291 Granville Payne Ave Brooklyn, NY 11207

Property Details for 291 Granville Payne Ave

Property size

3,125 SF

Property type

Mixed-use properties

Description

This exceptional mixed-use property at 291 Pennsylvania Avenue in Brooklyn, New York, presents a compelling investment opportunity. The 3,125 square foot, two-story building boasts a prime corner location on a major thoroughfare, ensuring high visibility and accessibility. The property features three retail spaces and a four-bedroom, one-bathroom apartment, currently renting for $2,200 per month, with a pro-forma rent of $2,800. The apartment can be delivered vacant or occupied at closing. A significant advantage is the presence of a United States Government tenant (USMC recruiting center) under a gross lease, providing exceptional stability and consistent income. The government tenant recently completed a $345,000 renovation, including a new ducted HVAC system. The building's exterior has been recently resealed and repainted. The remaining retail spaces are occupied by a long-term medical supply store and a deli, both with a history of on-time rent payments. The property offers a current NOI of $92,000 and a pro-forma NOI of $99,200, representing a cap rate exceeding 7% based on the asking price of $1,400,000. The building is zoned R6, sits on a 2,125 square foot lot, and underwent renovations in 2018. This stabilized investment boasts 100% occupancy and no outstanding violations, making it an attractive opportunity for discerning investors. The building features a new ducted HVAC system installed in 2019.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.8953

Latitude

40.6704