385 Nostrand Ave
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385 Nostrand Ave
3,200 SF 100% Leased Retail Building Brooklyn, NY 11216 $1,990,000 ($622/SF) 7.28% Cap Rate
Investment Highlights
- Heavy foot and car traffic
- Storefront commercial space with finished basement, bathroom, and private backyard - delivered vacant (projected rent $6,000/month)
- Apartment 1 lease expires 2/28/25 (actual rent $3,700), Apartment 2 lease expires 1/31/25 (actual rent $3,777)
- Two 3 bed/2 bath renovated apartment units, both with in-unit laundry
- Common roof deck
- Recently Renovated
Executive Summary
Unlock the potential of this mixed-use property, located in the heart of Bedford Stuyvesant. This building features a spacious commercial storefront on the ground level, perfect for retail or office use. The commercial space includes its own private backyard, a finished basement, and a dedicated bathroom, offering versatile options for tenants or business owners.
Above the commercial unit are two full-floor 3-bedroom, 2-bathroom apartment units, each thoughtfully renovated with modern amenities. Both apartments boast stainless steel appliances, gas stoves, in-unit washer/dryers, walk-in closets, and energy-efficient Pella windows. Tenants will appreciate the shared roof terrace, providing additional outdoor space and stunning views.
For Business Owners:
Situated on a busy commercial corridor, 385 Nostrand Avenue benefits from significant foot traffic and visibility. The area is a growing hotspot for retail, restaurants, and small businesses, thanks to its proximity to popular local destinations like Peaches HotHouse, C’mon Everybody, and Do or Dive Bar, all of which attract a steady stream of locals and visitors. Being close to Franklin Avenue and Bedford-Nostrand Avenues subway station (G line), businesses here enjoy easy access to both local customers and those from neighboring areas like Clinton Hill and Crown Heights.
The surrounding area is filled with thriving businesses and new developments, creating opportunities for entrepreneurs to tap into a diverse and ever-growing customer base. Nostrand Avenue's ongoing revitalization makes it an attractive option for any business looking to establish a presence in an up-and-coming neighborhood.
For Residents:
For residents, 385 Nostrand Avenue is in a prime location, combining the charm of Brooklyn's historic architecture with modern conveniences. Nearby parks such as Herbert Von King Park and John Hancock Playground offer green spaces for outdoor activities, while the surrounding streets are lined with cafés, restaurants, and grocery stores, catering to all lifestyle needs.
The property’s proximity to public transportation, including the G train and several bus lines, ensures that residents can commute to Manhattan and other parts of Brooklyn with ease. Additionally, the mix of long standing institutions like Macosa Trattoria and newer trendy spots make the neighborhood a blend of tradition and modern living.
With its vibrant community, excellent amenities, and convenient location, 385 Nostrand Avenue provides the perfect balance of work and life for business owners and residents alike.
Above the commercial unit are two full-floor 3-bedroom, 2-bathroom apartment units, each thoughtfully renovated with modern amenities. Both apartments boast stainless steel appliances, gas stoves, in-unit washer/dryers, walk-in closets, and energy-efficient Pella windows. Tenants will appreciate the shared roof terrace, providing additional outdoor space and stunning views.
For Business Owners:
Situated on a busy commercial corridor, 385 Nostrand Avenue benefits from significant foot traffic and visibility. The area is a growing hotspot for retail, restaurants, and small businesses, thanks to its proximity to popular local destinations like Peaches HotHouse, C’mon Everybody, and Do or Dive Bar, all of which attract a steady stream of locals and visitors. Being close to Franklin Avenue and Bedford-Nostrand Avenues subway station (G line), businesses here enjoy easy access to both local customers and those from neighboring areas like Clinton Hill and Crown Heights.
The surrounding area is filled with thriving businesses and new developments, creating opportunities for entrepreneurs to tap into a diverse and ever-growing customer base. Nostrand Avenue's ongoing revitalization makes it an attractive option for any business looking to establish a presence in an up-and-coming neighborhood.
For Residents:
For residents, 385 Nostrand Avenue is in a prime location, combining the charm of Brooklyn's historic architecture with modern conveniences. Nearby parks such as Herbert Von King Park and John Hancock Playground offer green spaces for outdoor activities, while the surrounding streets are lined with cafés, restaurants, and grocery stores, catering to all lifestyle needs.
The property’s proximity to public transportation, including the G train and several bus lines, ensures that residents can commute to Manhattan and other parts of Brooklyn with ease. Additionally, the mix of long standing institutions like Macosa Trattoria and newer trendy spots make the neighborhood a blend of tradition and modern living.
With its vibrant community, excellent amenities, and convenient location, 385 Nostrand Avenue provides the perfect balance of work and life for business owners and residents alike.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $161,724 | $50.54 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $161,724 | $50.54 |
Taxes | $5,175 | $1.62 |
Operating Expenses | $11,700 | $3.66 |
Total Expenses | $16,875 | $5.27 |
Net Operating Income | $144,849 | $45.27 |
Financial Summary (Pro forma - 2024)
Gross Rental Income | |
---|---|
Annual | $161,724 |
Annual Per SF | $50.54 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $161,724 |
Annual Per SF | $50.54 |
Taxes | |
---|---|
Annual | $5,175 |
Annual Per SF | $1.62 |
Operating Expenses | |
---|---|
Annual | $11,700 |
Annual Per SF | $3.66 |
Total Expenses | |
---|---|
Annual | $16,875 |
Annual Per SF | $5.27 |
Net Operating Income | |
---|---|
Annual | $144,849 |
Annual Per SF | $45.27 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
3,200 SF
Building Class
B
Year Built
1910
Price
$1,990,000
Price Per SF
$622
Cap Rate
7.28%
NOI
$144,849
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.84
Lot Size
0.04 AC
Zoning
R6A; CR-4 - A contextual district where the Quality Housing bulk regulations are mandatory
Frontage
20 FT on Nostrand Ave
Amenities
- Metro/Subway
- Signalized Intersection
- Tenant Controlled HVAC
- Roof Terrace
- Storage Space
- Recessed Lighting
- Air Conditioning
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (79)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 01823-0009 | Total Assessment | $73,500 |
Land Assessment | $8,820 | Annual Taxes | $5,175 ($1.62/SF) |
Improvements Assessment | $64,680 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01823-0009
Land Assessment
$8,820
Improvements Assessment
$64,680
Total Assessment
$73,500
Annual Taxes
$5,175 ($1.62/SF)
Tax Year
2024
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385 Nostrand Ave
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