8402 5th Ave Brooklyn, NY 11209-4710
- Investment properties
- 5,440 SF
- 0.04 lot acres
Apr 05, 2021
Current Use by Public Records
- LibertyX Bitcoin ATM / Atm
- 5 Borough Market / Grocery & Convenience Store / Food Market
Property Details for 8402 5th Ave
- Year built
- 1921
- Lot size
- 0.04 lot acres
- Property size
- 5,440 SF
- Zone code
- R6B
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 06026-0041
- APU
- 60260041
Description
This exceptional opportunity presents a thriving fruit and grocery convenience store for sale in Brooklyn, New York, located at 8402 5th Ave, 11209. Boasting a remarkable 55.68% cap rate and a strong positive cash flow of $236,651 NOI, this business offers significant investment potential. The 1,100 square foot store operates within a 1,200 square foot space and enjoys 100% occupancy since December 27, 2022, with a lease extending until January 31, 2030 (5.2 years remaining). The asking price is $425,000 ($354.17/sq ft). The store serves a diverse community, benefiting from 24-hour walk-in traffic and a prime location within a 1-mile radius of a population of 127,772, with an average home value of $892,000. The property is conveniently situated within a 2-minute walk of train and subway stations, ensuring high foot traffic. The store includes modern equipment such as two 8-foot open box refrigerators (3 years old), two 4-foot 13-door display cases (3 years old), a central AC/heat unit (3 years old), and barcode registers. A security deposit of $18,000 is in place. Further revenue growth potential exists through the addition of services like lottery sales, WIC participation, and a beer license. The existing infrastructure and high-traffic location provide a solid foundation for expansion, with opportunities to add products such as flowers or sandwiches.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,520,000
- ML approach
- $2,430,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,290,000
- 6.5%
- $3,040,000
- 7%
- $2,820,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,235,000
Market price range: $2.11M - $3.24M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $2,615,000 Current use
- INDUSTRIAL (GENERAL)
- $3,090,000 Change: +18% Conversion: Moderate
- OFFICE BUILDING
- $2,995,000 Change: +15% Conversion: Easy
- WAREHOUSE, STORAGE
- $2,725,000 Change: +4% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -74.0256
- Latitude
- 40.6229
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
