585 Franklin AveBrooklyn, NY 11238

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.