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    1502 Mermaid Ave Brooklyn, NY 11224

    Sponsored
    For Sale
    $2,199,000

    High-Demand Retail, R7A Zoning, Huge Potential

    Property size:
    3,360 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional Coney Island commercial property at 1502 Mermaid Avenue offers 3,360 square feet on a 0.08-acre corner lot. Currently housing four retail stores – two occupied by Sneaker Town, one by Best Choice Cleaners, and one vacant – this property presents a compelling investment opportunity. The favorable R7A zoning with a C2-4 commercial overlay allows for a significant 13,440 buildable square feet of residential space (FAR 4), subject to architectural verification. The existing retail spaces can be delivered vacant upon closing, providing immediate flexibility for the new owner. The prime location ensures high demand for commercial rentals, with potential monthly rental income estimated between $12,500 and $15,000. This makes it ideal for investors seeking strong rental returns or developers aiming to capitalize on the area's booming real estate market. The property's suitability as a 1031 exchange property further enhances its appeal. This is a rare chance to acquire a highly desirable corner lot in a rapidly developing neighborhood. Please note that the current commercial tenants should not be disturbed. This is a truly exceptional opportunity.

    Property Features for 1502 Mermaid Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    3,360 SF
    Lot Size
    3,485 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -73.98277
    Latitude
    40.57673

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    FAQs

    What type of property is this?
    Commercial real estate - High-Demand Retail, R7A Zoning, Huge Potential
    Where is this commercial real estate located?
    The property is located at 1502 Mermaid Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,199,000.
    (718) 238-6080
    Request Owner's contact information
    1502 Mermaid Ave Brooklyn, NY 11224
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    Brooklyn, NY 11224
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1502 Mermaid Ave Brooklyn, NY 11224
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