Mixed-Use Building in East Flatbush

2909 Tilden Avenue

East Flatbush

$11,000,000

Gross Building SF 22,500 Building SF
Cross Streets East 29th Street and Nostrand Avenue
Subways
2
5
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Mixed-Use 2909 Tilden Avenue, East Flatbush
Matthew Cosentino
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Details

Building Size 75 x 60
Lot SF 7,500 SF
NOI $576,103

Overview

TerraCRG has been exclusively retained in the sale of 2909 Tilden Avenue – a new construction mixed-use building located between East 29th street and Nostrand Avenue.

The five-story building is ~22,500 SF on a 7,500 Lot SF. There are 22 residential units, most of which have private balconies, and a community facility on the ground floor that has been rented. There are also 10 parking spaces available for lease to the residential tenants, and three that have already been rented to the ground floor tenant. At asking price, the property has a 5.25% cap rate ($489/SF), generating a gross annual income of $687,188 and an NOI of ~$576,103.

The property is also conveniently located within an Opportunity Zone. Opportunity Zones were created under The Tax Cuts and Jobs Act of 2017 to encourage private investment in distressed communities around the United States.

Attractions

Major attractions in proximity to 2909 Tilden Avenue include Prospect Park and the newly renovated Kings Theatre just a few blocks away, which brings in world-renowned talent and entertainment. The nearby Nostrand and Flatbush Avenue retail corridors are lined with restaurants, cafés and national tenants such as HQ Lounge, Stop & Shop, IHOP, Bank of America, as well as boutique shops and eateries along Beverly Road. The property is only a few blocks from the 2 and 5 trains at the Beverly Road Station, providing an easy commute to Downtown Brooklyn and Lower Manhattan.

Prospect Park
Kings Theatre
HQ Lounge
Stop & Shop
IHOP
Bank of America

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