248 Avenue P Brooklyn, NY 11223

4,522 SF Built 1935

Property ID

US63-Q002547

$1,475,000 4,522 SF

248 Avenue P, Brooklyn, NY 11223
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Turn Key - Fully renovated and structurally sound mixed-use brick corner property on vibrant Avenue P between West 5th and West 6th Streets in the desirable Gravesend/Bensonhurst section of Brooklyn. Spanning approximately 4,522sqft, this high-income producing asset was fully rebuilt with a new CO in 2005. Huge 2021 upgrades include a new flat roof with skylights, updated sewer and water lines, new garage door with quiet motor, limestone steps, concrete landing, and refreshed stucco exterior. The property features 2 medical office spaces and one spacious residential unit with the potential to be converted into two apartments. Additional highlights include a finished indoor one-car garage with attic storage, wheelchair-accessible lift, separate utilities, and private entrances for each unit. Each commercial space is equipped with its own central air and heating system. The cellar/street-level unit is occupied by an established podiatry practice, offering a direct entrance, reception area, five exam rooms, 1.5 baths, and ample storage. The 1st floor commercial space is fully renovated featuring a large reception area, five exam rooms with bathrooms, a handicap-accessible bathroom, kitchen, and attic storage. The 2nd floor residential unit was newly renovated in 2025, offering approximately 1,500sqft with 3 bedrooms and 1 full bath, hardwood floors, a new kitchen and bathroom, stainless steel appliances, and updated cabinetry and countertops. Property with a projected NOI of $114,761 and a strong 7.5%+ cap rate, this is a prime income-generating investment. Conveniently located near the N and F trains, as well as the B4, B6, and B82 bus lines.