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2573 Atlantic Ave 1,603 sq ft 50% Let Retail Property Brooklyn, NY 11207 £651,709 (£406.56/sq ft) 5.68% Net Initial Yield
INVESTMENT HIGHLIGHTS
- RECENT GUT RENOVATED INTERIOR-MODERN, MINT CONDITION
- TENANTS HAVE SHORT TERM LEASES
- IDEAL WORK LIVE SPACE
EXECUTIVE SUMMARY
PRICE IMPROVEMENT
This mixed-use property offers an ideal live/work space. It has been Fully gut renovated in 2020 with all systems updated. The spacious duplexed studio, spanning approximately 1,400 sq. ft., includes a kitchenette, bathroom, and access to a full basement which is included with the unit. This unit is currently rented for $2,500 per month with a short term 6-month lease and then month to month afterwards. The second-floor unit, approximately 750 sq. ft., features a well-appointed kitchen, a bright living room, two bedrooms, and a full bathroom. The apartment boasts gorgeous wood floors, three skylights that flood the space with natural light, and access to a private deck and rooftop space. The Current tenants pay $2,500 per month and have a month-to-month lease. The storefront, basement, and back patio offer dual income. This property incurs low expenses with tenants paying all utilities and heat. The owner pays minimal gas, water, real estate taxes and insurance. With an approx. NOI of $50,600, based on CAP rates in the area this property offers a higher return compared to similar properties. Both units are equipped with mini-split systems for efficient heating and cooling, ensuring year-round comfort. This property has been thoughtfully renovated with all-new wiring, plumbing, and mini-split systems. Additionally, it is upgraded with 3-phase power and 200A service, offering optimal electrical capacity for modern needs. Please note, in order to view the 2nd floor on the video walk through: When the video starts, it shows the studio facing the kitchen and bathroom area.
PLEASE CLICK THIS LINK FOR A VIRTUAL TOUR:
Please note: To access the second floor on the virtual tour, you'll need to turn the view around to face the opposite door. There, you'll see a circle with an arrow. Hover over it, and an option to go upstairs will appear. Once you click this, it will take you to the second floor.
https://my.matterport.com/show/?m=cqvSSw28R1r
SEE ATTACHED SET UP FOR DETAILED INCOME, EXPENSE AND BUILDING INFORMAION.
This mixed-use property offers an ideal live/work space. It has been Fully gut renovated in 2020 with all systems updated. The spacious duplexed studio, spanning approximately 1,400 sq. ft., includes a kitchenette, bathroom, and access to a full basement which is included with the unit. This unit is currently rented for $2,500 per month with a short term 6-month lease and then month to month afterwards. The second-floor unit, approximately 750 sq. ft., features a well-appointed kitchen, a bright living room, two bedrooms, and a full bathroom. The apartment boasts gorgeous wood floors, three skylights that flood the space with natural light, and access to a private deck and rooftop space. The Current tenants pay $2,500 per month and have a month-to-month lease. The storefront, basement, and back patio offer dual income. This property incurs low expenses with tenants paying all utilities and heat. The owner pays minimal gas, water, real estate taxes and insurance. With an approx. NOI of $50,600, based on CAP rates in the area this property offers a higher return compared to similar properties. Both units are equipped with mini-split systems for efficient heating and cooling, ensuring year-round comfort. This property has been thoughtfully renovated with all-new wiring, plumbing, and mini-split systems. Additionally, it is upgraded with 3-phase power and 200A service, offering optimal electrical capacity for modern needs. Please note, in order to view the 2nd floor on the video walk through: When the video starts, it shows the studio facing the kitchen and bathroom area.
PLEASE CLICK THIS LINK FOR A VIRTUAL TOUR:
Please note: To access the second floor on the virtual tour, you'll need to turn the view around to face the opposite door. There, you'll see a circle with an arrow. Hover over it, and an option to go upstairs will appear. Once you click this, it will take you to the second floor.
https://my.matterport.com/show/?m=cqvSSw28R1r
SEE ATTACHED SET UP FOR DETAILED INCOME, EXPENSE AND BUILDING INFORMAION.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER sq ft |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
£37,017
|
£23.09
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Net Operating Income | |
|---|---|
| Annual | £37,017 |
| Annual Per sq ft | £23.09 |
PROPERTY FACTS
Sale Type
Investment or Owner Occupier
Property Type
Retail
Property Subtype
Shopfront Retail / Residential
Property Size
1,603 sq ft
Costar Property Class
C
Year Built
1905
Price
£651,709
Price per sq ft
£406.56
Yield
5.68%
NOI
£37,017
Occupancy Rate
50%
Tenancy
Multiple
Number of Floors
2
Plot ratio
1.59
Total Plot Size
0.02 ac
Opportunity Zone
Yes
Use Class
M1-1 - Light industrial with offices, hotels, and most retail uses permitted
Frontage
12 ft on Atlantic Ave
AMENITIES
- Skylights
- Roof Terrace
- Balcony
Walk Score®
Excellent pedestrian access (91)
Transit Score®
Rider's Paradise (100)
NEARBY MAJOR RETAILERS
1 of 13
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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2573 Atlantic Ave
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