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    1622 Pitkin Ave Brooklyn, NY 11212

    Sponsored
    For Sale
    $1,900,000

    High-Yield Storefront, Pitkin Ave

    Property size:
    2,855 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional investment opportunity presents a 2-story, 2,855 square foot retail building situated on the highly visible southeast corner of Pitkin Avenue and Thomas S. Boyland Street in Brooklyn, NY. Built in 1930, the property boasts a strong current occupancy of 100% with a Net Operating Income (NOI) of $84,682, yielding a 4.46% cap rate. The asking price is $1,900,000, translating to $665.50 per square foot. The property features 1,855 square feet of ground floor retail space, ideal for a variety of uses, complemented by 1,000 square feet of storage on the second floor and an additional 1,000 square feet of basement storage. Conveniently located just blocks from the Sutter Avenue Station (3 train), this property benefits from excellent public transportation access. The current lease is a NNN (Net, Net, Net) single-tenancy agreement with approximately 2 years remaining. Zoned C4-3, the property offers significant upside potential with an as-of-right buildable square footage of 6,317 square feet. This presents a rare chance to acquire a well-located, income-producing retail property in a thriving Brooklyn neighborhood. The property's strong cash flow, prime location, and development potential make it an attractive investment for discerning buyers.

    Property Features for 1622 Pitkin Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,855 SF

    Building Details

    Year Built
    1930
    Stories
    2

    HighLights

    • Exceptional 2‑story, 2,855 SF retail building in prime Brooklyn location.
    • 100% occupied, generating $84,682 NOI and a 4.46% cap rate.
    • Asking price: $1,900,000 ($665.50/SF).
    • Features 1,855 SF ground floor retail, 2,000 SF storage (1,000 SF on 2nd floor, 1,000 SF basement).
    • Excellent public transportation access (near Sutter Avenue 3 train).
    • NNN lease with ~2 years remaining.
    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
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9133255
    Latitude
    40.6691013

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    FAQs

    What type of property is this?
    Individual retail property - High-Yield Storefront, Pitkin Ave
    Where is this individual retail property located?
    The property is located at 1622 Pitkin Ave Brooklyn, 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: Exceptional 2-story, 2,855 SF retail building in prime Brooklyn location.; 100% occupied, generating $84,682 NOI and a 4.46% cap rate.; Asking price: $1,900,000 ($665.50/SF).
    Request Owner's contact information
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    Brooklyn, 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 Brooklyn, NY 11212
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