A fantastic development/investment opportunity in the fast developing East Midwood/Flatbush section of Brooklyn. The property is comprised of an oversized corner retail space with a total of 49 feet of frontage along the Flatbush commercial corridor and another commercial space along on avenue K, and two 2-bedroom residential units. Unit 2F is a very spacious split layout 2bed/2bath apartment with hardwood floors, windowed kitchen, and great light. Unit 2R is a 2bed/1 bath unit with hardwood floors and great light. The current zoning is C2-2 and R5. This property is a great opportunity to get in at a fast developing area and add value or keep the property as a long-term income producing investment. The total square footage is 4738 of which 1798sf residential and 2940 commercial. All utilities are separate. Fix and flip or keep as is - the numbers just make sense on this one! With projected cap rate of over 6.38% as is or well over 8% with minimal improvements, this is an incredible investment opportunity. The immediate proximity to major national retail and the Target shopping hub at the Flatbush Junction is a great opportunity for a mixed use or boutique residential development. Transportation is seamless and easy via the 2,5, Q trains. Brooklyn College's gorgeously landscaped campus is a stone's throw away too. All information furnished herein is from sources deemed reliable but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental, or other conditions prior sale, lease, financing or withdrawal without notice. All dimensions are approximate. For exact dimensions you must hire your own architect or engineer and verify independently. The property can be delivered vacant with the exception of the laundromat at 3615 avenue K.
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