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building located at 267 Flatbush Avenue in the Prospect Heights neighborhood of Brooklyn.
The ~9,000 SF property has 9 residential units and a corner retail unit occupied by a restaurant that is slated to open this summer. Six of the residential units are vacant and in the process of being renovated, two of the units have already been renovated and leased. The property currently projects to produce approximately $478,000 annually. The retail tenant has a 10-year lease with two 5-year renewal terms. Current annual income for the unit is $210k with 2.5% annual escalations. The tenant is responsible for all of their utilities and 35% of any increases to the annual taxes over the base year.
The building is only one block from the 2,3 Bergen Street subway station, and only three blocks from the Atlantic Terminal/Barclays Center with access to the D,N,R,B,Q,2,3,4,5 Trains plus the LIRR, making the commute in and out of Manhattan in under 15 minutes.
Attractions
Located at the corner of Flatbush Avenue and St. Marks Avenue; the property is only a short distance from the recently opened Barclays Center, which hosts over 200 sports and entertainment events a year. The property is also steps from Prospect Park, The Brooklyn Museum, Brooklyn Public Library and the Brooklyn Botanical Garden as well as the Atlantic Mall and BAM.