Four Story Mixed-Use Property With Cafe
1014 Fulton Street
The four-story building is located between Downing Street and Irving Place and is comprised of three residential units and one commercial unit, totaling 4,400 gross SF. The commercial unit is occupied by Outpost Café with a lease expiring in 2027. The property has an annual income of ~$133,040 and a projected NOI of ~$101,649. The large, floor through, three-bedroom residential units have had recent renovations done to the kitchens and bathrooms. The current tenants are paying below-market rents at an average of ~$30/SF, allowing for immediate upside upon lease expiration without tremendous capital improvements needed.
Situated in close proximity to three strong retail corridors, Dekalb Avenue, Myrtle Avenue and Fulton Street, the buildings are within a short distance to some of the most acclaimed restaurants in Brownstone Brooklyn, including The Finch, Aida and Speedy Romeo, as well as Metta, Roman’s, Dino’s and Walter’s.
The property is located within walking distance from the Fort Greene Park, Brooklyn Academy of Music and Barclays Center. The commute to Union Square in Manhattan is only 25 minutes with the Classon Ave G train stop just minutes away and with the C/S stop on Franklin Avenue only a block away.