Mixed-Use Building w/ Over 3,400 SF in Air Rights

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building located at 1241 Flatbush Avenue in the Flatbush neighborhood of Brooklyn. The propery is located on Flatbush Avenue between Avenue D and Newkirk Avenue. The building consists of 4 vacant one-bedroom apartments in need of total renovation, and 1 commercial unit currently occupied by a restaurant paying $2,000/month ($2,200/month starting 9/1/12). After the renovation and occupation of the residential units, the projected and actual income for the property is $7,400/month. With annual expenses projected at around $24,700, the projected net operating income is approximately $64,100/annual, equal to a projected 10% Cap. The R7A/C2-4 zoning allows for an additional 3,472 SF to be built. The property is located just a few blocks from the 2,5 Newkirk Avenue Subway Station and the Q Cortelyou Road Subway Station. The property is also accessible through the B41 bus line that runs north and south on Flatbush Avenue.