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This exceptional four-story, mixed-use building in Brooklyn's desirable Prospect Heights neighborhood offers a compelling investment opportunity. Spanning 5,412 square feet, the property boasts three renovated, four-bedroom apartments, each featuring modern kitchens and baths, in-unit laundry, and an intercom system. A 1,200-square-foot retail space with 12-foot ceilings and backyard access is currently available for lease, projected to generate $6,000 in monthly rent. Built in 1910 and extensively renovated in 2018, this Class A building sits on a 1,430-square-foot lot and benefits from a protected Tax Class 2A designation. The property's prime location, just blocks from Vanderbilt Avenue's vibrant retail corridor and the Franklin Avenue A & C train station, ensures high occupancy and strong rental demand. With a current 75% occupancy rate, a net operating income (NOI) of $202,953, and an asking price of $3,500,000, this investment presents a 5.80% cap rate and a price per unit of $875,000. The building's strong financials, combined with its desirable location and recent renovations, make it an attractive addition to any portfolio. The M1-1 zoning allows for a variety of uses, further enhancing its long-term potential. This is a fully free-market building with a projected gross rent roll of $230,000 per year.
Highlights
$3,500,000 asking price for a mixed-use, Class A property.
5,412 square feet, with a price per square foot of $646.71.
5.80% cap rate and $202,953 NOI.
75% occupancy across four units.
Located at 585 Franklin Ave, Brooklyn, NY 11238, a prime Prospect Heights location near public transportation and retail corridors.
Property Details
for 585 Franklin Ave
Property type
Other retail properties, Other mixed-use properties
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Contacts
Fred Bijou
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585 Franklin Ave, Brooklyn, New York, 11238
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.