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    1622 Pitkin Ave Brownsville, NY 11212

    Sponsored
    For Sale
    $1,900,000

    High-Yield Retail Investment Opportunity

    Property size:
    2,855 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Brownsville, NY storefront at 1622 Pitkin Ave presents a compelling value-add investment opportunity. The property boasts 2,855 square feet, currently 100% occupied under a net lease expiring June 1, 2024, with a remaining lease term of one year. The building, constructed in 1930 and renovated in 2008, features 1,855 square feet of ground floor retail space, complemented by 1,000 square feet of second-floor storage and 1,000 square feet of basement storage. The property sits on a 1,858 square foot lot and benefits from significant air rights totaling 3,459 square feet, offering substantial future development potential. The current Net Operating Income (NOI) stands at $80,654, translating to a 4.50% cap rate and a price per square foot of $665.50. Located on a high-traffic retail corridor with numerous national brands, this two-story building is zoned C4-3, providing flexibility for various uses. The substantial buildable square footage of approximately 6,317 square feet presents a unique opportunity for expansion or redevelopment. This single-unit property offers a strong foundation for immediate income generation and long-term appreciation. The asking price is $1,900,000.

    Property Features for 1622 Pitkin Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,855 SF

    Building Details

    Year Built/Renovated
    1930/2008
    Buildings
    1
    Stories
    2
    Units
    1

    HighLights

    • 6,317 square feet of buildable space.
    • High‑traffic retail location with national brand neighbors.
    Property Profile Location Intelligence

    Current Use by Public Records

    GameStop Video Game Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brownsville
    County
    Kings
    State
    New York
    Longitude
    -73.9133008
    Latitude
    40.6690737

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    FAQs

    What type of property is this?
    Individual retail property - High-Yield Retail Investment Opportunity
    Where is this individual retail property located?
    The property is located at 1622 Pitkin Ave Brownsville, NY.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: 6,317 square feet of buildable space.; High-traffic retail location with national brand neighbors.;
    Request Owner's contact information
    1622 Pitkin Ave Brownsville, NY 11212
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    Brownsville, NY 11212
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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
    1622 Pitkin Ave Brownsville, NY 11212
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