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Listing Courtesy of Corcoran Group
$3,500,000
Est. payment /mo
18 Beds
14 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Crown Heights
MLS Listing ID RLS20107412
Bedrooms 18
Full Baths 14
HOA Y/N No
Annual Tax Amount $67,764
Property Sub-Type Mixed Use
Property Description
Prime Crown Heights Corner Asset With Durable Income and Built-In Upside
685 Franklin Avenue offers a rare opportunity to acquire a prominent corner mixed-use building in the heart of Crown Heights, just moments from Prospect Park.
Set on a 2,790-square-foot lot, the property comprises 14 rent-stabilized apartments, one commercial space, and one garage. The residential mix includes 2 studios, 6 one-bedrooms, and 6 two-bedrooms, providing diversified and dependable in-place income.
The commercial space is secured by a long-term lease and is undergoing a complete gut renovation, enhancing the property's value and strengthening its overall income profile. Significant capital improvements have already been completed, including a new roof and upgrades to the electrical system, gas metering, and water heaters in 2021, limiting near-term capital exposure for the next owner.
Positioned along the dynamic Franklin Avenue corridor, the property benefits from exceptional visibility, consistent tenant demand, and convenient access to the 2, 3, 4, 5, A, C, and S subway lines.
With stable cash flow, major systems already addressed, and additional income growth in motion, 685 Franklin Avenue represents a compelling opportunity to acquire a true corner asset in one of Brooklyn's most established and active investment markets.
685 Franklin Avenue offers a rare opportunity to acquire a prominent corner mixed-use building in the heart of Crown Heights, just moments from Prospect Park.
Set on a 2,790-square-foot lot, the property comprises 14 rent-stabilized apartments, one commercial space, and one garage. The residential mix includes 2 studios, 6 one-bedrooms, and 6 two-bedrooms, providing diversified and dependable in-place income.
The commercial space is secured by a long-term lease and is undergoing a complete gut renovation, enhancing the property's value and strengthening its overall income profile. Significant capital improvements have already been completed, including a new roof and upgrades to the electrical system, gas metering, and water heaters in 2021, limiting near-term capital exposure for the next owner.
Positioned along the dynamic Franklin Avenue corridor, the property benefits from exceptional visibility, consistent tenant demand, and convenient access to the 2, 3, 4, 5, A, C, and S subway lines.
With stable cash flow, major systems already addressed, and additional income growth in motion, 685 Franklin Avenue represents a compelling opportunity to acquire a true corner asset in one of Brooklyn's most established and active investment markets.
Location
State NY
County Kings
Rooms
Basement Other
Interior
Interior Features Smoke Free
Fireplace No
Laundry In Unit
Exterior
Exterior Feature None
Parking Features Assigned, Garage
Garage Spaces 1.0
Garage Description 1.0
Pool Building None
View Y/N Yes
View Other
Porch None
Private Pool Yes
Building
Dwelling Type Mixed Use
Story 4
New Construction No
Others
Pets Allowed Pets Allowed
Ownership None
Monthly Total Fees $5, 647
Special Listing Condition Standard
Pets Allowed Building Yes, No
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RLS Data display by Anthony T Crews Real Estate Llc
Nearby School & Business
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