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For Sale - Brooklyn - Boerum Hill

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292 294 atlantic avenue

Property Details:

Price: Submit Best Offer

Estimated Annual Income: $665,562

Property Type: Mixed Use

Lot Dimensions (ft): 40.0 x 80.0

Lot Area: 3,200 sq. ft.

Building Dimensions (ft): 20.0 x 36.0

Building Area: 7,500 sq. ft.

Building:

Block/Lot: 00182/0001

BIN: 3335912

Building Class: S9

Stories: 4

Total Units: 8

Corner Lot: Yes

Buildings on Lot: 1

Year Built: 1900

Landmark: none

Has Garage: no

Year Last Altered: n/a

Residential Units: 5

Residential Area: 4300 sq. ft.

Zoning: R6A

Floor Area Ratio:

Max FAR: 3.0

Useable Floor Area: 7,500 sq. ft.

FAR as Built: 2.34

Neighborhood:

Neighborhood: Boerum Hill

Historic District: n/a

Community District: 302

School District: 15

Census Tract: 43

294-294 Atlantic Ave

Ariel Property Advisors presents 292-294 Atlantic Avenue, a prime mixed-use investment opportunity located at the southeast corner of Atlantic Avenue and Smith Street in the Boerum Hill neighborhood of Brooklyn. The subject property is a 7,500 square foot, four (4) story walk-up that features 120’ of prime retail frontage at one of Brooklyn’s most heavily trafficked corners. The building’s nine (9) units consist of one office space, three (3) retail units, and five (5) free market apartments. The corner retail unit is currently vacant, presenting a great opportunity for owner-users or for investors looking to capitalize on area’s recent population surge. One apartment is a large one-bedroom unit and the other four apartments have two bedrooms. The office unit’s lease expires in 2019 and gives future owners the opportunity to extract additional upside by repositioning to residential use. R6A/C2-4/DB zoning provides 2,100 square feet of air rights, as-of-right. 292-94 Atlantic Avenue is centrally located among some of Brooklyn’s most popular neighborhoods and attractions. New residential towers and boutique condominiums are hitting record prices. Residents have access to great restaurants and shopping along Smith Street, Court Street and Atlantic Avenue. Brooklyn Bridge Park, The Brooklyn Promenade and the Barclays Center are all a short walk from the asset. Lastly, 292-94 Atlantic Avenue is easily accessible via the F/G trains at the Bergen Street, the A/C/F trains at Jay Street, and the 2/3/4/5 trains at Borough Hall. With strong in-place cash flow and significant upside in a rapidly growing area, 292-294 Atlantic Avenue represents an outstanding opportunity for investors and owner-users.

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