509 Liberty Ave Brooklyn, NY 11207-3103

This exceptional mixed-use property at 509 Liberty Avenue in Brooklyn, NY, presents a compelling investment opportunity. The 4,375 square foot building, situated on a 2,500 square foot lot, is a two-story, 25-foot wide corner structure currently housing a ground floor funeral home and two residential apartments above: a two-bedroom and a one-bedroom unit. The property boasts significant development potential, with permitted zoning of M1-4/R6A allowing for a seven-story mixed-use building. This could include ground floor retail space and six floors of two-bedroom apartments, each with abundant natural light, full kitchens and bathrooms, and individual heating and cooling systems. Alternatively, the existing apartments can be renovated and rented at market rates, while the commercial space could be leased to a variety of businesses. The building's location is highly advantageous, just one block from the J and Z subway lines at Fulton Street and Van Siclen Avenue, in an area experiencing substantial growth. The current annual income is projected at $125,700, with annual expenses estimated at $39,732.04, resulting in a projected net operating income of $85,967.96. The asking price is $1,850,000. Additional air rights of 3,125 square feet further enhance the property's development potential. This is a rare opportunity to acquire a mixed-use property in a rapidly developing Brooklyn neighborhood.