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    The Largest CRE Database in the US with Over 1 Million Listings

    7026 3Rd Ave Brooklyn, NY 11209

    Sponsored
    For Sale
    $160,000

    Thriving Szechuan eatery, high income.

    Property size:
    3,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional commercial property located at 7026 3rd Avenue in Brooklyn, New York, presents a unique investment opportunity. The property is a retail space currently operating as a successful Szechuan Asian Cuisine restaurant. The building encompasses a total of 3,600 square feet, with 1,200 square feet on the main level and an equally sized basement. The lot size is 2,000 square feet. The restaurant boasts a gross annual income of approximately $1 million. Current rent is $6,000 per month, with the tenant responsible for 15% of the property taxes. The asking price for this turnkey operation is $160,000. The landlord is prepared to sign a new 5-year lease with a qualified buyer. This is an ideal opportunity for an experienced restaurateur or investor seeking a profitable, established business in a vibrant Brooklyn neighborhood. The property consists of one unit and features a ceiling height that is described as "Other" in the provided documentation. The zip code is 11209, and the property is situated in Kings (Brooklyn) County. This listing presents a rare chance to acquire a well-established and profitable restaurant with significant growth potential.

    Property Features for 7026 3Rd Ave

    General Information

    Property type
    Restaurants
    Square Feet
    3,600 SF

    Building Details

    Units
    1

    We can help!

    Listing Contact
    Yuanen Mark Cheng

    Learn more

    Property Insight Report

    HighLights

    • $160,000 asking price.
    • 3,600 square foot retail space.
    • Located at 7026 3rd Avenue, Brooklyn, NY 11209.
    • One unit on a 2,000 square foot lot.
    • Established Szechuan Asian Cuisine restaurant with approximately $1 million gross annual income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Spice Szechuan Restaurant Restaurant Brooklyn Bay Seafood Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -74.0268632
    Latitude
    40.634372

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    FAQs

    What type of property is this?
    Restaurant - Thriving Szechuan eatery, high income.
    Where is this restaurant located?
    The property is located at 7026 3Rd Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $160,000.
    What are key features of this property?
    This property features: $160,000 asking price.; 3,600 square foot retail space.; Located at 7026 3rd Avenue, Brooklyn, NY 11209.
    Request Owner's contact information
    7026 3Rd Ave Brooklyn, NY 11209
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    Brooklyn, NY 11209
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    7026 3Rd Ave Brooklyn, NY 11209
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