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Listing Courtesy of Compass
$4,500,000
Est. payment /mo
14,700 SqFt
UPDATED:
Key Details
Property Type Single Family, Mixed Use
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 14,700 sqft
Price per Sqft $306
Subdivision East Flatbush
MLS Listing ID RLS20076278
HOA Fees $4,837/mo
HOA Y/N Yes
Year Built 1931
Annual Tax Amount $89,292
Property Sub-Type Mixed Use
Property Description
Set within one of Flatbush's established commercial areas, 5203–5207 Church Avenue, an approximately 15,000 SF (~10,000 SF above grade) commercial property situated along one of Flatbush's predominant retail corridors. The property can be delivered vacant, offering a compelling opportunity for an end-user or for repositioning or redevelopment by an investor.
The building is currently configured with retail and medical tenants and features 10'+ ceiling heights and elevator access throughout, allowing for a highly usable and customizable layout. Notably, a credit-worthy second-floor tenant is paying approximately $13,500 per month, enabling an owner-user to occupy the remaining space while offsetting carrying costs, or allowing an investor to retain that income while repositioning the balance of the building with market-rate tenants.
From a development perspective, the property is located within a Qualifying Residential Site (QRS), which allows for a mixed-use FAR of up to 2.5, translating to approximately 14,000 buildable square feet. This provides meaningful long-term optionality while maintaining current income in the interim.
The building is currently configured with retail and medical tenants and features 10'+ ceiling heights and elevator access throughout, allowing for a highly usable and customizable layout. Notably, a credit-worthy second-floor tenant is paying approximately $13,500 per month, enabling an owner-user to occupy the remaining space while offsetting carrying costs, or allowing an investor to retain that income while repositioning the balance of the building with market-rate tenants.
From a development perspective, the property is located within a Qualifying Residential Site (QRS), which allows for a mixed-use FAR of up to 2.5, translating to approximately 14,000 buildable square feet. This provides meaningful long-term optionality while maintaining current income in the interim.
Location
State NY
County Kings
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
View Y/N No
Private Pool No
Building
Dwelling Type Mixed Use
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Ownership None
Monthly Total Fees $12, 278
Pets Allowed Building No, No
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716