263 Kings, Brooklyn

$1,650,000

0 Beds
0 Baths
4,880 Sqft
0 Acres
0 Garages

Bensonhurst Commercial Property- The price is reduced by $350,000 from original $2,000,000. SELLING AS IS> with a few violations. The potential annual income $155,000 LESS $26,665. OPERATING EXPENSES = NET OPERATING INCOME. POTENTIAL CAP RATE .077% The seller will hold mortgage with 50 % down payment. Prime Kings Highway Location opposite the N train and B-82 Bus. Excellent Commercial mix use investment property. The C Of O is Lounge/Restaurant/Bar ( 2440 square feet + basement ). The restaurant tenant currently has a Liquor license and it is a restaurant. plus 3 units .There are 2 apartments ( 2 bedrooms each ) $1545. & $ 1600. no lease, and the third unit is classified as Club on the C of O. and to make the 2 bedroom apartment legal ,facing 2nd floor front 700 square feet which can generate additional income. A prospective buyer may consider to extend each apartment to 3 to 4 bedroom apartments for each. The two units are from the main entrance on Kings Highway and there is a back entrance for the one rear 2 bedroom apartment from the back of the building with address 150-154 Quentin Road. The restaurant is 2440 square feet with a back entrance for deliveries and 2000 sq ft full basement. Total square footage on the 2nd floor is 2440. Expenses $26,665. year

Additional potential rental of $1,500.00 per month income ( $18,000. annual ) can be generated by leasing advertisement space on both side walls with East and West exposure facing Kings .

The current restaurant tenant is paying $ 4,637. 00 + 50 % real estate tax & water . The lease expires 11/30/2021.
The FAIR MARKET RENT CAN BE increased to $ 6500. per month ( an additional $ 1,863. per month or ( $ 22,356. Annual )
when the restaurant is vacated. BUYER IS TO DO DUE DILIGENCE BEFORE CONTRACT .
THE SELLER will hold A MORTGAGE.at current bank rates and a term to be negotiated.

Buyer must verify all information prior to purchasing and is subject to errors and omission.

Essential Information
MLS® #425934
Price$1,650,000
Bathrooms0.00
Square Footage4,880
Year Built1931
TypeMixed Use / Store & Family
Sub-TypeMixed Use
StatusActive
Community Information
Address263 Kings
AreaBensonhurst
CityBrooklyn
CountyKings (Brooklyn)
StateNew York
Zip Code11223
Interior
InteriorHardwood, Carpeting, Concrete
Interior FeaturesLoading - Grade
HeatingSteam/Radiator
Has BasementYes
BasementFull
# of Stories2
Exterior
ExteriorBrick
Exterior FeaturesFence - Full, Sign - Building
RoofFlat
ConstructionBrick
FoundationBlock
Additional Information
Date ListedDecember 19th, 2018
Days on Market204
ZoningR7a C2-3
Property History
Price Reduced from $1,650,888 to $1,650,000
Price Reduced from $1,899,888 to $1,650,888
Price Increased from $1,899,000 to $1,899,888
Price Reduced from $2,000,000 to $1,899,000
LISTING MAP

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Listing courtesy of Sav-A-Lot Realty Inc

© 2019 Brooklyn New York MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Casandra Properties Inc. Data last updated: July 22nd, 2019 at 6:30am EDT

Listing courtesy of Sav-A-Lot Realty Inc

© 2019 Brooklyn New York MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Casandra Properties Inc. Data last updated: July 22nd, 2019 at 6:36am EDT

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