3149 Coney Island Avenue Brooklyn NY 11235 MLS #501855

Mixed use building on a high traffic block in Brighton Beach. The entire building is under lease by the same restaurant operator for 30+ years. The restaurant occupies the first floor and basement, as well as the 2nd floor residential space that is currently used as storage and event space by the restaurant operator. The current lease ends in January, 2028 and is available for review upon request. The tenant is current on the rent, but is presently receiving a preferential rent amount ($10,241/mo.) rather than the actual rent ($11,323). The 2027 rent amount will be $11,776 as per the lease agreement. The lease also calls for the tenant to pay the entire NYC Property Tax, but the landlord has not yet enforced that provision. Currently priced as a 6.5 cap, but by just collecting the property tax brings this deal to about an 8 cap! Tenant willing to negotiate with new landlord, or entire building can possibly be delivered vacant as well. This building is perfect for an owner/operator, or for the savvy investor who will surely recognize the significant upside potential of this situation. Listed Exclusively. Please do not approach the tenant.