Updated a day ago
Bay Ridge, Brooklyn | 3rd Ave & Ridge Blvd
19 Rooms4 Beds5 Baths5,900 Square FeetMixed Use

$4,100,000
floors / apts3 / 2
Lot Size45'x125'
Built Size40'x60'
ZoneR3-2
Building TypeTownhouse
RE Taxes$63,936
Price Per SF
$695

Outdoor space and views

  • Backyard
  • Garden
  • Patio

Building Amenities

  • Voice Intercom
  • Garage

Property Description

INVESTORS DREAM! Calling all investors looking for an incredible opportunity to own an income-producing, mixed-use property in Prime Brooklyn with a RARE net cap rate of 5+%! This property is two attached limestone townhomes, (approximately 5500 sf) located on a prime Bay Ridge block. Each building features three stories + finished basement and sits on an expansive lot measuring 45x125 lot with R3-2 zoning. A well-established preschool occupies the first and second floors of both buildings. The third floors of each building are spacious, airy, and bright two-bed apartments; featuring an updated chef’s kitchen, new appliances, open living/dining, and two large bedrooms. All of the units have maximized rental income making it an excellent investment! Outside features a double car garage and a very large backyard - easily accommodating 6 cars! Located in a vibrant Brooklyn community surrounded by beautiful limestone buildings, Bay Ridge boasts an array of restaurants, supermarkets, boutique shops, and nightlife! In addition, this fabulous neighborhood offers the tranquil setting of multiple parks...Millennium Skate Park, Owl’s Head, Narrows Botanical Garden, and the most coveted Shore Road Promenade! Excellent transportation hub minutes away - including the R train, X37/38 buses, and NYC Ferry service to Manhattan, plus the S79 to Staten Island and a host of other local transportation. 245-247 86th Street is a true investment opportunity not to be missed! BUILDING NUMBERS 245-247 BUILDING SIZE 40x60 LOTS SIZE 45x125

Listing History

Now
10/27/2021
$4,100,000
Initial Price by Christine Barranca
Compass
2021

Building Details

OwnershipMixed Use
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts3/2
Learn More About the Building

Transit and Citi Bike

Subway

86 St
0.22 miles
2
5
1

Bay Ridge | Brooklyn

Lush front yards and trimmed hedges are pretty common in Bay Ridge.

Quick Profile

Bay Ridge is an old-world neighborhood neatly tucked into the southwest corner of Brooklyn within the shadows of the Verrazano Bridge. The neighborhood is encircled by the Belt Parkway along the shore line and the Gowanus Expressway inland.

Bay Ridge, long known for its generational pull, has historically been home to a diverse number of ethnic groups. While the area is flush with people of Irish, Italian and Greek descent, these ethnic communities have been joined by larger numbers of new groups, including people with Russian, Polish, Asian and Middle Eastern backgrounds. The Arab American community today in Bay Ridge represents the largest concentration of Arab Americans in New York City.

For many years, Bay Ridge and its waterside location, would attract the affluent. But most of the mansions that once lined Shore Road are long gone and have been replaced by six-story apartment buildings.  

Aside from the low-rise apartment buildings, the neighborhood pretty much consists of one and two-family homes. Lush front yards and trimmed hedges are pretty common here.  

Current zoning and limitations on building heights restrict any out of the norm development. At present, the future beholds small development on some of the commercial strips and teardowns of older homes for smaller residential projects.

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: 69783TH