315 Flatbush Ave
Brooklyn, NY 11217 Prospect Heights

• Unit Size: 1,000 SF
• Condo Use: Retail
• Price: $1,650,000 USD
• Sale Type: Investment or Owner User
• Price/SF: $1,650.00 USD

Description

Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue.

This 1774 square-foot condominium, over 1000 square feet on the ground floor with over 700 square feet of basement storage, is now on the market after 20 years.

Home to a UPS franchise for two decades, this incredibly valuable space will become legally vacant on August 14, 2027.  Presently, leases along Flatbush Avenue have consistently broken through the $150 per square foot plateau.  At that price, the ground floor would generate over $150,000 gross income.

Owner costs are limited to real estate taxes and CAM charges, some or all of which are often passed along to a new tenant.

With 2026 real estate taxes at $26,239 and annual CAM charges of $12,384, and adding in a vacancy allowance to find a new tenant, the net income for 315 Flatbush Avenue at that lease pricing would still be a potential $106,877, generating at 6.50% rate of return on investment.  In a Brooklyn neighborhood where investment property often trades at a 5% cap rate, this is a rare opportunity indeed.

Sale Notes

Prime investment opportunity.  No nearby retail condos have been sold in 10 years.  Rents are up to $150 psf.