589 Metropolitan Ave

$3,150,000

589 Metropolitan Avenue

Bedrooms

7
Bathrooms

3
Sq.Ft.

3,375

Property Description

Unique opportunity to purchase a prime corner mixed-use buiding at the foot of the Metropolitan-Lorimer L/G subway stop. Currently cash-flowing and in beautiful condition, but with massive upside in it's development potential with a total of 8,600 SF buildabe on a favorably zoned R7A, C2-4 lot.

Currently set up as two apartments over a store with a parking lot in the back.

Ground Floor Medical Office: Currently paying $3,800 with 2 years left on lease
2nd floor: Mint condition 3 bed / 1 bath market rent : $4,000 /month (Month to month)
3rd floor: Immaculate 2 bed / 1 bath with a market rent of $3,500/month (Month to month)
Parking lot: $500/month

Total current market rent:
$11,800 per month / $141,600 per year
(no improvements needed)

Legal 2 Fam + Store

Current SF: 3,375
FAR: up to 4.6 with IH
Current FAR: 1.57
Lot Size: 25 ft x 86 ft
Zoning: R7A, C2-4
Taxes: $8,081
Water: $2,273
Insurance: $3,385

All units have their own heat and electric, separate systems.

Current ~3.6% cap

Overview

Property Status

Sold

Property Type

Other

Features & Amenities

Sales Price

$3,150,000

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$3,150,000

7

3

3,375

Property Description

Overview

Basic Information

Features & Amenities

Area & Lot

Interior & Exterior

School Information

Financial

Rental Rates

Downloads

Leave a Message

Thank you for your message. I will be in touch with you shortly.

$3,150,000

7

3

3,375

Property Description

Overview

Basic Information

Features & Amenities

Area & Lot

Interior & Exterior

School Information

Financial

Rental Rates

Downloads

Schedule a Tour

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