$3,500,000
Updated 8 years ago
Off Market

408 5th Ave

Park Slope, Brooklyn | 7th Street & 8th Street

15 Rooms4 Beds4 BathsMixed Use

$3,500,000
floors / apts3 / 2
Lot Size20'x80'
Built Size20'x55'
ZoneR6A
Building TypeTownhouse
RE Taxes$6,598

Building Amenities

  • Voice Intercom

Property Description for 408 5th Ave

Rare mixed use building now available in the center of Park Slope. Home for the last decade to Rachel's, one of the neighborhood's most popular restaurants, 408 5th Avenue stands out for its exceptional income potential. Not only does the building house a fully-complemented restaurant--able to earn the highest retail income the market will allow--it also boasts two extremely large floor-through apartments of nearly 1000 sq ft each. In addition there is another 1500 sq ft of build-able square footage on the lot, allowing for a permanent extension of the commercial space as well as another floor to the building. The excellent location is two blocks from multiple trains, two blocks from the core of the Gowanus art scene, and squarely in the middle of one of Brooklyn's most established neighborhoods and busiest retail corridors. Owner-occupied, the commercial space and the second floor will be delivered vacant, and the top floor tenant is month-to-month. This would allow a new owner to rent anew at the top of the market. The apartments need cosmetic upgrades, but potentially could garner $50 ppsf. Commercial spaces in this area often ask over $90 ppsf. The potential cap rate is well above the Brooklyn norm, from 5.27% to 6.10% with upgrades. Please request the offering memorandum of the property.

Listing History for 408 5th Ave

Now
11/05/2017
POM by Heather McMaster
Corcoran
08/07/2017
TOM by Heather McMaster
Corcoran

Building Details for 408 5th Ave

OwnershipMixed Use
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1925
Floors/Apts3/2
Learn More About the Building

Transit and Citi Bike

Subway

4 Av-9 St
0.15 miles
7 Av
0.39 miles

Citi Bike

7 St & 5 Ave
0.02 miles
10 St & 5 Ave
0.14 miles

Contact Agents

Contact Agents

Dan Brady
Corcoran

Park Slope | Brooklyn

Quick Profile

Boasting beautiful tree-lined streets, brownstones and a range of activities for all age groups, Park Slope is consistently ranked as one of New York’s most desirable neighborhoods. Filled with lush parks and greenery, the neighborhood is also known for its rare combination of excellent public schools, award-winning restaurants, nightlife, small independently owned businesses and community gardens.

Situated at the western slope of Prospect Park, the neighborhood is divided into different sections: North Slope, Center Slope and South Slope. Depending on who you ask, of course, the definitions of where these borders end and begin may vary (is the divide between North and Center deemed Union Street, Garfield Place, 1st Street or 3rd Street? The one between Center and South 6th Street, 9th Street, 11th Street or 15th Street?). 

Regardless of what part of the Slope you find yourself on, there’s no shortage of architectural beauty. From row houses to brownstones to mansions, the idyllic setting of the neighborhood is further enhanced by its Romanesque and Renaissance Revival styles. Case in point of this is also two of the area’s most well-known churches, Park Slope United Methodist Church and Saint Augustine Roman Catholic Church. 

Revered for its family-friendly appeal, Park Slope is often regarded as one of the best places to raise a family in New York City. That said, it doesn’t mean that parents don’t know how to have a good time... a slew of bars constantly opening in the neighborhood ranging from the high-end cocktail saloon to the dive (well, by Park Slope standards, anyway). 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 69879TH