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Listing Courtesy of Compass
$7,500,000
Est. payment /mo
8 Beds
3 Baths
6,044 SqFt
UPDATED:
Key Details
Property Type Single Family, Mixed Use
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 6,044 sqft
Price per Sqft $1,240
Subdivision Williamsburg
MLS Listing ID RLS20113859
Bedrooms 8
Full Baths 4
Half Baths 2
HOA Y/N Yes
Year Built 1910
Annual Tax Amount $21,540
Property Sub-Type Mixed Use
Property Description
We have been retained on an exclusive basis to arrange for the sale of 171 Bedford Avenue, a three-story+cellar, 6,044 SF mixed-use property located along one of Brooklyn's most established and sought-after retail corridors in the heart of Williamsburg. The property consists of ground-floor commercial space with two large four-bedroom residential units above. It further benefits from protected Tax Class 1 status and exceptionally low current real estate taxes of approximately $21,500 annually.
The residential component offers an immediate value-add opportunity, with the second- and third-floor apartments currently generating just $4,200 and $4,600 per month (approximately $36/SF). Both units are occupied on a month-to-month basis, while nearby comparable apartments support approximately $90/SF—more than double the existing level. The large, full-floor layouts provide an attractive opportunity for renovation and repositioning with the potential to materially increase income.
The ground-floor retail is occupied by a long-standing optical tenant paying approximately $17,000 per month (~$86/SF on an effective-area basis), with 3% annual increases and a lease extending through July 2029. Comparable Bedford Avenue storefronts are approaching $200/SF, creating substantial mark-to-market potential at lease expiration, while the currently unused cellar and rear yard offer additional opportunities to enhance the property. The 25' × 100' lot also provides longer-term development flexibility.
With a premier Bedford Avenue location, significant upside across both the residential and commercial components, and an unusually low tax burden, 171 Bedford Avenue presents a compelling Williamsburg value-add investment opportunity.
The residential component offers an immediate value-add opportunity, with the second- and third-floor apartments currently generating just $4,200 and $4,600 per month (approximately $36/SF). Both units are occupied on a month-to-month basis, while nearby comparable apartments support approximately $90/SF—more than double the existing level. The large, full-floor layouts provide an attractive opportunity for renovation and repositioning with the potential to materially increase income.
The ground-floor retail is occupied by a long-standing optical tenant paying approximately $17,000 per month (~$86/SF on an effective-area basis), with 3% annual increases and a lease extending through July 2029. Comparable Bedford Avenue storefronts are approaching $200/SF, creating substantial mark-to-market potential at lease expiration, while the currently unused cellar and rear yard offer additional opportunities to enhance the property. The 25' × 100' lot also provides longer-term development flexibility.
With a premier Bedford Avenue location, significant upside across both the residential and commercial components, and an unusually low tax burden, 171 Bedford Avenue presents a compelling Williamsburg value-add investment opportunity.
Location
State NY
County Kings
Rooms
Basement Full
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
Exterior Feature Building Garden, Private Outdoor Space Over 60 Sqft
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
Tax ID 02320-0007
Ownership None
Monthly Total Fees $1, 795
Pets Allowed Building No, No
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RLS Data display by eXp Realty
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