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6819 3rd Avenue, Nyc, NY 11220

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For Sale

$2,999,999

Estimated Payment

$      /mo. †

APR for 30 years

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  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

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Trophy Mixed-Use Investment 6 Units + Restaurant Prime Bay Ridge INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN FANTASTIC 6 FAMILY AND CHIC RESTAURANT!! HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN. EXTRA-LARGE (27x70 BLDG SIZE - 7500 SQFT - 27x106 LOT SIZE Zoning: C1-3/R5B ) 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION. MAKING IT A LUCRATIVE INVESTMENT OPPORTUNITY FOR THOSE LOOKING FOR STABLE, LONG-TERM RETURNS. OVER $210,000/YEAR RENTAL INCOME. CENTRALLY LOCATED ON BUSY, HIGH-TRAFFIC & BUSTLING 3rd AVENUE, IN THE EPICENTER OF BAY RIDGE. WELL-ESTABLISHED RESTAURANT WITH BEAUTIFUL OUTDOOR DECK TENANT IS IN THE PROCESS OF OBTAINING A LIQUOR LICENSE. TENANT PAYS ALL THEIR OWN UTILITIES + 1/3 BLDG TAXES & 1/2 BLDG WATER BILL. BUILDING OWNER ALSO OWNS ALL RESTAURANT FIXTURES AND THEY ARE INCLUDED IN THE SALE. RESTAURANT SEEKS A LONG LEASE EXTENSION! THIS VERY EFFICIENT & EXTREMELY WELL-MAINTAINED PROPERTY PRACTICALLY RUNS ITSELF. PRIME PIECE OF INVESTMENT REAL ESTATE IN ONE OF BROOKLYN'S MOST DESIRABLE & PREMIER NEIGHBORHOODS, WITH EVEN MORE OUTSTANDING UPSIDE POTENTIAL FOR ITS NEXT SAVVY OWNER. 5.25% Cap at $157,820 NET-With Potential to Surpass 6.0% Once Rents Are Optimized! Owner retiring after 30 successful years. Just collect and count. **CURRENTLY UNDERGOING PROFESSIONAL LEAD ENCAPSULATION IN COMPLIANCE WITH NYC LEAD LAW.** THE PROPERTY OFFERS EXCEPTIONAL UPSIDE RENTAL POTENTIAL. Of the six residential units, five are currently free-market with no leases in place, allowing a new owner to raise rents to market levels. The layout of each unit-a classic railroad-style two-bedroom with dual hallway entrances and a central living space-makes them ideal for maximizing rental income. Based on current market trends and comparable rentals in Bay Ridge, each free-market unit has potential to command up to $2,700/month, compared to existing averages below $2,000/month. This creates a projected upside of over $41,000/year in additional gross income. With this value-add opportunity, the cap rate has room to improve significantly-on top of an already attractive 5.25% based on current net income of $157,820.
MLS# 11575326

Courtesy Of 6819 REAL ESTATE LLC

(917) 325-3779

Property Features

  • Architecture Style
    Other
  • Floor Covering
    Laminate, Tile
  • Heating System
    Steam

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.