USANYBrooklynProspect Heights2-315 Flatbush Ave

2-315 Flatbush Ave, Brooklyn, NY

Name: 2 - 315 Flatbush Ave, For Sale in Brooklyn - Zoocasa
Brand: Corcoran Group
SKU: RLS20100599
Price: 1650000 USD

Condo

For Sale

Listed price in listed location currency (USD).

$1,650,000

020

MLS® RLS20100599

Overview

Key Facts

Type Apartment

Levels Residential

Size -

Garage

Maintenance Fees $1,032

Taxes

Days Active 24

Approx. Age 1889

MLS® Number RLS20100599

Property Address: 2-315 Flatbush Ave, Brooklyn, NY, 11217-2813

Average square foot calculated using Size range provided by listing agent.

Description

Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue. Home to a UPS franchise for two decades, this 1774 square-foot condominium, over 1000 square feet on the ground floor with over 700 square feet of basement storage, is now on the sales market after 20 years. Presently, leases along Flatbush Avenue have consistently broken through the $150 per square foot plateau. At that price, the ground floor would generate over $150, 000 gross income. The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this: Gross Income: $143, 000 RE Taxes: $4, 667 CAM Charges Annually $12, 384 Vacancy Allowance $0 Total Expenses $17, 051 Net Income: $125, 949 Cap Rate @ $1.65M 7.6% Not bad for a neighborhood where commercial property changes hands at a 5% cap rate.

MLS® NumberRLS20100599

Locker

Ensuite Laundry

Balcony

Furnished

Laundry Level

Exposure

Exterior

Garage

Approx. Age1889

Stories5

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Extras

Map

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