1080 Utica AveBrooklyn, NY 11203

For Sale
$3,000,000

10,000 SF Retail Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 10,000-square-foot, two-story commercial building in Brooklyn, New York, presents a compelling investment or end-user opportunity. Located on a prominent corner of Utica Avenue in East Flatbush (zip code 11203), this property boasts a strong rental history and significant recent capital improvements. The building is currently 100% occupied, generating a net operating income (NOI) of nearly $186,000 annually, representing a 6.2% cap rate on the $3,000,000 asking price. The property features six distinct retail spaces on the ground floor, five of which face Utica Avenue and a secondary street, along with a 3,500-square-foot commercial space on the second floor currently leased to a church. The diverse tenant mix includes a daycare, cell phone shop, barber shop, event space, and ironworks, demonstrating the property's versatility and consistent occupancy. A fully gated 900-square-foot yard adds to the property's appeal. Extensive recent capital improvements include the complete replacement of all three roofs (with warranties transferable to the new owner), exterior façade resealing, and installation of a new commercial HVAC condenser. The building is free of violations and enjoys a history of on-time rental payments. This property offers a rare combination of strong cash flow, significant recent upgrades, and a prime location in a high-traffic area, making it an ideal investment or a flexible space for an owner-user. The property can be delivered either fully occupied or vacant, catering to diverse buyer needs.

Highlights

  • Vacant or occupied delivery available; ideal for investors or end-users.
  • Asking price: $3,000,000, representing a 6.2% cap rate based on current rents.
  • 10,000 square feet of commercial space, subdivided into six retail units with a strong rental history and high price-per-square-foot.
  • Corner location with frontage on two streets, featuring a gated 900-square-foot yard and significant retail frontage on Utica Avenue.
  • Two-story building; upper floor (3,500 SF) occupied by a long-term church tenant; lower floor comprises six distinct units (church classrooms, daycare, cell phone shop, barber shop, event space, and ironworks).
  • Net operating income (NOI) of nearly $186,000 from day one.

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6464449
Longitude
-73.9300096
1080 Utica Ave, Brooklyn, New York

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1080 Utica Ave
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