Mwisho, baada ya zaidi ya muongo mmoja wa kutokuwa na uuzaji wa majengo ya kibiashara ya condos kwenye Barabara ya Flatbush, fursa inagonga mlango katika 315 Barabara ya Flatbush.

Iwepo kama franchise ya UPS kwa miongo miwili, hii ni condominium yenye ukubwa wa futi za mraba 1774, zaidi ya futi za mraba 1000 kwenye ghorofa ya chini ikiwa na zaidi ya futi za mraba 700 kwa ajili ya uhifadhi wa basement, sasa ipo kwenye soko la mauzo baada ya miaka 20.

Kwa sasa, mikataba ya upangaji kwenye Barabara ya Flatbush imekuwa ikiendelea kuvunja kizingiti cha $150 kwa futi ya mraba. Kwa bei hiyo, ghorofa ya chini ingetengeneza zaidi ya $150,000 kama mapato ya jumla.

Duka la UPS lingependa kubaki kwa miaka mingine 5, angalau. Mkataba wao unawapa chaguo la miaka 5 zaidi, ambacho wanataka kutumia, lakini haujatoa masharti maalum. Kilichobaki ni wajibu wa mpangaji kwa kodi yoyote ya RE inayozidi kiwango cha 2004/2005. Ikiwa watakubali kwa kiwango cha Flavor Town, duka la deli lililo ng'ambo ya barabara ambalo liliafikiana na mkataba wa $143 ppsf mwaka 2024, basi hali ya kifedha ingekuwa kama ifuatavyo:

Mapato ya Jumla: $143,000
Kodi za RE: $4,667
Dolara za CAM Kila Mwaka: $12,384
Ruhusa ya Ukosefu wa Wapangaji: $0
Gharama Jumla: $17,051

Mapato Safi: $125,949

Kiwango cha Cap @ $1.65M: 7.6%

Siyo mbaya kwa eneo ambapo mali za kibiashara hubadilishana kwa kiwango cha cap cha 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.