Closed 02/13/2013

Mixed-Use Building w/ Over 3,400 SF in Air Rights

1241 Flatbush Avenue

Flatbush

Closed 02/13/2013 at
$485,000

Total Units 5
Residential Units 4
Commercial Units 1
Gross SF 3,300
Cross Streets Avenue D & Newkirk Ave
Subways
q
2
5
Buses
B41
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Retail/Mixed-Use 1241 Flatbush Avenue, Flatbush
Ofer Cohen
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Details

Block_Lot 5210_24
Lot Size 20 ft x 91 ft
Building Size 20 ft x 55 ft
Building Class S9
Stories 3
Zoning R7A/C2-4
Lot SF 1,693
FAR 4.00
Total Buidable SF 6,772
Available Air Rights 3,472

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building located at 1241 Flatbush Avenue in the Flatbush neighborhood of Brooklyn. The propery is located on Flatbush Avenue between Avenue D and Newkirk Avenue.

The building consists of 4 vacant one-bedroom apartments in need of total renovation, and 1 commercial unit currently occupied by a restaurant paying $2,000/month ($2,200/month starting 9/1/12). After the renovation and occupation of the residential units, the projected and actual income for the property is $7,400/month. With annual expenses projected at around $24,700, the projected net operating income is approximately $64,100/annual, equal to a projected 10% Cap. The R7A/C2-4 zoning allows for an additional 3,472 SF to be built.

The property is located just a few blocks from the 2,5 Newkirk Avenue Subway Station and the Q Cortelyou Road Subway Station. The property is also accessible through the B41 bus line that runs north and south on Flatbush Avenue.

Attractions

Flatbush’s primary commercial strips are Flatbush, Church, and Nostrand Avenues, with Coney Island Avenue also emerging as a major strip. One can find Caribbean, Soul food, Chinese, Mexican and South Asian restaurants. Most of the businesses are small, with some larger businesses also present, such as Old Navy, Rite Aid, Stop & Shop, Staples, Gamestop, and Target.

Prospect Park
Brooklyn Botanical Garden
Prospect Park Zoo

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