Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue. Home to a UPS franchise for two decades, this 1774 square-foot condominium, over 1000 square feet on the ground floor with over 700 square feet of basement storage,… Read More is now on the sales market after 20 years. Presently, leases along Flatbush Avenue have consistently broken through the $150 per square foot plateau. At that price, the ground floor would generate over $150,000 gross income. The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this: Gross Income: $143,000 RE Taxes: $4,667 CAM Charges Annually $12,384 Vacancy Allowance $0 Total Expenses $17,051 Net Income: $125,949 Cap Rate @ $1.65M 7.6% Not bad for a neighborhood where commercial property changes hands at a 5% cap rate. Read Less
Listing Courtesy of: Dan P Brady, Corcoran Group, 212-355-3550.
Listing Snapshot
Days Online
0
Last Updated
Property Type
Apartment
Full Baths
1
Partial Baths
1
Year Built
1889
MLS Number
RLS20100599
30 Days Snapshot Of 11217
$2.28M
0%
(avg) sold price
0
-100%
homes sold
Snapshot
Area Map
Additional Details
Building
Entry Level: 1, Living Area Units: SquareFeet, Name: PROSPECT VIEW, Rooms Total: 5
Exterior Features
Patio And Porch Features: None
Property
Property Sub Type: Apartment
Taxes
Tax Block: 01157, Tax Lot: 1002
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