203 Avenue U,Brooklyn, NY 11223
Brooklyn, NY 11223
Description
Great investment opportunity with immediate rental income. The corner retail space is currently vacant, offering an excellent opportunity for an owner-user to establish their own business or lease it for additional income. Don't miss this exceptional mixed-use property located on bustling Avenue U in the heart of Gravesend, Brooklyn. This well-maintained building sits on a 20×100 lot with a full 20×100 building footprint and features 2 ground-floor commercial units plus 6 residential apartments. The residential portion consists of 9 total bedrooms and 6 bathrooms. Two apartments are market-rate (unregulated), offering immediate rental flexibility, while the remaining four units are rent-stabilized, providing stable, reliable income with long-term upside potential. One of the corner commercial spaces is currently vacant, presenting an excellent opportunity for an owner-user to establish their business in a highly visible location or for an investor to lease the space at market rent and maximize the property's income potential. Based on full occupancy, the property offers a projected gross income of approximately 275k and an annual net operating income of approximately $176,877 , representing an attractive approximately 6% projected cap rate. Ideally situated along the vibrant Avenue U commercial corridor, the property benefits from outstanding visibility, heavy foot traffic, and close proximity to shopping, restaurants, schools, and public transportation. Whether you're looking to occupy the corner retail space, expand your investment portfolio, or acquire a high-performing mixed-use asset with value-add potential, this is a rare opportunity in one of Brooklyn's most sought-after neighborhoods.
Details
| MLS # | 502747 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Active |
| Year | 1928 |
| Days On Site | 82 |
| Listing Provided By | Tiger Realty | Hang (Tyler) Chen |
Features
| SQ Feet | 8,500 |
|---|---|
| Story(s) | 4 |
| Units | 8 |
| Zoning | R5B |
Interior
| Heating Fuel | Gas |
|---|
Exterior
| Exterior | Brick, Other |
|---|---|
| Roof | Flat |
| Construction Materials | Brick |
| Foundation Details | Poured Concrete |
Parking
| Parking Attributes | None |
|---|---|
| Parking Feature Single | Street |
Utilities
| Electric | 110 V |
|---|
Taxes
| Tax Amount | 65406.00 |
|---|
Area Information
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11223 |
| Area | Brooklyn |
| Subarea | Gravesend |
| Listing VS Median (in 11223) | |
Price: $2,950,000 low | high Med: $1,278,000 sqft: 8,500 low | high Med: 4,284 $ / sqft: $347 low | high Med: $300 On site: 82 low | high Med: 363 | |
Market Activity 11223
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Learn More About This Property
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11223 |
| Area | Brooklyn |
| Subarea | Gravesend |
| Listing VS Median (in 11223) | |
Price: $2,950,000 low | high Med: $1,278,000 sqft: 8,500 low | high Med: 4,284 $ / sqft: $347 low | high Med: $300 On site: 82 low | high Med: 363 | |
