7516 3Rd AveBrooklyn, NY 11209

Property Details for 7516 3Rd Ave

Year built

1930

Lot size

0.03 AC

Property size (Sq ft)

2,970 SF

Zone code

R6B

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

05939-0044

APU

59390044

Description

This exceptional mixed-use building, located at 7516 3rd Avenue in Brooklyn's vibrant Bay Ridge neighborhood, presents a compelling investment opportunity. The property boasts a prime location on 3rd Avenue, benefiting from high foot traffic and proximity to public transportation (minutes from the R train) and numerous amenities including Starbucks, Citibank, and a supermarket. This stabilized investment features three units: a ground floor retail space and two residential apartments. The approximately 1500 square foot retail space is recently renovated, showcasing high ceilings, exposed brick, recessed lighting, a showroom, two private offices, and a conference room. A full-sized finished basement adds to the property's value. The retail tenant has a lease extending to December 2025. Upstairs, the building offers two well-maintained residential apartments. The first-floor apartment comprises two bedrooms and one full bath, featuring a newly renovated open-concept kitchen and updated bathroom. The second-floor apartment includes three bedrooms and one full bath, also with a renovated eat-in kitchen and updated bathroom. Both apartments feature high ceilings, Nest-controlled heating, new electrical service, and new plumbing. The building itself is in excellent condition, boasting a newer roof (installed approximately 8 years ago), a new water tank, and a security system. The property sits on a 1,440 square foot lot, is a three-story building constructed in 1930, and is zoned R6B. With a 100% occupancy rate, a Net Operating Income (NOI) of $90,400, and a 4.77% cap rate, this property offers a strong return on investment. The asking price is $1,895,000.

• CAP approach

  CAP return

  Valuation

  6%

  $491,030

  6.5%

  $453,258

  7%

  $420,883

• Comparable approach

  Method

  Valuation

  Relative Method

  $388,060

  Geo Method

  $388,060

• Alternative Use

  Use

  Valuation

  Residential

  $562,040

  Hospitality

  $514,826

  Educational

  $428,329

  Medical

  $443,060

  Retail

  $666,290

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6311

Longitude

-74.0282

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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