The Nowak Group of Marcus & Millichap has been exclusively retained on the sale of 792 Flushing Avenue. The subject property is a four-story 5,000 square-foot mixed-used building located on the corner of Flushing Avenue and Sumner Place in the Bushwick neighborhood of Brooklyn, NY. The subject property is built 42.33 feet x 45 feet with each floor measuring approximately 1,250 square feet. The subject property sits on an irregular 19.5-foot x 63.17-foot C4-3 zoned lot (Block/Lot: 03131-0017).
The ground floor retail is occupied by a dentist office meeting all of its rental obligations in spite of the COVID-19 Lockdown. The tenant has a lease through July 31st, 2023 with 4% annual increases. The remaining floors feature one IMD unit each. Ownership has initiated the process of taking the units out of IMD and under the jurisdiction of DHCR and realized an initial 3% increase over the base rent by filing the initial alteration application. A purchaser will have the opportunity to increase rents by an additional 3% after work permits are approved, and another 4% after the building reaches fire and safety compliance. In addition, the new owner will have an opportunity to increase each units rent by a percentage of the total renovation cost to bring the building into compliance.