Description

This property is located in a prime, high-traffic area at 6th Avenue and 54th Street in Sunset Park. It is a fully renovated legal three-family building with a storefront and a rentable basement that can be used as an office or storage, though not factored into the cap rate. The building features three spacious residential apartments, each offering four bedrooms, two full bathrooms, balconies, ample closet space, and high ceilings, with an average unit size of 1,822 sq. ft. The interiors are updated with new kitchens, bathrooms, and flooring. The 1,080 sq. ft. storefront includes a finished basement with high ceilings, a bathroom, a separate entrance, and its own boiler. The property sits on a 20x80 lot with a building size of 20x55 and R6 S2 zoning. Currently, the storefront is occupied by a 99-cent store on a month-to-month basis, paying $5,000 under a triple net lease. The projected cap rate is 7% with a potential annual income of $366,000, offering significant upside. Conveniently located near 8th and 4th Avenue shopping corridors, public transit, restaurants, and more, this property is an excellent investment opportunity.