12
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Listing Courtesy of Corcoran Group
$1,650,000
Est. payment /mo
2 Baths
New
315 FLATBUSH Avenue #2 Brooklyn, NY 11217
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Key Details
Property Type Condo
Sub Type condop
Listing Status Active
Purchase Type For Sale
Subdivision Prospect Heights
MLS Listing ID RLS20100599
Style Walk-Up
Full Baths 2
HOA Fees $1,032/mo
HOA Y/N Yes
Year Built 1889
Property Sub-Type condop
Property Description
Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue.
Home to a UPS franchise for two decades, 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 sales market after 20 years.
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.
The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this:
Gross Income: $143,000
RE Taxes: $4,667
CAM Charges Annually $12,384
Vacancy Allowance $0
Total Expenses $17,051
Net Income: $125,949
Cap Rate @ $1.65M 7.6%
Not bad for a neighborhood where commercial property changes hands at a 5% cap rate.
Home to a UPS franchise for two decades, 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 sales market after 20 years.
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.
The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this:
Gross Income: $143,000
RE Taxes: $4,667
CAM Charges Annually $12,384
Vacancy Allowance $0
Total Expenses $17,051
Net Income: $125,949
Cap Rate @ $1.65M 7.6%
Not bad for a neighborhood where commercial property changes hands at a 5% cap rate.
Location
Rooms
Basement Other
Interior
Fireplace No
Appliance Washer Dryer Allowed
Laundry Building Other
Exterior
Exterior Feature Building Roof Deck, Private Outdoor Space Under 60 Sqft
Pool Building None
View Y/N No
Porch None
Private Pool Yes
Building
Story 5
New Construction No
Others
Pets Allowed Pets Allowed
Ownership Condop
Monthly Total Fees $1, 032
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by New York (LondonFosterNY.com)
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