2066 Flatbush AveBrooklyn, NY 11234

Property Details for 2066 Flatbush Ave

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

3,160 SF

Zone code

R3-2

Property type

Retail residential properties

APN

07866-0043

APU

78660043

Description

This exceptional two-story mixed-use property at 2066 Flatbush Avenue in Brooklyn, New York, presents a compelling investment opportunity. Spanning 3,160 square feet on a 2,000 square foot lot, this 1931-built building boasts a strong leasehold with significant upside potential. The ground floor features 1,800 square feet of retail space currently leased to Primecare Drug and Surgical Corp., a pharmacy under a new 10-year lease with a 3% annual rent increase. The second floor comprises two residential apartments, offering additional rental income streams. These apartments can be delivered vacant. A fully operational basement provides valuable storage and utility space. Recent renovations exceeding $500,000 have modernized the property, including a new roof, updated paint, flooring, lighting, and a comprehensive security system. The property's prime location near Kings Plaza Shopping Center, Brooklyn College, and the Flatbush Ave-Brooklyn College subway station (lines 2 and 5) ensures high foot traffic and strong tenant demand. This investment offers a stable cash flow with significant long-term growth potential in a thriving Brooklyn neighborhood. The asking price is $1,600,000.

• CAP approach

  CAP return

  Valuation

  6%

  $647,829

  6.5%

  $597,996

  7%

  $555,282

• Comparable approach

  Method

  Valuation

  Relative Method

  $639,973

  Geo Method

  $639,973

• Alternative Use

  Use

  Valuation

  Residential

  $597,996

  Hospitality

  $547,761

  Educational

  $455,730

  Medical

  $471,404

  Retail

  $708,914

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6192

Longitude

-73.9336

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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