6819 3Rd Ave Brooklyn, NY 11220

This mixed-use property in Brooklyn, NY, presents an investment opportunity with six units and a restaurant. The four-story brick building, with dimensions of 27x70 and a total area of 7468 square feet, sits on a 27x106 lot. The property is located in the epicenter of Bay Ridge on a busy, high-traffic section of 3rd Avenue. Five of the six residential units are free market apartments, built around 2004, and not subject to rent stabilization. The well-established restaurant includes a beautiful outdoor deck. The restaurant tenant is in the process of obtaining a liquor license and pays all their own utilities, one-third of the building taxes, and one-half of the building water bill. The building owner also owns all restaurant fixtures, which are included in the sale. The restaurant is looking for a long lease extension. The property generates over $220,000 per year in rental income. The current cap rate is 5.75% at $157,820 net, with the potential to surpass 6.0% once rents are optimized. The layout of each unit, a classic railroad-style two-bedroom with dual hallway entrances and a central living space, makes them ideal for maximizing rental income. Each free-market unit has the potential to command up to $2,700 per month, compared to existing averages below $2,000 per month, creating a projected upside of over $41,000 per year in additional gross income. The property is zoned C1-3/R5B.