Description
Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue.
Home to a UPS franchise for two decades, this 1774 square-foot condominium, over 1000 square feet on the ground floor with over 700 square feet of basement storage, is now on the sales market after 20 years.
Presently, leases along Flatbush Avenue have consistently broken through the $150 per square foot plateau. At that price, the ground floor would generate over $150,000 gross income.
The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this:
Gross Income: $143,000
RE Taxes: $4,667
CAM Charges Annually $12,384
Vacancy Allowance $0
Total Expenses $17,051
Net Income: $125,949
Cap Rate @ $1.65M 7.6%
Not bad for a neighborhood
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Property Details
- Condo
Amenities
- Building Roof Deck, Private Outdoor Space Under60 Sqft
- Pets: Building Yes, No
- Washer Dryer Allowed
The Neighborhood
Prospect Heights is a colorful and diverse neighborhood anchored by multiple cultural institutions: Grand Army Plaza, Brooklyn Botanic Gardens, Barclay’s Center, Prospect Park, the Brooklyn Museum, and the gorgeous central branch of the Brooklyn Library.
Turn down any side street, however, and you’ll find gorgeous old brownstones, stately coops, and new developments on quiet, tree-lined streets. The commercial venues of Vanderbilt and Washington Avenues offer a myriad of restaurants, mom-and-pop shops, craft cocktail bars, cafes, and boutiques with a distinctly “come as you are” Brooklyn attitude. Hot spots include: Faun, Tom’s, White Tiger, Unnameable Books, Chuko, Olmsted, Bearded Lady, and The Islands.
