403 & 405 Gates Avenue

Property details

Asking price

$7,000,000

Price per SF

$631

Square footage

11,100 SF

Building

37 × 100 ft

Lot

38 × 100 ft

Units

4 residential + 8 commercial

Zoning

R6A / C2-4

Year built

1931

Block / Lot

1807 / 56

Stories

3

Lot area

3,750 SF

Building type

Store building

About the property

A three-story corner building at Nostrand and Gates Avenues in Bedford-Stuyvesant,

with 11,100 SF and 138 feet of frontage. Asking $7,000,000 ($631 per gross SF), or

$8,000,000 with the adjoining 403 Gates Avenue lot.

Highlights

• Income in place: A grocery store and a CVS lease the street level, producing $174,876 a year in place.
• Lease-up upside: Floors 2 & 3 (about 7,400 SF, high ceilings) are vacant and offered at $25,000 a month ($40.54/SF/yr); pro forma income is 173% above in-place or for owner occupancy.
• Development Lot (Optional): 403 Gates Avenue (1,875 SF, R6A, 18.75’ x 100’) supports about 5,625 buildable SF at 3.0 FAR; $1,000,000, sold only with the building.
• Corner on Nostrand & Gates: 138 feet of frontage at Nostrand and Gates, a 6-minute walk to the Bedford-Nostrand G station.

Location