703 86Th St Brooklyn, NY 11228

Property Details for 703 86Th St

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a combined portfolio of two buildings located at 703-705 86th Street in Brooklyn, New York, situated on a prominent retail strip in the Bay Ridge/Dyker Heights border. The property consists of approximately 6,600 square feet of commercial medical office space and two modern residential units, each approximately 1,019 square feet, totaling 8,637 square feet. The buildings, constructed of brick and featuring elevators, underwent renovations in 1989. Two of the offices were owner-occupied and built with high-end materials. The property boasts a high projected capitalization rate and is zoned C4-2A. Building dimensions are 54.38' x 76' for 703 and 54.38' x 89.33' for 705, with a combined lot size of 70.66' x 89.33'. There is significant unused floor area ratio (FAR) of 6,783. Staten Island University Hospital | Northwell Health is a prime tenant. The property enjoys a highly visible location, minutes from a train station, express bus routes to Staten Island, the BQE, and the Verrazano Bridge. The property offers considerable upside potential, including possible conversion to condominiums or additional residential units. The asking price is $4,480,000. Owner is motivated to sell.