1481 Nostrand Ave Brooklyn, NY 11226

This exceptional mixed-use building, located at 1481 Nostrand Avenue in Brooklyn's Flatbush neighborhood, presents a compelling investment opportunity. Priced at $1,200,000, this 2,800 square foot property boasts a 6.58% cap rate and a strong net operating income (NOI) of $78,960. Currently 100% occupied with three units – two residential apartments (each a 2-bedroom, 1-bathroom unit, one with a washer/dryer) and one retail space – all tenants are on signed leases with verifiable, on-time payment history. The retail space is occupied by a home health employment staffing agency. Both residential units underwent renovations within the last ten years, and the hallway was updated last year, ensuring the building is in excellent condition. The building's low maintenance is further enhanced by the low annual gas heat bill (approximately $2,500), with 40% covered by the retail tenant. Significant development potential exists, with over 2,000 square feet of unused air rights (2.43 FAR allows for 4,860 square feet of buildable space), making this property ideal for both investors seeking strong cash flow and end-users looking to combine business and residential living. The property's prime location, a block from the bustling Church Avenue 2/5 train station on a major retail corridor, ensures high visibility and accessibility. This turn-key investment offers immediate returns and long-term growth potential in a thriving Brooklyn neighborhood.