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1507 Nostrand Ave

3,300 SF Vacant Retail Building Brooklyn, NY 11226 $1,525,000 ($462/SF) 6.03% Cap Rate

Executive Summary

RETAIL SPACE WILL BE VACANT 6/30/2025.
DNY Real Estate is pleased to offer for sale 1507 Nostrand Avenue. Located in the Brooklyn neighborhood of Flatbush, a block from bustling Church Avenue station on the 2/5 train, this free-market, mixed-use building is a perfect for an end-user or an investor. The commercial lease expires in one year and the space is perfect for any buyer looking to open their own business in the space and collect income from the two apartments or, even, live in one of the apartments upstairs.
Nostrand Avenue is a major Brooklyn retail corridor and this intersection is heavily trafficked by both cars and people on foot. Offered at a 6% cap rate, 1507 Nostrand Avenue has three units - two residential apartments over one retail space. The retail tenant - who is a good tenant with good payment history - has a lease that expires in one year so that lease could be renewed or a buyer could use the space for themselves. The apartments upstairs are each 3bd/1bath, one of which has a washer/dryer and was a brand new renovation last year. Updating the residential hallway would provide a clear and easy path to income growth and would enable future owners to increase residential rents.

This is an easy-to-manage building that offers any buyer multiple options as well as cashflows and wealth generation with an established asset in a growing neighborhood.

Asking $1,525,000 - a 6% cap rate
3300 SF existing - 1560 SF in unused air rights allows for the addition of an extra floor
3rd floor apartment - brand new with washer/dryer - is currently vacant and can be delivered vacant for an end-user or rented out for an investor
Just under $92k in NOI from Day 1
Retail space lease expires in less than one year - use for your own business and/or live upstairs in one of the apartments
Easy to lease, in-demand retail location on highly-trafficked Nostrand Avenue retail corridor
Income upside with hallway update
Situated in burgeoning Flatbush neighborhood, 1 block from the 2/5 train and from bustling Church Avenue/Nostrand Avenue intersection

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,300 SF
Building Class
C
Year Built
1930
Price
$1,525,000
Price Per SF
$462
Cap Rate
6.03%
NOI
$92,000
Percent Leased
Vacant
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.52
Lot Size
0.05 AC
Opportunity Zone
Yes
Zoning
R6 - The building is zoned R6 and allows for an FAR of 2.43 which allows for 4860 of buildable SF, 1560 SF more than the existing 3300 SF there now.

Amenities

  • Bus Line
  • Commuter Rail
  • Metro/Subway
Walk Score ®
Walker's Paradise (94)
Transit Score ®
Rider's Paradise (94)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Chase Bank
CTown
Key Food
Blink Fitness
Starbucks
Wells Fargo
Santander Bank
Citi
Retro Fitness
IHOP

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
04884-0046
Land Assessment
$14,100
Improvements Assessment
$53,100
Total Assessment
$67,200
  • Listing ID: 32044892

  • Date on Market: 6/6/2024

  • Last Updated:

  • Address: 1507 Nostrand Ave, Brooklyn, NY 11226

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