Closed 03/13/2013

Corner Mixed-Use Building

267 Flatbush Ave

Prospect Heights

Closed 03/13/2013 at
$6,200,000

Total Units 10
Residential Units 9
Commercial Units 1
Gross SF 9,031
Cross Streets Flatbush Ave & St. Marks Ave Corner
Subways
b
d
n
q
r
2
3
4
5
Other Transportation
LIRR
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Retail/Mixed-Use 267 Flatbush Ave, Prospect Heights
Corner Mixed-Use Building
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Details

Block_Lot 1143_1
Lot Size 60.33 ft x 62.83 ft irregular
Lot SF 1,979
Building Class C7
Building Dimensions 60.33 ft x 62.83 ft
Stories 4
Residential SF 5,238
Retail SF - Ground Floor 1,746
Retail SF - Basement 2,047
Gross Retail SF 3,793

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.

Barclays Center
Prospect Park
The Brooklyn museum
Brooklyn Public Library
Brooklyn Botanical Garden
Atlantic Mall
Brooklyn Academy of Music

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