Eight Unit Mixed-Use Building
128-130 Cortelyou Road
Kensington & Parkville
Closed 12/22/2015 at
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This 8-unit offering, on the corner of Cortelyou Road and East Second Street, provides a rare opportunity to acquire a corner mixed-use property with 40 feet of frontage on Cortelyou Road for a 6% CAP rate.
The building is currently configured as four ground floor retail spaces that can be divided into five spaces, with a total of 3,335 SF. The upper floors consist of three 3-bedroom residential units totaling 3,000 SF.
Kensington is predominantly a residential neighborhood anchored by the Cortelyou Road retail corridor, home to a number of popular neighborhood eateries such as the Purple Yam, The Farm on Adderly and Ox Cart Tavern. The property is located just one and a half blocks from the Ditmas Avenue F subway station, with a short commute to Manhattan.
Kensington is a predominantly residential area consisting of housing types that run the gamut from brick row houses, to detached one family Victorians and apartment buildings. The main commercial streets on on Coney Island Avenue, Church Avenue and Ditmas Avenue. In addition, pre-war brick apartment buildings dominate the Ocean Parkway and Coney Island Avenue frontage, many operating as co-ops.