585 Franklin AveBrooklyn, NY 11238

For Sale
$3,500,000

Brooklyn Retail & Residential Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
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
Square Feet
5,412 SF
Class
A
Year Built/Renovated
1910/2018
Buildings
1
Stories
4
Units
4

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.678489501173
Longitude
-73.955165480668
585 Franklin Ave, Brooklyn, New York

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585 Franklin Ave
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