585 5th Ave
3,137 SF 67% Leased Retail Building Brooklyn, NY 11215 $3,811,972 CAD ($1,215 CAD/SF) 5.80% Cap Rate
EXECUTIVE SUMMARY
The retail tenant moved in late 2023 after putting significant money into their buildout. They have one 5-year option in 2028 and 3% annual increases. The two apartments above provide current cashflow while offering future upside. The second floor unit has been completely renovated and boasts dishwasher, washer/dryer, split systems, and a massive outdoor patio. This 2 bedroom apartment is currently leased at a very solid rent. The top floor unit has significant upside upon surface renovations. Currently configured as a 1 Bedroom, this can be a major source of value-add with minimal work.
With its current robust cash flow, this property provides a stable income stream while being well-positioned for future appreciation as the neighborhood continues to flourish. Whether you're seeking a reliable source of passive income or aiming to diversify and expand your real estate portfolio, this investment combines stability with significant potential for long-term growth.
PROPERTY FACTS
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
Fully equipped , multi-service salon for sale in a high foot traffic location. Key money included, inquire for further information.
Space | Size | Space Use | Position | Available |
1st Floor | 1,035 SF | Retail | - | Now |
1st Floor
Size |
1,035 SF |
Space Use |
Retail |
Position |
- |
Available |
Now |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
Parcel Number | 01053-0009 | Improvements Assessment | $226,159 CAD |
Land Assessment | $16,203 CAD | Total Assessment | $242,363 CAD |