7516 3Rd Ave Brooklyn, NY 11209
- Investment properties
- 2,970 SF
- 0.03 lot acres
Current Use by Public Records
- Youroptix / Physician
- Dr. Ella Gelb, OD / Physician
- Rachel Fried / Physician
- Royal Optix / Physician
Property Details for 7516 3Rd Ave
- Year built
- 1930
- Lot size
- 0.03 lot acres
- Property size
- 2,970 SF
- Zone code
- R6B
- Property type
- Investment properties
- Property subtype
- Live-work space
- 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.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,153,000
Market price range: $1.15M - $1.77M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,425,000 Current use
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -74.0282
- Latitude
- 40.6311
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
