About 7404 3rd
Rare street-corner mixed-use building offers both residential and commercial spaces, located in the heart of Bay Ridge’s vibrant 3rd Avenue business district. With excellent visibility, close proximity to the subway, and convenient transportation options, this property promises strong rental income and stable cash flow. The building sits on a 3,200 sqft lot, with a 40 × 60 ft lot. The residential portion includes a 4-bedroom, 2-bath unit on the second floor, about 1800sqf. a fully renovated (approx. 5 years ago) 5-bedroom, 1-bath, 2-bath unit on the third floor, and a newly renovated 4-bedroom, 1-bath, 2-bath unit at the back of the second floor. The commercial section features two prime retail spaces on the corner, offering excellent street exposure. The property generates a total rental income of $20,430/month, or $245,160/year. Operating expenses are $35,296 annually, resulting in a Net Operating Income (NOI) of $209,864/year, with a cap rate of 5.83%. Each unit has separate heating and hot water systems, adding flexibility for both residential and commercial tenants. With stable tenants and strong cash flow, this is a must-see investment opportunity!
