2338 Coney Island Ave

This solid brick mixed-use building is located on the West side of Coney Island Ave, one of the busiest Commercial Arteries of Brooklyn, between Avenue U and Avenue T. The first level of the building was legally extended almost to the full length of the property and it was totally renovated just recently. Extra large 2,400 sq ft storefront is set up as high-end restaurant with full commercial kitchen in the basement. Two units on the second floor are in excellent new condition, may be used as offices or apartments. Property also comes with approximately 8,900 sq ft of additional air rights. The building is being offered vacant and in as-is condition. The income and expenses Proforma:AAA lease for the Restaurant 2,400 SF. $40 a foot $96,000 a year, $8,000 a month (+a bonus 1,200 Sq Ft. professional kitchen in the basement), 2 apartments $28,000 a year, $1,200, Gal $124,000, Expenses $17,000 NOI $107,000, CAP Rate 7.26 percent. It is an excellent opportunity for the owner users or savvy investor to purchase this primary located property to capitalize on the high income performance.