1502 Mermaid Ave Brooklyn, NY 11224
- Retail space
- 3,360 SF
- 0.08 lot acres
Current Use by Public Records
- Retail space
Property Details for 1502 Mermaid Ave
- Year built
- 1955
- Lot size
- 0.08 lot acres
- Property size
- 3,360 SF
- Zone code
- R7A
- Property type
- Retail space
- APN
- 07063-0009
- APU
- 70630009
Description
This exceptional Coney Island commercial property at 1502 Mermaid Avenue offers 3,360 square feet on a 0.08-acre corner lot. Currently housing four retail stores – two occupied by Sneaker Town, one by Best Choice Cleaners, and one vacant – this property presents a compelling investment opportunity. The favorable R7A zoning with a C2-4 commercial overlay allows for a significant 13,440 buildable square feet of residential space (FAR 4), subject to architectural verification. The existing retail spaces can be delivered vacant upon closing, providing immediate flexibility for the new owner. The prime location ensures high demand for commercial rentals, with potential monthly rental income estimated between $12,500 and $15,000. This makes it ideal for investors seeking strong rental returns or developers aiming to capitalize on the area's booming real estate market. The property's suitability as a 1031 exchange property further enhances its appeal. This is a rare chance to acquire a highly desirable corner lot in a rapidly developing neighborhood. Please note that the current commercial tenants should not be disturbed. This is a truly exceptional opportunity.
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
- -73.9829
- Latitude
- 40.5767
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
