187 Utica Avenue

Free-Market Corner Mixed-Use Building

Sitting at the southwest corner of Utica Avenue and Park Place, this 3-story brick building offers over 100 feet of combined frontage. The property includes five free-market apartments and one ground-floor retail space, spanning approximately 6,000 gross square feet above cellar.

Renovated, Income-Producing Residential Units

Five renovated 2-bedroom box-style units averaging ~900 net SF each. Currently generating $212,400 in annual gross revenue, with clear upside to $291,000 as below-market units are brought to prevailing rents.

Immediate Value-Add & Owner/Operator Opportunity

The retail tenant vacates by March 1, 2026, allowing a new owner to lease the ground floor at market rate (~$5,000/month) or occupy it for their own business while collecting residential income. The vacant cellar adds further storage revenue potential of $1,500/month.

Favorable Tax Class 2A

Tax Class 2A status caps annual increases, providing predictable, cost-controlled ownership compared to comparable Class 4 commercial assets.

Prime Location — Walk Score 100

On a high-traffic retail corridor between Crown Heights and Bedford-Stuyvesant with exceptional transit access. The Utica Avenue subway station (A/C lines) is ~4 blocks away, with multiple bus lines directly in front.