245 Nostrand Ave, Unit 1F Brooklyn, NY 11205-5241

Property Details for 245 Nostrand Ave

Year built

2016

Property size

2,109 SF

Zone code

R6A

Property type

Commercial real estate

APN

01784-1001

APU

17841001

Description

This exceptional retail condo, located at 245 Nostrand Avenue in Brooklyn, NY (zip code 11205), presents a lucrative investment opportunity. The property boasts a total of 2,000 square feet, encompassing a ground floor storefront and a finished lower level, both totaling 1,200 square feet of net rentable space. Built in 2018, this vacant, single-unit condo is situated on a 2,000 square foot lot and is part of a four-story building. The property features its own HVAC system and offers the added benefit of a backyard/outdoor space. Currently priced at $1,100,000, this translates to $650 per square foot and $750 per square foot for land value. The property is zoned R6 and has an APN of 01784-7501. With a pro-forma NOI of $80,000, the property projects a 5% cap rate, making it an attractive investment for owner-users or those seeking a strong return. The high-traffic location on Nostrand Avenue, a major commercial corridor in Bed-Stuy, ensures excellent visibility and potential for high occupancy. This is a rare opportunity to acquire a newly built, well-located retail space with significant upside potential.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9513

Latitude

40.6904

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments