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$ 3,999,000
Est. payment | /mo
7 Beds
12 Baths
$ 3,999,000
Est. payment | /mo
7 Beds
12 Baths
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12002724
Bedrooms 7
Full Baths 12
Property Description
FREE-MARKET 12-UNIT MIXED-USE INVESTMENT PROPERTY 9% IN-PLACE CAP RATERare opportunity to acquire a fully renovated, 12-unit mixed-use corner investment property in Brooklyn, offering a strong in-place return.Prominently situated at the corner of Newport Street and East 98th Street, the property was recently converted from four residential apartments and retail space into a newly configured asset consisting of seven free-market studio apartments and five ground-floor commercial units.The residential component features seven fully renovated studio apartments, all of which are free market and not subject to rent stabilization. Six of the seven residential units are currently leased, providing immediate income with additional upside through the lease-up of the remaining unit.The commercial component consists of five fully renovated ground-floor retail spaces, all of which are currently leased, providing stabilized commercial income from day one.The property underwent a comprehensive gut renovation, creating a modern, income-producing asset with limited near-term capital improvement requirements and flexibility for future rental growth.Situated on an approximately 8,314-square-foot corner lot, the property benefits from approximately 49 feet of frontage along Newport Street and approximately 130 feet of wraparound frontage, providing excellent exposure, visibility, and street presence.The property is zoned R6/C1-3, with a 2.02 FAR, and benefits from Tax Class 2B status. Conveniently located approximately two blocks from the 3 train at Saratoga Avenue, with additional access to the L train at New Lots Avenue.Investment Highlights- 12-unit mixed-use corner investment property- Attractive 9% in-place cap rate- 7 free-market studio apartments- 5 ground-floor commercial units- 6 of 7 residential units currently leased- Commercial component 100% leased- Fully renovated residential and retail spaces- Residential units not subject to rent stabilization- Approximately 8,314 SF corner lot- Approximately 49 feet of Newport Street frontage- Approximately 130 feet of wraparound frontage- R6/C1-3 zoning- 2.02 FAR- Tax Class 2B- Strong in-place income with additional lease-up opportunity- Excellent corner visibility- Convenient access to the 3 and L subway lines
Location
State NY
County 36047
Rooms
Dining Room 0
Kitchen 0
NEARBY SCHOOL & BUSINESS