408 Knickerbocker AveBrooklyn, NY 11237

Property Details for 408 Knickerbocker Ave

Year built

1931

Lot size

0.06 AC

Property size (Sq ft)

10,250 SF

Zone code

C4-3

Property type

Office buildings

APN

03268-0043

APU

32680043

Description

This exceptional three-unit, three-story retail building at 408 Knickerbocker Avenue in Brooklyn, NY, presents a compelling investment opportunity. Boasting a 5.36% cap rate and a strong net operating income (NOI) of $362,053, this property offers significant potential for return. The building is fully occupied (100%) with a diverse tenant mix including T-Mobile (since 2006, with a recent 5-year lease extension), Park Dental Care (occupying the upper two floors, having invested over $200,000 in capital improvements including a new elevator), and Herbalife Nutrition Center (a long-term tenant since 2014, consistently renewing their lease). Located in the thriving Bushwick neighborhood at a signalized intersection, this property benefits from high foot traffic and proximity to major transportation, including the J, M, Z, and L subway lines. The building features low operating expenses and a C4-3 zoning designation. The long-term historical tenancy and potential for upside through expiring leases further enhance the investment appeal of this prime retail property. The asking price is $6,750,000. This is a rare opportunity to acquire a stable, high-performing retail asset in a rapidly growing area of Brooklyn.

• CAP approach

  CAP return

  Valuation

  6%

  $1,694,631

  6.5%

  $1,564,275

  7%

  $1,452,541

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,339,265

  Geo Method

  $1,339,265

• Alternative Use

  Use

  Valuation

  Residential

  $1,939,701

  Hospitality

  $1,776,756

  Educational

  $1,478,240

  Medical

  $1,529,079

  Retail

  $2,299,484

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6997

Longitude

-73.9204

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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