Contacts
TerraCRG
TerraCRG
TerraCRG
Property Details
- Property Type Mixed Use
- Property Size 6,400 SF
- Units 4
- Lot Size 1,600 SF
- Zoning R7A, C1-4
- Additional Rent Contact for pricing
- # of Floors 6
- Property Tenancy Multi-Tenant
- Year Built 1930
- Date Updated Sep 18, 2024
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building at 554 Vanderbilt Avenue in the heart of Prospect Heights. The unique property consists of 4 free-market residential unitsand one large commercial space. The property spans 6,400 square feet across 6 stories and each residential unit has access to private outdoor space (3 private terraces, 4 private balconies and one roof deck). A legal three-story addition was completed in 2008 through an Alt-1, resulting in the issuance of a new certificate of occupancy in December 2009, exempting the building from Good Cause Eviction until December 2039.
The building has very low expenses as it is tax-class protected and each unit is responsible for paying their own heat and electric bills. The retail space was previously occupied by long-time neighborhood staple Cataldo’s and has now been taken over by the operators of the popular restaurant next door Alta Calidad with a new concept opening in the next few months. Alta Calidad, which has won multiple culinary awards since opening in 2017, is part of a larger hospitality group - Hospitality HQ that operates food-halls and restaurants across the country.
The property has significant rental upside as residential rents haven’t been increased in years and assuming market rents the property should have a gross income of ~$380K/year. At asking price the property can be acquired at an attractive basis of $734/SF and a projected Cap Rate of ~7%.
Reach out to the broker for more info on lease terms and amenities
Highlights
- FREE MARKET
- EXEMPT FROM GOOD CAUSE EVICTION UNTIL 2039
- TAX CLASS PROTECTED
- ATTRACTIVE BASIS
- SIGNIFICANT RENTAL UPSIDE
Getting around
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98/100
Walk Score ®
-
100/100
Transit Score ®
-
94/100
Bike Score ®
Location
- City Brooklyn, NY
- Neighborhood Prospect Heights
- Zip Code 11238
- Market Brooklyn
Points of Interest
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International Car Service
0.25 miles
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Clinton-Washington
0.56 miles
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brooklyn taxi company
0.58 miles
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Eastern Parkway - Brooklyn Museum
0.59 miles
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Eastern Parkway–Brooklyn Museum
0.60 miles
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Arecibo
0.62 miles
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Franklin Avenue
0.66 miles
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Classon Avenue
0.75 miles
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Nostrand Avenue Station Entrance
1.01 miles
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Bedford–Nostrand Avenues
1.02 miles
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Sunoco
0.36 miles
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Tesla Supercharger
0.41 miles
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Shell
0.54 miles
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Mobil
0.77 miles
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Citgo
1.04 miles
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plugNYC
1.12 miles
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Emporium
1.21 miles
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BP
1.26 miles
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Revel
1.66 miles
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EVgo
1.70 miles
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Underhill Garage
0.23 miles
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Cielo Garage
0.23 miles
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Rapid Park
0.54 miles
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Garfield Garage
0.69 miles
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The Brooklyn Museum and Botanic Garden
0.69 miles
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Edison ParkFast
1.15 miles
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Car Park Systems
1.23 miles
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Ultra Car Park Systems
1.28 miles
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The Parking Club
1.45 miles
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NYPD Brooklyn Tow Pound
1.56 miles
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Illumination Bed & Breakfast
0.44 miles
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Union Hotel
0.78 miles
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Fairfield Inn
0.80 miles
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Sonder: The Industrialist
0.82 miles
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Towneplace Suites
0.86 miles
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EVEN Hotel
0.88 miles
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Tru by Hilton
0.90 miles
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The Brooklyn Hotel
0.90 miles
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Holiday Inn Brooklyn Downtown
0.91 miles
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The Baltic Hotel
0.92 miles
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Foodtown
0.21 miles
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Mahfood Market
0.23 miles
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Wholesome Farms Market
0.24 miles
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Flatbush Market
0.29 miles
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DNY Natural Land
0.31 miles
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Key Food
0.33 miles
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Union Market
0.33 miles
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Ideal Food Basket
0.36 miles
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Marshalls
0.45 miles
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Atlantic Center
0.45 miles
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
