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6516 18th Ave

Brooklyn, NY 11204

$2,988,888

Storefront For Sale  •  3,000 Sq Ft

Property Details

  • Property Type Storefront
  • Total Building Size 3,000 Sq Ft
  • Lot Size 0.04 ac
  • Building Class C
  • Year Built 1920
  • Cap Rate 2.79 %
  • Tenancy Multiple
  • Zoning C4-2
75 Transit Score
94 Walk Score

Description

"Location, Location, Location!!!" has never been more apt. This Mixed Use building is sitting on the busiest junction in Bensonhurst, 18th avenue and 65th street, and has extremely rare C4-2 zoning.

Presently, the building features a store and 2 residential units, fully occupied with below-market residential rents allowing for great upside. The store underwent serious renovation last year by a national tenant and has 19 years left of a 20-year lease in place with above-average annual rent escalations, topping out at 6% over the last five years, and strong financials to back it up. The two residential units are a 2 bedroom and a 1 bedroom with both tenants in good standing. 

Most desirable, however, is the C4-2 zoning, which allows for 5610 sq ft of buildable on the lot, far above neighboring properties.  Coupled with the rent escalations built into the commercial lease, the potential of redevelopment makes this property extra appealing.

Taxes are $16,360 annually, partially supported by the commercial tenant, and expenses are very low.

This is a co-exclusive listing between Corcoran and Douglas Elliman. Buyers Brokers must CYOF.  Please contact us for more details.

Highlights

Heavy foot traffic day and night
Development opportunity
Emerging neighborhood

Property Flyers

Financial Summary (Actual)

Net Operating Income: $79,500 (2017)
Cap Rate: 2.79 %
Total Expenses: $23,892

Major Tenants

Tenant SF Occupied Lease End Date
Popeyes 1,500 SF 6/30/2037

Public Transportation

Commuter RailDriveWalkDistance
Flatbush Avenue Station Commuter Rail (West Hempstead Branch, Long Beach Branch, Hempstead Branch, Far Rockaway Branch) 20 min - 7.9 mi
East New York Station Commuter Rail (West Hempstead Branch, Long Beach Branch, Far Rockaway Branch) 28 min - 8.0 mi
Transit/SubwayDriveWalkDistance
18 Avenue (N Line) Transit Stop 1 min 3 min 0.2 mi
20 Avenue (N Line) Transit Stop 2 min 8 min 0.4 mi
71 Street Transit Stop (D, M) 2 min 11 min 0.6 mi
New Utrecht Avenue Transit Stop (N) 2 min 13 min 0.7 mi
62 Street Transit Stop (D, M) 2 min 14 min 0.7 mi
AirportDriveWalkDistance
La Guardia Airport 27 min - 17.4 mi
John F. Kennedy International Airport 31 min - 19.7 mi
Newark Liberty International Airport 35 min - 22.7 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Dan Brady 917-202-5609 The Corcoran Group
Dan Brady 917-202-5609 The Corcoran Group