1397 Flatbush Ave
Retail | 2,280 SqFt
Marketing description
Ripco investment sales has been exclusively retained to arrange for the sale of 1397 flatbush avenue in flatbush, brooklyn, ny.
The property comprises a single tax lot improved by a three story 2,280 gsf masonry mixed-use building. The ground floor retail space is leased to a hair salon until april 2035. Both upper freemarket apartments offer 2br layouts and are leased for $2,842/mo and $2,500/mo. The building currently generates over $103k gross annually and carries a favorable tax class 1, limiting future tax increases.
The property is zoned r7a with a commercial overlay, offering additional air rights that may be used to add a floor in the future.
1397 flatbush is in an unbeatable location on one of brooklyn’s busiest retail corridors and within 4 blocks of brooklyn college and dozens of stores, restaurants and other conveniences nearby.
The property is situated between two train stations, newkirk av 2, 5 station and newkirk plaza b, q station, providing convenient connectivity across brooklyn and to other boroughs.
1397 flatbush avenue is a renovated turn-key investment asset on a busy corridor with high pedestrian foot traffic in a rapidly evolving market.
Investment highlights
- Comprises a single tax lot improved by a three story 2,280 gsf masonry mixed-use building
- Ground floor retail space is leased to a hair salon until april 2035
- Both upper freemarket apartments offer 2br layouts and are leased for $2,842/mo and $2,500/mo
- Currently generates over $103k gross annually and carries a favorable tax class 1, limiting future tax increases
- Property is zoned r7a with a commercial overlay, offering additional air rights that may be used to add a floor in the future
- On one of brooklyn’s busiest retail corridors and within 4 blocks of brooklyn college and dozens of stores, restaurants and other conveniences nearby
- Situated between two train stations, newkirk av 2, 5 station and newkirk plaza b, q station, providing convenient connectivity across brooklyn and to other boroughs
- Renovated turn-key investment asset on a busy corridor with high pedestrian foot traffic in a rapidly evolving market
- R7a / c2-4 zoning ( 3.45 far | 4.6 ih far )
- 660 sf lot size ( 20’ x 43.78’ irregular )
- Subway access flatbush av 2 5 ( 4 blocks )
- 3,036 zfa development rights (per ih far)
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