Endelig, efter over et årti uden kommerciel detailhandel condo tilgængelig langs Flatbush Avenue, banker muligheden på døren ved 315 Flatbush Avenue.

Belønnet med en UPS franchise i to årtier, er denne 1774 kvadratfod store lejlighed, over 1000 kvadratfod på stueetagen med over 700 kvadratfod kælderopbevaring, nu på salgsmarkedet efter 20 år.

I øjeblikket har lejekontrakter langs Flatbush Avenue konsekvent overskredet niveauet på $150 per kvadratfod. Til den pris ville stueetagen generere over $150.000 i bruttovindkomst.

UPS-butikken ønsker at blive i yderligere 5 år, i det mindste. Deres lejekontrakt giver dem en mulighed for yderligere 5 år, som de ønsker at udnytte, men den nævner ikke specifikke vilkår. Det, der videreføres, er lejers ansvar for eventuelle ejendomsskatter over satsen fra 2004/2005. Hvis de underskriver til satsen fra Flavor Town, en deli på den anden side af gaden, som underskrev en lejekontrakt på $143 ppsf i 2024, ville det økonomiske billede se således ud:

Bruttovindkomst: $143.000
Ejendomsskatter: $4.667
CAM-omkostninger årligt: $12.384
Vacancy-tilskud: $0
Samlede omkostninger: $17.051

Nettovindkomst: $125.949

Cap Rate @ $1,65M: 7,6%

Ikke dårligt for et nabolag, hvor kommerciel ejendom skifter hænder ved en cap rate på 5%.

Finally, after over a decade of no commercial retail condo availability along Flatbush Avenue, opportunity knocks at 315 Flatbush Avenue.

Home to a UPS franchise for two decades, this 1774 square-foot condominium, over 1000 square feet on the ground floor with over 700 square feet of basement storage, is now on the sales market after 20 years.

Presently, leases along Flatbush Avenue have consistently broken through the $150 per square foot plateau. At that price, the ground floor would generate over $150,000 gross income.

The UPS store would like to stay for another 5 years, at least. Their lease allows them an option of an additional 5 years, which they want to exercise, but it does not mention specific terms. What does carryover is the tenant responsibility for any RE Taxes above the rate of 2004/2005. If they are resigned at the rate of Flavor Town, a deli across the street which signed a $143 ppsf lease in 2024, then the financial picture would look like this:

Gross Income: $143,000
RE Taxes: $4,667
CAM Charges Annually $12,384
Vacancy Allowance $0
Total Expenses $17,051

Net Income: $125,949

Cap Rate @ $1.65M 7.6%

Not bad for a neighborhood where commercial property changes hands at a 5% cap rate.