Renovated Mixed-Use Corner
248 Avenue P Brooklyn, NY 11223
248 Avenue P, Brooklyn, NY, 11223
$1,475,000
For Sale
$1,475,000
Fully renovated mixed-use property with medical offices and residential unit.
Property Size4,522 SF
Price / SF$326.18
Days on Market132
Property Features for 248 Avenue P
General Information
- Standard status
- Active
- Size
- 4,522 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1935
Listing agency
RE/MAX Edge
(718) 612-3088
Listed by
Leonid Sklyar · License #skl439
(718) 612-3088
Source
Compass
Added: Mar 13 Updated: Jul 10 at 12:22PM Checked: Jul 21 at 6:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Edge
Investment Insights
Based on property information with market context.
This fully renovated mixed-use brick corner property is located on Avenue P between W 5th and W 6th Streets in the Gravesend/Bensonhurst section of Brooklyn. The property encompasses 4,522 sq ft and was fully rebuilt with a new CO in 2005. Capital improvements in 2021 include a new flat roof with skylights, a new sewer and water line, a new garage door with a quiet motor, limestone steps, a concrete landing, and stucco painting. The property features two medical offices and one spacious residential apartment with the potential to be split into two apartments, a finished indoor one-car garage with attic storage, a wheelchair-accessible lift, separate utilities, and private entrances for each unit. Each commercial unit has independent central air and heating systems. The cellar/street level is occupied by an established podiatry office with a direct entrance, reception area, five exam rooms, 1.5 baths, and ample storage. The first floor is a vacant, fully renovated, turn-key medical/commercial office with a large reception area, five exam rooms with en-suite bathrooms, a handicap bathroom, a kitchen, and attic storage. The second-floor residential unit is a vacant, renovated 1,500 sq ft 3-bedroom, 1-bath apartment featuring hardwood floors, a new kitchen and bathroom, new stainless-steel appliances, kitchen cabinets, and a countertop. Transportation is available nearby via the N and F trains, and the B4, B6, and B82 buses.
Key Highlights
- High‑income producing mixed‑use property with a projected NOI of $112,350 and a 7.5% cap rate.
- Fully renovated with recent capital improvements in 2021, including a new roof, sewer/water line, and garage door.
- Features two medical offices and a spacious 3‑bedroom residential apartment with separate utilities and private entrances.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $195.4k | $43.20 |
| − Vacancy | −$44.9k | −$9.94 |
| EGI | $150.4k | $33.26 |
| − OpEx | −$37.6k | −$8.32 |
| NOI | $112.8k | $24.95 |
4,522 SF · lease $43.20/SF/yr · vacancy 23.00% · expense 25.00%
Alternative Uses
Best Use
Mixed Use
$2.34M
$2.05M – $2.74M
NOI $164,149 @ 7.0% cap · market cap 11.13%
Second Best
Apartment 5plus
$1.97M
$1.73M – $2.30M
NOI $138,052 @ 7.0% cap · market cap 9.36%
Theoretical Best
Specialty Retail
$3.74M
$3.28M – $4.37M
NOI $262,095 @ 7.0% cap · market cap 17.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Gary Saphire, DPM, ...
Physician
Parkway Podiatry
Physician
Zaster Yulia
Employment Agency
Valeriya Anbinder
Physician
Zukhra Shukurova, MD
Physician
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Fully renovated mixed-use property with medical offices and residential unit.
Where is this mixed-use property located?
The property is located at 248 Avenue P Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: High‑income producing mixed‑use property with a projected NOI of $112,350 and a 7.5% cap rate.; Fully renovated with recent capital improvements in 2021, including a new roof, sewer/water line, and garage door.; Features two medical offices and a spacious 3‑bedroom residential apartment with separate utilities and private entrances.
