907 Nostrand Ave Brooklyn, NY 11225
- Investment properties
- 4,547 SF
- 0.05 lot acres
Current Use by Public Records
- Wall St Mortgage Bankers / Loan Service / Bank
- Beauty Define Co / Hair Salon / Nail Salon
- Key Luxuries / Cosmetic Store
- Get Slay Beauty Bar & Spa / Hair Salon
Property Details for 907 Nostrand Ave
- Year built
- 1925
- Lot size
- 0.05 lot acres
- Property size
- 4,547 SF
- Zone code
- R7-1
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 01297-0005
- APU
- 12970005
Description
This exceptional three-unit mixed-use building, located at 907 Nostrand Avenue in Crown Heights, Brooklyn, presents a compelling investment opportunity for both owner-users and investors. The property boasts 4,545 square feet on an 8,000 square foot lot, spread across three stories. Currently operating at 100% occupancy, the building generates a substantial net operating income (NOI) of $112,000, yielding a 6.61% cap rate. The building comprises two residential apartments and one retail space, currently occupied by a salon with a lease expiring in 2028, but open to a buyout. Recent updates to the residential units include new flooring, paint, fixtures, and in-unit washer/dryers, enhancing their appeal and ease of leasing. The building benefits from a protected tax class and very low operating expenses, including no landlord heating costs. The retail space, approximately 2,500 square feet, offers significant upside potential, with current rent below market value. Dividing the space could substantially increase rental income. The property's prime location on a heavily trafficked section of Nostrand Avenue, a major Brooklyn retail corridor, is further enhanced by its proximity to a large mixed-use development at 975 Nostrand Avenue, slated for completion next year. This development will add 328 residential units, creating increased demand for local retail and amenities, promising further rental growth upon lease expiration in 2028. The building is also conveniently located near the 2/5 train line. This well-maintained, low-maintenance building offers immediate cash flow and significant long-term growth potential. The asking price is $1,695,000.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,142,000
Market price range: $981k - $2.61M
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9506
- Latitude
- 40.6657
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
