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1228 Flatbush Ave
Brooklyn, NY 11226
Retail Property For Sale
Executive Summary
The subject offering is a 3,740 square foot, three story mixed use property located along the prime Flatbush Avenue retail corridor in Flatbush, Brooklyn. The asset consists of 1,540 square feet of ground floor retail and two 1,100 square foot residential units above. The property features 20 feet of frontage and sits on a 1,600 square foot lot.
The ground floor retail is leased to El Dorado through September 2030 with structured 5% annual increases, providing strong in place cash flow and built in growth. The second and third floors are currently vacant, offering full upside through lease up or repositioning of the residential units.
Zoned R7A/C2-4, the property offers a total buildable of 6,400 square feet, leaving approximately 3,104 square feet of additional air rights.
The surrounding corridor is densely populated and supported by a strong mix of national and local retailers including Metro, Dunkin, Popeyes, Wingstop, Target, Subway, Key Food, Burger King, and Crunch Fitness.
This is an opportunity to acquire a mixed use asset with stable retail income, annual rent growth, and significant value add potential on both the residential and development side.
The ground floor retail is leased to El Dorado through September 2030 with structured 5% annual increases, providing strong in place cash flow and built in growth. The second and third floors are currently vacant, offering full upside through lease up or repositioning of the residential units.
Zoned R7A/C2-4, the property offers a total buildable of 6,400 square feet, leaving approximately 3,104 square feet of additional air rights.
The surrounding corridor is densely populated and supported by a strong mix of national and local retailers including Metro, Dunkin, Popeyes, Wingstop, Target, Subway, Key Food, Burger King, and Crunch Fitness.
This is an opportunity to acquire a mixed use asset with stable retail income, annual rent growth, and significant value add potential on both the residential and development side.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,740 SF
Building Class
C
Year Built
1933
Price
$3,280,656 CAD
Price Per SF
$877.18 CAD
Cap Rate
6.47%
NOI
$212,157 CAD
Percent Leased
33%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.34
Lot Size
0.04 AC
Zoning
R-6 - R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx.
Frontage
Property Taxes
| Parcel Number | 05209-0007 | Improvements Assessment | $82,919 CAD |
| Land Assessment | $17,716 CAD | Total Assessment | $100,634 CAD |
Property Taxes
Parcel Number
05209-0007
Land Assessment
$17,716 CAD
Improvements Assessment
$82,919 CAD
Total Assessment
$100,634 CAD
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