$3,500,000
Updated 2 years ago
Off Market

574 Metropolitan Ave

Williamsburg, Brooklyn | Union Ave & Lorimer Street

15 Rooms8 Beds5.5 Baths3,380 Square FeetMixed Use

$3,500,000
floors / apts3 / 3
Lot Size24'x75'
Built Size20'x40'
ZoneR7A
Building TypeHouse
RE Taxes$8,227
Price Per SF
$1,036

Property Description for 574 Metropolitan Ave

Proudly presenting 574 Metropolitan Ave, a Mixed-use Dream in Prime Williamsburg for both investors and user-operators. Projecting 5.6% cap rate in the Summer of 2024! The existing turnkey property is configured as (3x) residential units with one (1x) retail space spanning 20 ft. wide and 75 ft. deep. This enchanting, semi-detached mixed-use building in flawlessly condition is perched on one of the most desirable, and visible blocks in Brooklyn.

Set on 24.75' X 75.08' lot, the retail space spans approximate 20' X 75' and showcases a street-level entrance with soaring ceilings. Currently home to Vestige Tattoo Studio, the lease expires May 31, 2024. Above the storefront, there are three (3x) recently-renovated, high-income producing apartments: two (2x) 4 bedroom, 2 bath units (leases ending Oct 31, 2023 & June 30, 2024, respectively) over an owner-occupied studio.

An astounding 3.45 Max FAR allows for 3,030 SF available for expansion (total 6,410 SF allowed). The property, being in an opportunity zone with its favorable Tax Class (1) status, allows for both remarkably low expenses and limitless opportunities for the foreseeable future!

Considering its prime location right off the BQE & L/G subway stations on Lorimer St / Union Ave, ample street parking, and high-visibility signage, this property offers unparalleled visibility and accessibility. Whether you're looking for a high-end retail tenant or start a new business (or expand your existing one), this property is the ideal location for your next venture! Surrounded by a diverse range of prime commercial and residential real estate in Williamsburg, the foot traffic is simply unparalleled!

Listing History for 574 Metropolitan Ave

Now
04/04/2024
Expired by Marvin Chu
Corcoran
02/07/2024
$3,500,000
Initial Price by Marvin Chu
Corcoran

Building Details for 574 Metropolitan Ave

OwnershipMixed Use
Building TypeHouse
AgePre-War
AccessWalk-up
Year Built1901
Floors/Apts3/3
Learn More About the Building

Transit and Citi Bike

Subway

Lorimer St
0.03 miles
Metropolitan Av
0.12 miles
Graham Av
0.3 miles
Bedford Av
0.44 miles
Grand St
0.5 miles

Citi Bike

Devoe St & Lorimer St
0.05 miles
Metropolitan Ave & Meeker Ave
0.14 miles

Contact Agents

Contact Agents

Marvin Chu
Corcoran
Evan Church
Corcoran

Williamsburg | Brooklyn

Quick Profile

Equal parts family-friendly and millennial haven/nightlife destination, Williamsburg offers the best of all worlds. Whether by night or by day, the ‘Burg has endless options for every type of personality and interest--which has only increasingly become the case after the neighborhood was rezoned in 2005. With the floodgate opened for more varied types of businesses, Williamsburg saw one of the highest rates of development in the past decade than any other part of Brooklyn. 

Referred to as “Little Berlin” for its late night and club-oriented nature, Williamsburg works as hard as it plays. Apart from the Clubland concentrated around Wythe Avenue, there is also a slew of offices (like 25 Kent Avenue, a sprawling eight-floor, 500,000-square foot waterfront building) and co-working spaces such as WeWork, The Yard and Green Desk that make it an ideal location for the corporate-, startup- and tech-oriented set. 

With more offices setting their sights on this part of Brooklyn, it only makes sense that more people want to live close to where they work. Apart from your average walk-up apartment, W-burg has famously become home to numerous condos along the waterfront that continue to grow and expand in concert with the businesses and corporate hubs that have entered the environment. 

Even with its many and undeniable changes, however, Williamsburg remains an arts-friendly community, particularly with regard to music and literature. While DIY spaces have come and gone, certain staples have persisted to become institutions that still provide a place for up and coming musicians to perform. On the literary front, long-standing indie bookstores like Spoonbill and Sugartown and Book Thug Nation have paved the way for others to cross the river, namely McNally Jackson Books. 

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: 94325TH