Free Market Gut Renovated Building in Flatbush

1816 Nostrand Avenue

Flatbush

Size 3,300 SF
Residential Units 2
Commercial Units 1
Cross Streets Clarendon Road + Avenue D
Subways
2
5
Buses
B44, B8
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Mixed-Use 1816 Nostrand Avenue, Flatbush
Matthew Cosentino
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Details

Projected Gross Rents $108,000
Projected Cap Rate 6.25%

Overview

TerraCRG has been exclusively retained in the sale of 1816 Nostrand Avenue – a free market, gut renovated, mixed-use building located in Flatbush.

The three-story building is ~3,300 SF with two free market residential units over one ground floor retail unit. The apartments are large four-bedroom units, two full bath units, with separated heating for each unit. The commercial unit lease is expiring within the year. The property has an in-place gross income of about $88K. At market rents when the commercial lease expires this year, the gross rent should be approx. $108K which equates to about a 6.25% Cap Rate

Attractions

The property has great subway access set just a few blocks from the 2 and 5 trains at the Newkirk Avenue Station, providing an easy commute to Downtown Brooklyn and Lower Manhattan. Major attractions in proximity to 1816 Nostrand Avenue include Prospect Park and the newly renovated Kings Theatre just a few blocks away, which brings in world-renowned talent and entertainment. Sitting along the Nostrand Avenue retail corridor, the building is surrounded with restaurants, cafés and national tenants, as well as boutique shops and eateries.

Kings Theatre
Prospect Park

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