Updated a day ago

518 86th Street

Bay Ridge, Brooklyn | 5th Ave & Gelston Ave

4 Baths4,950 Square FeetMixed Use

$3,350,000
floors / apts4 / 2
Lot Size20'x80'
Built Size20'x60'
ZoneC4-2A
Building TypeLow-Rise
RE Taxes$16,759
Price Per SF
$677

Property Description for 518 86th Street

Outstanding Investment Opportunity with high income and low real estate taxes. Great Candidate for 1031 Exchange! Situated on 86th Street in Bay Ridge, one of Brooklyn's busiest commercial corridors. Boasting an extremely high traffic location, this well-maintained mixed use 4 story building, plus full finished basement, under-went an extensive gut renovation in 1996 including water main, sewer line, electric & gas services and interior electrical & plumbing lines. Additional renovations include interior & exterior concrete work and completely new building facade. Retail space is vented, equipped with central air and underwent recent renovations (2019), making it especially well-suited for any type of food establishment but with the potential to be utilized for any retail purpose including medical or professional use. Commercial space includes 1,350 sq ft ground floor w/11' ceilings + 1,350 sq ft fully finished and tiled basement with clear 8' ceiling height, half bath, office space, floor drains, grease trap and hydraulic lift to ground floor - a total of 2,700 usable sq ft. This building offers an excellent opportunity for owner/user. The property also contains 'FREE MARKET' residential units. Agent has partnership interest in property.

Listing History for 518 86th Street

Now
02/09/2024
$3,350,000
Initial Price by Angelo Saraniero
Robert DeFalco Realty
2024

Building Details for 518 86th Street

OwnershipMixed Use
Building TypeLow-Rise
AgePre-War
AccessWalk-up
Year Built1926
Floors/Apts4/2
Learn More About the Building

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: 85283TH