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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.

Attachments

7516_3rdave

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)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Dime Community Bank
Key Food
Starbucks
Citibank
Valley National Bank
Chase Bank
Apple Bank
WW
New York Sports Club
Bank of America

PROPERTY TAXES

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
  • Listing ID: 33126239

  • Date on Market: 10/09/2024

  • Last Updated:

  • Address: 7516 3rd Ave, Brooklyn, NY 11209

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