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USANYBrooklyn6819 3Rd Ave
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$2,995,000

6819 3 Rd Ave, Brooklyn, NY

Real Estate

For Sale

$--,---,---
000
  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Commercial Sale
Size -
Garage No
Maintenance Fees 
Taxes $33,000
Days Active 0
Approx. Age 1931
MLS® Number 913288

Property Address: 

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

Description

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.Show Description
MLS® Number913288
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1931
Stories4
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatNatural Gas
A/CVaries by Unit
Heating Fuel

Extras

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