6 bedroom house for sale

Updating the hallway would provide a clear and easy path to income growth and would enable future owners to increase residential rents

We are pleased to offer for sale 1507 Nostrand Avenue. Located in the Brooklyn neighborhood of Flatbush, a block from bustling Church Avenue station on the 2/5 train, this free-market, 3-unit building is a perfect for an end-user or an investor. The 1st floor lease expires in one year and the space is perfect for any buyer looking to use that space and collect income from the apartments or, even, live in one of the apartments upstairs. Nostrand Avenue is a major Brooklyn corridor and this intersection is heavily trafficked by both cars and people on foot. Offered at a 6% cap rate, 1507 Nostrand Avenue has three units. The first floor tenant - who is a good tenant with good payment history - has a lease that expires in one year so that lease could be renewed or a buyer could use the space for themselves. The apartments are each 3bd/1bath, one of which has a washer/dryer and was a brand new renovation last year. Updating the hallway would provide a clear and easy path to income growth and would enable future owners to increase residential rents. The building is zoned R6 and allows for an FAR of 2.43 which allows for 4860 of buildable SF, 1560 SF more than the existing 3300 SF there now. This is an easy-to-manage building that offers any buyer multiple options as well as cashflows and wealth generation with an established asset in a growing neighborhood. Asking $1, 525, 000 - a 6% cap rate 3300 SF existing - 1560 SF in unused air rights allows for the addition of an extra floor 3rd floor apartment - brand new with washer/dryer - is currently vacant and can be delivered vacant for an end-user or rented out for an investor Just under $92k in NOI from Day 1 Easy to lease, in-demand location on highly-trafficked Nostrand Avenue retail corridor Income upside with hallway update Situated in burgeoning Flatbush neighborhood, 1 block from the 2/5 train and from bustling Church Avenue/Nostrand Avenue intersection