291 Pennsylvania Ave - Storefront Retail/Residential FOR SALE


Brooklyn, NY 11207
$1,250,000 USD
212-457-9796
291 Pennsylvania Ave, Brooklyn, NY for Sale
$1,250,000 USD
Storefront Retail/Residential - FOR SALE
1/20
null | 7.36% Cap Rate

291 Pennsylvania Ave
Brooklyn, NY 11207


HIGHLIGHTS

  • US GOVT ANCHORED commercial building (GSA lease)
  • Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month) 3 retail
  • 3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied
  • Just under $92k in NOI from Day 1
  • No landlord gas or electric
  • Corner retail building on major thoroughfare Pennsylvania Avenue

OVERVIEW

US GOVT ANCHORED commercial building (GSA lease) Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month) 3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied Just under $92k in NOI from Day 1 No landlord gas or electric Minimal landlord work required Corner retail building on major thoroughfare Pennsylvania Avenue Incredible retail frontage with exposure to thousands of vehicles per day Very strong cashflows with GSA lease for USMC recruiting space and excellent retail rents & payment history in all 3 stores Top floor apartment is 4bd/1ba and will be vacant on 12/31/24 - can be delivered vacant or occupied at closing Asking $1,400,000 is over a 7% cap rate on existing cash flows NO violations, clean building with good, in-place tenants USMC space was just renovated, US govt put $345k into the space for improvements, New ducted HVAC system in 2019, entire facade has been resealed/repainted MESSAGE OR EMAIL FOR OM & RENT ROLL

FOR SALE DETAILS

PRICE

$1,250,000 USD

PRICE/SF

$389 USD /SF

CAP RATE

7.36%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

R6

APN/PARCEL ID

03755-0016

ASK ABOUT THIS PROPERTY

Jennifer NovelliDNY Real EstateMore Info
212-457-9796

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Jennifer NovelliDNY Real EstateMore Info
212-457-9796

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.