1337 Fulton St

This 7,456-square-foot, four-story mixed-use building is approximately 20 feet wide and contains six units, including a ground-floor retail store with additional basement space and six residential apartments consisting of two one-bedroom units on each of the second through fourth floors. The rent-stabilized apartments are occupied by tenants participating in the HASA city program and feature spacious layouts with living and dining areas, full kitchens and bathrooms, hardwood floors, abundant natural light, and 10-foot ceilings. Each apartment is individually metered for gas and electricity, while the meters, gas boiler, and water heater are located in the basement. The property also features front and rear fire escapes and a well-maintained rubber roof with a silver coating. With a 10.80% cap rate, the property offers an investment opportunity with potential to create additional value by combining apartments, converting units to free-market apartments where permitted, and utilizing available air rights, including the potential to duplex the top floor. Zoned R7D with a C2-4 commercial overlay, the property allows commercial use on the first and second floors and provides approximately 2,256 square feet of available air rights, increasing to 3,760 square feet with inclusionary housing. The property also presents an owner-user opportunity, allowing a business to occupy the ground floor while the owner resides in one of the upper apartments and rents the remaining units. Located on Fulton Street just off Nostrand Avenue, the property benefits from strong commercial and residential exposure, substantial pedestrian traffic, and immediate access to the A and C subway lines and B44 bus at the corner, providing convenient transportation into Manhattan. The surrounding corridor is one of Brooklyn’s busiest, with numerous restaurants, banks, clothing retailers, health food stores, and other neighborhood businesses. The ground-floor store currently pays $6,500 per month, with its lease expiring in September 2026.