7516 3rd Ave
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7516 3rd Ave
3,300 SF 100% Leased Retail Building Brooklyn, NY 11209 £1,418,068 (£430/SF) 4.98% Net Initial Yield
Investment Highlights
- Heavy foot traffic
- Updated & Renovated
Executive Summary
PRIME LOCATION! NEWLY LISTED MIXED USE BUILDING ON 3RD AVENUE IN BAY RIDGE! Featuring 2 Apartments + 1 Store. The retail store is approximately 1500 SF, recently renovated with high ceilings, exposed brick wall, recessed lights, showroom, 2 private offices and conference room. The basement is full sized finished. The tenant has a lease in place until 2028. The first floor apartment is 2 bedrooms and 1 full bath, including a newly renovated open concept kitchen overlooking the living/dining room, tiled bath with shower, and two bedrooms, each with closets. The second floor is a 3 bedroom 1 full bath apartment, including a renovated eat-in kitchen, tiled bath, and 3 bedroom all with closets. Both apartments have high ceilings, NEST controlled heat, new electric service and new plumbing. The building has a newer roof (8 years old), new water tank, & security system. Located right on 3rd avenue in a high volume foot traffic area, 2 Blocks to the R-train and close to all the amenities in the neighborhood including half a block to Starbucks, Citibank, & the Supermarket. LEASES: Store has lease until December 2025 - paying $4,350/mo. Apartment 1 has Lease until 8/25 and paying $2,100/month. Apartment 2 has Lease until 8/25 and is paying $2,200/month.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | £84,622 | £25.64 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | £84,622 | £25.64 |
Taxes | £9,421 | £2.85 |
Operating Expenses | £5,016 | £1.52 |
Total Expenses | £14,438 | £4.38 |
Net Operating Income | £70,184 | £21.27 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | £84,622 |
Annual Per SF | £25.64 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | £84,622 |
Annual Per SF | £25.64 |
Taxes | |
---|---|
Annual | £9,421 |
Annual Per SF | £2.85 |
Operating Expenses | |
---|---|
Annual | £5,016 |
Annual Per SF | £1.52 |
Total Expenses | |
---|---|
Annual | £14,438 |
Annual Per SF | £4.38 |
Net Operating Income | |
---|---|
Annual | £70,184 |
Annual Per SF | £21.27 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,300 SF
Building Class
C
Year Built
1930
Price
£1,418,068
Price Per SF
£430
Net Initial Yield
4.98%
NOI
£70,665
Percent Leased
100%
Tenancy
Multiple
Number of Floors
3
Building FAR
2.29
Land Acres
0.03 AC
Zoning
R6B - R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx.
Frontage
21 ft on 3rd
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (89)
Bike Score ®
Very Bikeable (70)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 05939-0044 | Total Assessment | £70,838 (2024) |
Land Assessment | £17,568 (2024) | Annual Taxes | £9,421 (£2.85/sf) |
Improvements Assessment | £53,269 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
05939-0044
Land Assessment
£17,568 (2024)
Improvements Assessment
£53,269 (2024)
Total Assessment
£70,838 (2024)
Annual Taxes
£9,421 (£2.85/sf)
Tax Year
2023
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7516 3rd Ave
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