Corner Mixed-Use Building
564 Flatbush Avenue
Closed 08/23/2013 at
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The mixed-use building at 564 Flatbush Avenue is now offered for sale. The three-story corner building is located at intersection of Flatbush Avenue and Beekman Place – just two blocks from Prospect Park – in the Prospect Lefferts Gardens neighborhood of Brooklyn.
The 24′ wide building totals 5,280 SF and consists of three occupied commercial spaces and four apartments. The residential portion of the property is comprised of two 2-bedroom and two 3-bedroom apartments. One 2-bedroom apartment will be delivered vacant.
The retail portion of the building is currently occupied by a 99-cent store, sewing shop and laundromat.
There is a significant upside in the property as the residential rents are significantly below market. Renovated two and three-bedroom apartments are achieving $1800+/m and $2000+/m in this location.
The property is in the heart of the primary retail corridor in Prospect Lefferts Gardens, Flatbush Avenue, which has seen an influx of new restaurants and coffee shops in recent months.