UPDATED:
Key Details
Property Type Mixed Use
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,064 sqft
Price per Sqft $2,406
MLS Listing ID 500405
Year Built 2014
Annual Tax Amount $31,151
Property Sub-Type Mixed Use
Property Description
10504 Flatlands Avenue fully leased, two-story corner retail asset totaling 7,074 SF across six commercial units. Built in 2014, the property is situated on a 5,400 SF lot along Flatlands Avenue, offering strong frontage, visibility, and on-site parking for 20+ vehicles.
The tenant mix is anchored by 7-Eleven and includes a full-floor Kids Academy, hair salon, medical supply store, and additional service and office users, providing stable in-place income.
The property generates an approximate NOI of $916,028 at a 5.38 % cap rate. The site is currently improved to 7,074 SF with a maximum buildable area of approximately 10,800 SF, allowing for 3,726 SF of additional development potential. Real estate taxes are reduced with an ICAP tax abatement in place through 2030. Zoned R5D/C2-3.
Location & Accessibility:
Strategically positioned in the growing Canarsie corridor, the property benefits from excellent accessibility, including proximity to the L train and strong walkability. Surrounded by residential density, schools, and neighborhood amenities, this location supports long-term tenant stability and continued demand.
Ideal for investors seeking a stabilized asset with immediate cash flow and long-term development upside in one of Brooklyn's evolving submarkets.
Location
State NY
County Kings (brooklyn)
Area Canarsie
Zoning R5D, C2-3
Rooms
Basement Full
Interior
Interior Features Elevator – Passenger, Handicap Design, Security Alarm, Window Display
Hot Water Electric, Gas
Heating Electric, Gas
Flooring Concrete, Granite, Hardwood, Marble, Parquet, Slate, Stone, Tile
Heat Source Electric, Gas
Exterior
Exterior Feature Stone, Stucco
Roof Type Flat
Building
Foundation Block, Poured Concrete, Slab Concrete, Stone
Others
Energy Description Electric,Gas
Financing 1031 Exchange,Assumption,Bank Mortgage,Cash
NEARBY SCHOOL & BUSINESS
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716