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Listing Courtesy of POLJAN PROPERTIES INC
$1,150,000
Est. payment /mo
1 Bath
1,400 SqFt
UPDATED:
01/25/2025 05:38 AM
Key Details
Property Type Condo
Sub Type Condo
Listing Status Active
Purchase Type For Sale
Square Footage 1,400 sqft
Price per Sqft $821
Subdivision Ditmas Park
MLS Listing ID RLS11030169
HOA Fees $915/mo
HOA Y/N Yes
Property Description
Turnkey medical office condo investment! Located on bustling Cortelyou Road, in the heart of Ditmas Park, this 1,400 sq. ft. property offers a functional layout with four exam rooms, a large open recreational room, a waiting area, two bathrooms, a kitchen, two entrances, and a dedicated storage unit. Approved for medical office or community facility use only, it ensures continued demand from similar tenants. Cortelyou Road is a lively corridor known for its local charm and convenience, surrounded by popular restaurants, cafes, and shops, including Lea''s, Mimi''s Hummus, Madeline''s, Sycamore Bar & Flower Shop, George''s Diner, and the Flatbush Food Co-op. Kings Theater and Newkirk Avenue are also nearby. Commuting is easy with the Q train at Cortelyou Road offering a 35-minute ride to Union Square, and the B/Q trains at Newkirk Plaza providing access to downtown Manhattan in about 40 minutes. The office is fully leased to a well-established physical therapy practice, providing stable rental income and a cap rate of approximately 6%. The tenant pays $6,750 per month, with a 3% rent increase scheduled for August 2025 and subsequent annual increases thereafter. Additionally, the tenant covers real estate taxes, keeping ownership expenses low. Common charges are $873.69 per month for the office space and $41.57 per month for the storage unit. The current lease runs through July 31, 2028, offering long-term security for investors. With stable income, low operating costs, and a prime location in a vibrant neighborhood, this medical office condo presents a compelling investment opportunity. Contact us today for more information!
Location
Rooms
Basement Other
Interior
Fireplace No
Laundry Building Other
Exterior
Exterior Feature Building Roof Deck, None
View Y/N No
Porch None
Private Pool No
Building
Dwelling Type High Rise
New Construction No
Others
Pets Allowed Pets Allowed
Ownership Condominium
Monthly Total Fees $915
Special Listing Condition Standard
Pets Allowed Building Yes, Yes
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RLS Data display by eXp Realty
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716