Vacant Free Market Building | Flatbush Ave – Midwood
1478 Flatbush Avenue
Midwood/Flatlands
$1,300,000
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646-427-2290
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 1478 Flatbush Avenue – a VACANT & FREE-MARKET mixed-use building in the Midwood neighborhood of Brooklyn.
The 3,600 SF property consists of two free-market apartments and one ground floor retail store. Each unit in the 3-story building is ~1,200 SF and all the units are full floor throughs. The property also has over 4,000 SF of additional air rights.
When occupied 1478 Flatbush Ave has a projected gross annual rent roll of ~$144,000 and a projected net operating income of ~$115,000. It benefits from very low expenses due to its tax-class protected status. At asking price the property is offered at $361/SF and even factoring in some renovation cost, the property should equate to ~8% Cap when occupied.
This location is an extremely active residential and retail corridor as it is just a few blocks away from Brooklyn College, the 2 & 5 Subway Station (Flatbush Ave-Brooklyn College Station) and near many great retailers that bring many people to the neighborhood including, Blink Fitness, Target, ALDI Supermarket, Chipotle and Citizens Bank to name a few.
Asking Price: $1,300,000
Attractions
The neighborhood Midwood is among the most desirable of Brooklyn, generally comprised of families attracted to city life, but who also enjoy the quiet streets filled with row houses, gardens, porches, and welcoming neighbors. Institutions like Brooklyn College and the restored Kings Theatre add to the vibrancy of the area, while its proximity to a number of subway and bus lines, as well as the Flatbush and Nostrand Avenue retail corridors make it a convenient and accessible destination.