1421-1423 Nostrand Ave
Brooklyn, NY 11226
Multifamily Property For Sale · 8 Units

Located at the southeast corner of Nostrand Avenue and Martense Street, 1421 & 1423 Nostrand Avenue present a rare opportunity to acquire two contiguous mixed-use buildings in a high-foot-traffic corridor of Brooklyn. These three-story assets combine for 8,800 square feet and feature a 40-foot-wide retail storefront with full basement, plus four spacious three-bedroom apartments above. Each residential unit spans approximately 978 square feet and benefits from natural light, functional layouts, and free-market status.
Positioned within an Opportunity Zone, the property offers significant upside through value-add renovations and air rights that permit an additional floor. The buildings are ideal for owner-users seeking a flagship retail presence—such as a restaurant, grocery, or discount store—with potential to convert upper floors to commercial use. Investors will appreciate the projected annual income of $246,000 and a 5.9% cap rate, with further gains possible through tenant stabilization and mechanical upgrades.
The site enjoys excellent transit access, just steps from the 2 and 5 subway lines at Church and Nostrand Avenues, and is surrounded by dense residential neighborhoods and active retail corridors. With a corner location that maximizes visibility and walkability, this asset is primed for repositioning and long-term growth.