Listed by Brown Harris Stevens
$1,500,000
1736 Nostrand Avenue
Details
Property Type Mixed Use
Sub Type 2
Square Footage 2,700
Cap Rate 3.8%
NOI $56,926
Occupancy 100%
Pro-Forma Cap Rate 6.28%
Pro-Forma NOI $94,126
Price per SqFt $556
Lot Size (SqFt) 2,000
Investment Type Value Add
Mixed Use | 3.80% CAP | 2,700 SqFt
Marketing description
A 20’ wide two-unit three story mixed use building. The property has a store on the ground floor, which has access to the basement. The second floor is a three-bedroom floor-through apartment. The third floor is a four-bedroom floor-through apartment.
The units have a full kitchen and full bathroom and are individually metered for gas and electric. The meters are in the basement and the boiler and water heater is gas.
Investment highlights
The property is a prime investment opportunity, since the units are free market an investor can add value by updating the apartments and giving each unit their own boiler and water heaters. The rents are under market in an area where three-bedroom apartments are renting for $3,000 and four-bedroom units are renting for $3,750. The air rights can also be used to duplex the top floor or to develop a five story mixed-use building.
The building is also a great user opportunity, a user can have a business on the ground floor and live on the second floor. The third floor can be rented for income.
The property is located on a busy block with lots of foot traffic, there are nice retail stores, super markets and restaurants in the area. The B44 bus stops on the block, 2 & 5 train is one block away on Beverly Road & Nostrand Avenue.
Listing Contacts
Listed by Brown Harris Stevens
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$56,926.00
$4,743.83/mo
Valuation Metrics
0
DSCR
3.8%
Cap Rate
3.8%
ROI
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