4716 5Th Ave, Brooklyn, NY 11220
4,200 SF | Retail Building | Brooklyn, NY 11220 | $2,900,000 ($690/SF) | 6.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,900,000
- Property Type
-
Retail
- Square Feet
- 4,200 SF
- Price / Square Foot
- $690
Listing Contacts
Fred Bijou
Verified Profile
- Property Info
Property Overview
Bijou Equities is pleased to exclusively represent the ownership in the sale of a prime mixed-use building located at 4716 5th Avenue in the vibrant Sunset Park neighborhood of Brooklyn. This property is strategically positioned on 5th Avenue, the premier retail corridor of Sunset Park, nestled between 47th & 48th Streets.
The building is a 2-story brick structure consisting of 2 free-market, fully renovated residential units and 1 occupied retail store. The residential units have undergone gut renovations and feature in-unit washer and dryer, central air conditioning, modern kitchens, and new appliances. The property sits on a 30 x 80-foot lot and has a total square footage of 4,200. Zoned C4-3A, the property has a Floor Area Ratio (FAR) of 3, allowing for an additional 3,000 square feet of air rights, making it possible to add another 1-2 stories to increase income.
The retail space, totaling 2,100 square feet, is leased to Honey Fashion, an apparel store that has been operating at this location for the past 8 years. The lease expires on May 31, 2026, with the tenant paying $14,890 per month and reimbursing the landlord $14,000 per year for property taxes. The property has a gross income of $246,000 and a Net Operating Income (NOI) of $183,293. At the asking price, the Cap Rate is an existing 6.32% with the potential to utilize the 3,000 square feet of air rights for further development.
Located on the bustling 5th Avenue retail corridor, the property provides excellent access to a variety of retail and dining options, including national retailers such as Planet Fitness, Chase Bank, McDonald's, Popeyes, Blink Fitness, Burger King, Five Below, Key Food, and many more. The building is also conveniently located a few blocks away from the 45th Street station, offering access to the N, R, and W subway lines.
The building is a 2-story brick structure consisting of 2 free-market, fully renovated residential units and 1 occupied retail store. The residential units have undergone gut renovations and feature in-unit washer and dryer, central air conditioning, modern kitchens, and new appliances. The property sits on a 30 x 80-foot lot and has a total square footage of 4,200. Zoned C4-3A, the property has a Floor Area Ratio (FAR) of 3, allowing for an additional 3,000 square feet of air rights, making it possible to add another 1-2 stories to increase income.
The retail space, totaling 2,100 square feet, is leased to Honey Fashion, an apparel store that has been operating at this location for the past 8 years. The lease expires on May 31, 2026, with the tenant paying $14,890 per month and reimbursing the landlord $14,000 per year for property taxes. The property has a gross income of $246,000 and a Net Operating Income (NOI) of $183,293. At the asking price, the Cap Rate is an existing 6.32% with the potential to utilize the 3,000 square feet of air rights for further development.
Located on the bustling 5th Avenue retail corridor, the property provides excellent access to a variety of retail and dining options, including national retailers such as Planet Fitness, Chase Bank, McDonald's, Popeyes, Blink Fitness, Burger King, Five Below, Key Food, and many more. The building is also conveniently located a few blocks away from the 45th Street station, offering access to the N, R, and W subway lines.
Property Details
- Class
- C
- Year Built/Renovated
- 1917/2016
- Stories
- 2
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 2,614 SF
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