739 Church Avenue, Brooklyn, NY 11218

Mixed-use, 3 unit, investment or owner/user property for sale!

Live upstairs and rent out the other floors or keep as an easy investment property! - Turn-key, 100% occupied, mixed-use investment property - Just under $102k in NOI from Day 1 - Established and locally loved bar business on ground floor - Top two apartments master-leased to co-living company - Minimal landlord responsibility - Situated in prime Kensington location in Brooklyn - Walking distance to Prospect Park and B/Q trains - New development coming up around the corner - Listing broker also has an ownership interest. Located in the Brooklyn neighborhood of Kensington, and within walking distance of Prospect Park, this free-market, 100% occupied building is an opportunity to purchase a turn-key investment. Offered at just under a 6% cap rate, 739 Church Avenue has three units - two residential apartments over one retail space. The retail tenant, Hinterlands Bar, is an established and beloved local establishment with a long-standing, excellent reputation in the neighborhood. Above the bar are two residential apartments, both of which are master-leased to a co-living company. If the purchaser so chooses, the residential units can be delivered vacant; however, the current master lease runs until 2023 and assumes most of the landlord's usual responsibilities. The co-living company takes care of leasing the unit, depositing rent, and any smaller to moderate size maintenance issues. With an established retail tenant that takes great pride in their space along with a co-living company master-leasing the upstairs units, this asset is an opportunity to purchase a property with minimal landlord responsibility and strong cashflows from Day 1, and to capitalize on the long-term growth of Brooklyn and this neighborhood. In addition, permits for a new development just around the corner have been filed (435 Coney Island Avenue - 90k SF with 131 new residential rental apartments). This asset is can be purchased as a stand-alone investment property or by an owner who wants to live in one unit and benefit from additional income.