Property Details

Overview

Trophy Mixed-Use Investment 6 Units + Restaurant Prime Bay Ridge INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN FANTASTIC 6 FAMILY AND CHIC RESTAURANT!! HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN. EXTRA-LARGE (27x70 BLDG SIZE - 7500 SQFT - 27x106 LOT SIZE Zoning: C1-3/R5B ) 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION. MAKING IT A LUCRATIVE INVESTMENT OPPORTUNITY FOR THOSE LOOKING FOR STABLE, LONG-TERM RETURNS. OVER $210, 000/YEAR RENTAL INCOME. CENTRALLY LOCATED ON BUSY, HIGH-TRAFFIC & BUSTLING 3rd AVENUE, IN THE EPICENTER OF BAY RIDGE. WELL-ESTABLISHED RESTAURANT WITH BEAUTIFUL OUTDOOR DECK TENANT IS IN THE PROCESS OF OBTAINING A LIQUOR LICENSE. TENANT PAYS ALL THEIR OWN UTILITIES + 1/3 BLDG TAXES & 1/2 BLDG WATER BILL. BUILDING OWNER ALSO OWNS ALL RESTAURANT FIXTURES AND THEY ARE INCLUDED IN THE SALE. RESTAURANT SEEKS A LONG LEASE EXTENSION! THIS VERY EFFICIENT & EXTREMELY WELL-MAINTAINED PROPERTY PRACTICALLY RUNS ITSELF. PRIME PIECE OF INVESTMENT REAL ESTATE IN ONE OF BROOKLYN’S MOST DESIRABLE & PREMIER NEIGHBORHOODS, WITH EVEN MORE OUTSTANDING UPSIDE POTENTIAL FOR ITS NEXT SAVVY OWNER. 5.25% Cap at $157, 820 NET-With Potential to Surpass 6.0% Once Rents Are Optimized! Owner retiring after 30 successful years. Just collect and count. **CURRENTLY UNDERGOING PROFESSIONAL LEAD ENCAPSULATION IN COMPLIANCE WITH NYC LEAD LAW.** THE PROPERTY OFFERS EXCEPTIONAL UPSIDE RENTAL POTENTIAL. Of the six residential units, five are currently free-market with no leases in place, allowing a new owner to raise rents to market levels. The layout of each unit-a classic railroad-style two-bedroom with dual hallway entrances and a central living space-makes them ideal for maximizing rental income. Based on current market trends and comparable rentals in Bay Ridge, each free-market unit has potential to command up to $2, 700/month, compared to existing averages below $2, 000/month. This creates a projected upside of over $41, 000/year in additional gross income. With this value-add opportunity, the cap rate has room to improve significantly-on top of an already attractive 5.25% based on current net income of $157, 820.