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$ 2,495,000
Est. payment | /mo
2,535 Sqft Lot
$ 2,495,000
Est. payment | /mo
2,535 Sqft Lot
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
Subdivision City Line
MLS Listing ID 1027429
Rental Info No
Year Built 1920
Annual Tax Amount $10,644
Lot Size 2,535 Sqft
Acres 0.0582
Property Sub-Type Mixed Use
Source onekey2
Property Description
Property DescriptionPrime Mixed-Use Investment Opportunity in Brooklyn – High Upside PortfolioSeize the opportunity to acquire a versatile, high-income-producing mixed-use portfolio located at 167 Forbell Street (encompassing 17, 19, and 21 101st Avenue) in a rapidly developing pocket of Brooklyn. This multi-structure asset spans a total of 5,321 square feet, offering an exceptional blend of immediate cash flow, stable long-term tenancies, and monumental value-add potential. The property features two massive, identically configured residential layouts on the second and third floors, currently occupied on a month-to-month basis with no active leases—providing a rare, immediate operational runway to reposition the units to market rents of $3,000 per month each. The expansive first-floor commercial space at 167 Forbell Street features a prominent 22' x 54' layout with a high-traffic footprint, presenting a prime vacancy ready to be stabilized at a projected $6,500 per month. The accompanying 101st Avenue street-front commercial units offer excellent diversification. Units 17 and 21 feature corporate stability with active leases secured through October 31, 2028, while unit 19 sits vacant, allowing an investor to immediately place a tenant at a projected market rate of $2,500 per month.While the property currently operates at a conservative baseline, a savvy investor can execute a swift stabilization strategy to transition the asset into a high-yielding powerhouse, unlocking a projected 7.30% Pro Forma Cap Rate and a Net Operating Income (NOI) of $182,164.Location & HighlightsValue-Add & Immediate Rental Upside: Built-in growth via month-to-month residential tenancies and two vacant commercial spaces, allowing an investor to instantly boost cash flow without long structural delays.Significant Expense Reduction Potential: The building offers a clear path to slash operating expenses; an investor can easily install energy-efficient mini-split systems with heat pumps in the rental units and decommission the existing oil boiler, completely eliminating the $12,000 annual oil bill and shifting heating costs via submetering.Exceptional Connectivity: Strategically located steps away from major transit options, ensuring seamless commutes into Manhattan, Queens, and deeper Brooklyn for both residential and commercial occupants.High-Visibility Corner Footprint: Positioned with excellent street frontage along 101st Avenue and Forbell Street, guaranteeing maximum exposure, foot traffic, and signage opportunities for commercial tenants. Diverse Revenue Streams: The combination of residential apartments and multiple retail/office commercial spaces insulates the investor from vacancy risks and taps into two strong tenant demand pools. Functional Footprint: Includes robust accessory spaces, including dedicated basement office, storage, and utility areas that maximize the usability and efficiency of the commercial square footage.
Location
State NY
County Kings (brooklyn)
Rooms
Basement Finished
Interior
Heating Oil, Other
Cooling Ductless, Wall/Window Unit(s)
Fireplace No
Exterior
Utilities Available Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected
Building
Story 3
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
Elementary Schools Ps 214 Michael Friedsam
Middle Schools Jhs 218 James P Sinnott
High Schools Brooklyn 19
School District Brooklyn 19
Others
Special Listing Condition None
Listed by Crifasi Real Estate Inc • Sal J. Crifasi
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Jeffrey Jimenez
Licensed Real Estate Salesperson License ID: 10401267947