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$ 2,995,000
Est. payment | /mo
2,827 Sqft Lot
$ 2,995,000
Est. payment | /mo
2,827 Sqft Lot
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 913288
Rental Info No
Year Built 1931
Annual Tax Amount $33,000
Lot Size 2,827 Sqft
Acres 0.0649
Property Sub-Type Multi Family
Source onekey2
Property Description
Trophy Mixed-Use Investment 6 Units + Restaurant Prime Bay Ridge INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN FANTASTIC 6 FAMILY AND CHIC RESTAURANT!! HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN. EXTRA-LARGE (27x70 BLDG SIZE - 7500 SQFT - 27x106 LOT SIZE Zoning: C1-3/R5B ) 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION. MAKING IT A LUCRATIVE INVESTMENT OPPORTUNITY FOR THOSE LOOKING FOR STABLE, LONG-TERM RETURNS. OVER $210,000/YEAR RENTAL INCOME. CENTRALLY LOCATED ON BUSY, HIGH-TRAFFIC & BUSTLING 3rd AVENUE, IN THE EPICENTER OF BAY RIDGE. WELL-ESTABLISHED RESTAURANT WITH BEAUTIFUL OUTDOOR DECK TENANT IS IN THE PROCESS OF OBTAINING A LIQUOR LICENSE. TENANT PAYS ALL THEIR OWN UTILITIES + 1/3 BLDG TAXES & 1/2 BLDG WATER BILL. BUILDING OWNER ALSO OWNS ALL RESTAURANT FIXTURES AND THEY ARE INCLUDED IN THE SALE. RESTAURANT SEEKS A LONG LEASE EXTENSION! THIS VERY EFFICIENT & EXTREMELY WELL-MAINTAINED PROPERTY PRACTICALLY RUNS ITSELF. PRIME PIECE OF INVESTMENT REAL ESTATE IN ONE OF BROOKLYN'S MOST DESIRABLE & PREMIER NEIGHBORHOODS, WITH EVEN MORE OUTSTANDING UPSIDE POTENTIAL FOR ITS NEXT SAVVY OWNER. 5.25% Cap at $157,820 NET-With Potential to Surpass 6.0% Once Rents Are Optimized! Owner retiring after 30 successful years. Just collect and count. **CURRENTLY UNDERGOING PROFESSIONAL LEAD ENCAPSULATION IN COMPLIANCE WITH NYC LEAD LAW.** THE PROPERTY OFFERS EXCEPTIONAL UPSIDE RENTAL POTENTIAL. Of the six residential units, five are currently free-market with no leases in place, allowing a new owner to raise rents to market levels. The layout of each unit-a classic railroad-style two-bedroom with dual hallway entrances and a central living space-makes them ideal for maximizing rental income. Based on current market trends and comparable rentals in Bay Ridge, each free-market unit has potential to command up to $2,700/month, compared to existing averages below $2,000/month. This creates a projected upside of over $41,000/year in additional gross income. With this value-add opportunity, the cap rate has room to improve significantly-on top of an already attractive 5.25% based on current net income of $157,820.
Location
State NY
County Kings (brooklyn)
Rooms
Basement Bilco Door(s), Full, Partially Finished, Storage Space, Walk-Out Access
Interior
Heating Natural Gas
Cooling Varies by Unit
Fireplace No
Exterior
Utilities Available Natural Gas Available
Building
Story 4
Sewer Public Sewer
Water Public
Structure Type Brick
Others
Special Listing Condition None
Listed by Magic Of Great Neck Realty Inc • Vitaly Isaacs
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Kerry-Ann Lawson
REALTOR® | Lic# NY:10401292972 CT: RES0813486