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Mixed-Use

1691 Pitkin Ave

1691 Pitkin Ave, Brooklyn, NY 11212

Listing Price: $1,670,000

Cap Rate
5.51%
Gross SF
3,858
Rentable SF
3,858
Price/Gross SF
$432.87
Lot Size
0.03 acres
Year Built
1930

Investment Overview

The subject offering is a 3,858 square foot commercial property located on the corner of Pitkin Avenue and Rockaway Avenue in Brooklyn’s Brownsville neighborhood. The property is built full and sits on a 20 X 64.35 lot. The building consists of a 1,280 square foot ground floor retail space with 20 feet of frontage on Pitkin Avenue and 15 feet of frontage on Rockaway Avenue, as well as two offices on the second and third floor. There is also a full built basement for storage and utilities. The property sits directly in front of the Pitkin/Rockaway bus stop. 1,205 square feet of the ground floor retail is currently occupied by H&R Block. H&R Block’s lease comes due June 30th, 2022, and they have indicated that they will not be extending. 75 square feet of the ground floor retail is occupied by a News Stand that extends out onto the sidewalk. The News Stand just signed a brand new 5-year lease. The upstairs office space will be delivered vacant. The upstairs offices are accessible through the back of the retail unit as well as a door on the Rockaway Avenue side of the building. The building is zoned C4-3 allowing for the conversion of the offices to residential units. The site is surrounded by local and national retailers including Chase Bank, Planet Fitness, McDonald’s, Taco Bell, T-Mobile, Rite Aid, Foot Locker, GameStop, and Dominos. This is an outstanding user/investor opportunity to acquire and reposition a corner property in one of Brooklyn’s busiest retail corridors.

Investment Highlights

  • 3,858 SF Three-Story Mixed-Use Building
  • Currently 100% Net-Leased to H&R Block
  • Opportunity to Convert Upper Floors to Residential

Exclusively Listed By

Financing By

Mixed-Use

1691 Pitkin Ave

Listing Price: $1,670,000

Cap Rate
5.51%
Gross SF
3,858
Rentable SF
3,858
Price/Gross SF
$432.87
Lot Size
0.03 acres
Year Built
1930

Investment Highlights

  • 3,858 SF Three-Story Mixed-Use Building
  • Currently 100% Net-Leased to H&R Block
  • Opportunity to Convert Upper Floors to Residential

Investment Overview

The subject offering is a 3,858 square foot commercial property located on the corner of Pitkin Avenue and Rockaway Avenue in Brooklyn’s Brownsville neighborhood. The property is built full and sits on a 20 X 64.35 lot. The building consists of a 1,280 square foot ground floor retail space with 20 feet of frontage on Pitkin Avenue and 15 feet of frontage on Rockaway Avenue, as well as two offices on the second and third floor. There is also a full built basement for storage and utilities. The property sits directly in front of the Pitkin/Rockaway bus stop. 1,205 square feet of the ground floor retail is currently occupied by H&R Block. H&R Block’s lease comes due June 30th, 2022, and they have indicated that they will not be extending. 75 square feet of the ground floor retail is occupied by a News Stand that extends out onto the sidewalk. The News Stand just signed a brand new 5-year lease. The upstairs office space will be delivered vacant. The upstairs offices are accessible through the back of the retail unit as well as a door on the Rockaway Avenue side of the building. The building is zoned C4-3 allowing for the conversion of the offices to residential units. The site is surrounded by local and national retailers including Chase Bank, Planet Fitness, McDonald’s, Taco Bell, T-Mobile, Rite Aid, Foot Locker, GameStop, and Dominos. This is an outstanding user/investor opportunity to acquire and reposition a corner property in one of Brooklyn’s busiest retail corridors.

Exclusively Listed By

Financing By

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