Current Use by Public Records
- Oppizi USA / Advertising Agency / Marketing & Advertising
Property Details for 426 Union Ave
- Year built
- 1930
- Property type
- Retail properties & Spaces
- Property subtype
- Office Spaces
Description
This exceptional mixed-use property in prime Williamsburg, Brooklyn presents a compelling redevelopment opportunity. Located at 426-430 Union Ave and 9 Devoe St, this investment comprises three contiguous buildings totaling 10,800 square feet on a 5,400 square foot lot. The property currently boasts nine units, including residential apartments, retail space, and office lofts, all operating at 100% occupancy, generating a current NOI of $317,212. Significant upside potential exists with a pro-forma NOI projected at $550,912, reflecting the opportunity to increase rental income. The buildings, constructed in 1930 and currently renovated, benefit from R7A and C2-4 zoning, allowing for substantial expansion. A significant 21,600 square feet of air rights are available, further enhancing development possibilities. The property features two legal curb cuts and a 325 square foot bonus workspace. Most leases are month-to-month, with only three residential units having leases expiring in 2024. This location offers unparalleled convenience, situated just one block from the Metropolitan Ave L/G train station. The property's strong current income stream, combined with its substantial development potential and prime location, makes it an ideal investment for discerning buyers seeking significant returns. All information should be independently verified.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9512
- Latitude
- 40.7131
