5401 4th Avenue

For Sale2300000

5401 4th Avenue, Brooklyn, NY 11220

  • Mixed Use

5401 4th Avenue, Brooklyn, NY 11220 - Mixed Use Space

5401 4th Avenue is located at 5401 4th Avenue in the Sunset Park neighborhood, NY, Brooklyn, 11220. The Mixed Use building features a total of 5,200 Sqft.

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Details

  • Sale Price 2300000
  • City Brooklyn
  • Neighborhood Sunset Park
  • Zip Code 11220
  • Property Type Mixed Use
  • Property Size 5,200 Sqft

Description

5401 4th Avenue is a corner, mixed use property available for sale. The building presents a value add opportunity for investors. 

 

Smart Value Add Opportunity - Trailing 12 months cap rate of 4.88% all residential tenants paying rent at 15-30% discount to market.

Multi-family use.

 

Free-Market / No Leases

No need to worry about Rent Regulated apartments or the new regulations. All the apartments are Free Market. Tenants pay month-month so renovations can be started very soon.

 

Location, Location, Location - Property is 100 feet away, or a half a city block, from the 53rd Street Subway Station. Combined with the fact that this is a corner property, it makes a compelling case for a local or a national retailer to succeed here.

 

Redevelopment Opportunity - There are approximately 4,000 SF of Air Rights available as of-right. The L Shaped lot afford one the ability to buy up to 10,000 Air Rights from the neighbors. Without adding elevators, one could as-of-right build two duplexed units

 

Growing Investment on 4th Avenue

4th Avenue allows for a 33% premium on Floor-to-Area Ratio compared to 5th avenue. And Developers have begun to notice. 

Most notably: Chase Bank on 51st, Blink Gym on 52nd Street, and NYC HPD on 51st street developing a 50 unit, 8 story building.

Sunset Park Demographics

The average household income in zip code 11220 is $61,554, from a total of 28,766 households. In terms of employment, there are 76.92 % white-collar and 23.08 % blue-collar jobs in zip code 11220.

Population

  • Total Population85,505
  • Male Population(51.2 %) 43,777
  • Female Population(48.8 %) 41,728
  • Median Age34.00

Income/Financial

  • Average Household Income$62,574
  • Median Household Income$48,234
  • Median Income Under 25$45,972
  • Median Income 25-44$52,836
  • Median Income 45-64$48,390
  • Median Income Over 65$34,970

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Romain Sinclair

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