456 Marcus Garvey Blvd Brooklyn, NY 11216

Property Details for 456 Marcus Garvey Blvd

Year built

1910

Property size

7,980 SF

Property type

Commercial real estate

Description

This exceptional 8-unit mixed-use building, situated on a prime corner lot in Brooklyn's desirable Stuyvesant Heights Historic District, presents a compelling investment opportunity. The 7,980 square foot property, built in 1910 and boasting four stories, offers a compelling blend of income-generating retail and residential units. The building comprises three fully renovated free-market residential units (each a spacious 3-bedroom, with two featuring two bathrooms), three rent-stabilized residential units (one with a monthly rent of $2,390), one vacant corner retail space, and one occupied retail space with a long-term, stable tenant. The property benefits from low expenses due to its tax-class 2B status and separately metered utilities for the retail tenants. Significant upside potential exists in the free-market residential units, with market rents estimated at $3,500 per month. The building's strategic location, approximately two blocks from the A/C subway line, provides convenient access to Manhattan. Its proximity to acclaimed Brooklyn restaurants further enhances its appeal. The current NOI is $215,129, with a 90% occupancy rate, resulting in a 6.72% cap rate and a price per square foot of $401. The asking price for this exceptional property is $3,200,000.