291 Pennsylvania Avenue, Brooklyn, NY 11207

New

US GOVT ANCHORED MIXED-USE BUILDING

This 2-story, corner building is located along major, heavily trafficked Pennsylvania Avenue at the corner of Belmont Avenue. There are three ground floor units and one 4bd/1ba apartment on the 2nd floor (which can be delivered vacant or occupied at closing and which is currently renting for far below market). This building is anchored by the highest credit tenant possible: the US government. In 2019 the GSA signed a lease, invested $345k in capital improvements (new ducted HVAC, total gut reno, security system, etc.) and has been in their space (a USMC recruiting center). Their monthly rent is very strong and is, obviously, paid on time and without issue. The other two retail tenants include a medical supply store that has thrived in that space for close to ten years and a deli, who moved in 2 years ago and updated the space for their use. The second-floor retail apartment can be delivered vacant or occupied. At present, the current tenant (non-program, good credit) pays $2200 a month when market for this 4bd/1ba is closer to $2800 per month. In recent years, the building's exterior façade has been fully resealed and with waterproof sealant to prevent water intrusion. In addition, as part of the USMC renovation, a brand new condenser was installed for their in-unit ducted HVAC, along with substantial interior upgrades as well as a security system. This building has no violations and a long history of good tenants and on-time rental payments. **Disclaimer: Broker has an ownership share in the building.**