For Sale
$3,125,000

1092 Nostrand AveBrooklyn, NY 11225

8-Unit Multifamily, Retail Storefront, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use property at 1092 Nostrand Avenue in Brooklyn, NY, presents a compelling investment opportunity. The fully occupied, turnkey building boasts 6,450 gross square feet, including 5,800 net rentable square feet, spread across three stories and a finished basement. The building features eight units: six free-market apartments (four 4-bedroom, 1.5-bathroom units and two 2-bedroom, 1.5-bathroom duplex units) and two commercial storefronts. All units are currently leased, generating a strong net operating income (NOI) of $240,658, with a pro-forma NOI of $278,221. The property features a 7.70% cap rate and a pro-forma cap rate of 8.90%. Built in 1931 and extensively renovated in 2017, this Class A building offers modern amenities including central air conditioning, a shared washer/dryer, and a bike room. The 2,667 square foot lot is zoned R6, C2-3, and includes approximately 2,486 square feet of additional buildable air rights. Located in the desirable Prospect-Lefferts Gardens neighborhood, the property benefits from its proximity to public transportation (B, Q, 2, 5, and S train lines), Prospect Park, Brooklyn Botanic Garden, and various dining and educational institutions. The leases have a remaining term of 0.6 years, expiring June 30, 2025. This is a rare opportunity to acquire a high-performing, cash-flowing asset with significant upside potential. The asking price is $3,125,000, or $390,625 per unit, and $484.50 per square foot.

Highlights

  • Turnkey, fully renovated mixed-use building in Prospect-Lefferts Gardens, Brooklyn, offered below replacement cost.
  • Fully occupied with six free-market residential units and two commercial units, generating a $240,658 NOI and a pro-forma NOI of $278,221.
  • Clean paperwork with order and determination letter available.
  • Professionally managed, renovated in 2017, featuring central AC, shared washer/dryer, and bike room.
  • 6,450 gross square feet with approximately 2,486 square feet of additional buildable air rights.
  • Significant rental upside potential in both residential and commercial spaces.

Property Details for 1092 Nostrand Ave

Property type
Retail properties, Mixed-use properties
Square Feet
6,450 SF
Class
A
Year Built/Renovated
1931/2017
Buildings
1
Stories
3
Units
8

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6612069
Longitude
-73.9510677
1092 Nostrand Ave, Brooklyn, New York

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1092 Nostrand Ave
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