Closed 05/25/2016

Six-Unit Corner Mixed-Use Building

703 Rogers Avenue

Lefferts Gardens

Closed 05/25/2016 at

6 Total Units
5 Residential Units
1 Commercial Unit
5,839 Gross SF
Corner of Lenox Road
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703 Rogers Avenue, Lefferts Gardens
Six-Unit Corner Mixed-Use Building
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Block 5,066
Lot Size 24.33 ft x 136 ft
Building Class S5
Tax Class 2A
Stories 3
Zoning C2-3/R7-1
Lot SF 3,309
FAR 3.44
Total Buildable 11,383
Available Air Rights 5,544


TerraCRG has been retained to exclusively represent ownership in the sale of 703 Rogers Avenue. The six-unit mixed-use building is located on Rogers Avenue at the corner of Lenox Road in the Prospect Lefferts Gardens neighborhood of Brooklyn.

This offering presents an opportunity to acquire 136′ of frontage on a main retail corridor with four parking spaces. The building also offers over 5,500 SF of air rights.

The 5,839 SF walk-up building is comprised of five large three-bedroom apartments as well as a retail space occupied by a salon situated directly adjacent to the bus stop. There is also space for parking up to four cars. The property grosses approximately $134,550 annually and the NOI is ~$015,230. The asking price of $2,250,000 equates to just $385/SF.

There is upside in the asset in both the income, rents average $22/SF in a $40/SF market, as well as the neighborhood. New luxury developments in the area, such as Hudson Companies’ 254-unit residential tower at 626 Flatbush Avenue, 123 Parkside, 111 Clarkson Avenue and 271 Lenox Road, with 56 luxury units just one block away, are expected to continue to attract the influx of young students and families seeking housing close to Prospect Park.

The building is located just two-three blocks from the 2 and 5 trains at both the Winthrop Street and Church Avenue subway stations as well as walking distance to the Q train at Parkside Avenue, providing service to lower Manhattan in under 20 minutes.


The portion of the Rogers Avenue retail corridor adjacent to the property also has seen considerable growth in recent years. Residents priced out of more expensive Brooklyn neighborhoods have migrated to Prospect Lefferts Gardens to be close to Prospect Park, Flatbush Avenue, as well as the Rogers Avenue and Nostrand Avenue retail corridors.

Brooklyn Botanic Garden
Grand Army Plaza
The Brooklyn Museum
Prospect Park
The Brooklyn Public Library
Prospect Park Zoo

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