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

Situated on 5th Avenue in the vibrant Park Slope neighborhood of Brooklyn, this mixed-use property offers an exceptional investment opportunity. Surrounded by an eclectic array of local shops, restaurants, and classic townhomes, the property benefits from high foot traffic and excellent visibility, making it an ideal location for both retail and residential tenants.
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

Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,137 SF
Building Class
C
Year Built
1920
Price
$3,811,972 CAD
Price Per SF
$1,215 CAD
Cap Rate
5.80%
NOI
$221,094 CAD
Percent Leased
67%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.80
Lot Size
0.04 AC
Zoning
C4-3A
Frontage
17 ft on 5th Ave

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • SPACE USE
  • POSITION
  • AVAILABLE
  • 1st Floor
  • 1,035 SF
  • Retail
  • -
  • Now

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
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (86)

NEARBY MAJOR RETAILERS

Santander
Key Food
Crunch
Ctown
Rent-A-Center
Bank of America
Checkers
Ymca
Webster Bank
New York Sports Clubs

PROPERTY TAXES

  • Listing ID: 34493323

  • Date on Market: 2025-01-15

  • Last Updated:

  • Address: 585 5th Ave, Brooklyn, NY 11215