1622 Pitkin Ave Brownsville, NY 11212
- Retail residential properties
- 1,855 SF
- 0.04 lot acres
Current Use by Public Records
- GameStop / Electronics Store / Game Store
Property Details for 1622 Pitkin Ave
- Year built
- 1930
- Lot size
- 0.04 lot acres
- Property size
- 1,855 SF
- Zone code
- C4-3
- Property type
- Retail residential properties
- APN
- 03519-0032
- APU
- 35190032
Description
This exceptional Brownsville, NY storefront at 1622 Pitkin Ave presents a compelling value-add investment opportunity. The property boasts 2,855 square feet, currently 100% occupied under a net lease expiring June 1, 2024, with a remaining lease term of one year. The building, constructed in 1930 and renovated in 2008, features 1,855 square feet of ground floor retail space, complemented by 1,000 square feet of second-floor storage and 1,000 square feet of basement storage. The property sits on a 1,858 square foot lot and benefits from significant air rights totaling 3,459 square feet, offering substantial future development potential. The current Net Operating Income (NOI) stands at $80,654, translating to a 4.50% cap rate and a price per square foot of $665.50. Located on a high-traffic retail corridor with numerous national brands, this two-story building is zoned C4-3, providing flexibility for various uses. The substantial buildable square footage of approximately 6,317 square feet presents a unique opportunity for expansion or redevelopment. This single-unit property offers a strong foundation for immediate income generation and long-term appreciation. The asking price is $1,900,000.
Value Estimation
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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
- -73.9133
- Latitude
- 40.6691
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
