487 Atlantic Avenue 487 Atlantic Ave
3,601 SF 100% Leased Retail Building Brooklyn, NY 11217 $3,700,000 ($1,027/SF)
Investment Highlights
- 100% Free Market
- 4,600+ SF of additional air rights
- Tax Class 1 designation, limiting assessment increases to 6% annually or 20% over five years
- 23 feet of frontage on one of the best stretches of Brooklyn’s most popular retail corridors
- The residential units provide a value-add opportunity through light cosmetic upgrades
- Prime Boerum Hill Location steps from Brooklyn Heights and the Barclays Center
Executive Summary
Avison Young, as the exclusive agent, is pleased to offer for sale 487 Atlantic Avenue (the “Property”), a 3-story mixed-use walk-up building featuring 23’ of frontage on the north side of Atlantic Avenue between Nevins Street and 3rd Avenue in Boerum Hill. The Property spans approximately 3,601± square and consists of two (2) residential units above one (1) ground floor retail space. The retail unit is occupied by Eastville Comedy Club through 2032.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,601 SF
Building Class
C
Year Built
1920
Price
$3,700,000
Price Per SF
$1,027
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
9’
Building FAR
1.65
Lot Size
0.05 AC
Zoning
R7A/C2-4
Frontage
Amenities
- Bus Line
- Metro/Subway
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (94)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 00179-0047 | Improvements Assessment | $157,140 |
Land Assessment | $15,660 | Total Assessment | $172,800 |