We have been retained on an exclusive basis to arrange for the sale of 171 Bedford Avenue, a three-story+cellar, 6,044 SF mixed-use property located along one of Brooklyn's most established and sought-after retail corridors in the heart of Williamsburg.
The property consists of ground-floor commercial space with two large four-bedroom residential units above. It further benefits from protected Tax Class 1 status and exceptionally low current real estate taxes of approximately $21,500 annually. The residential component offers an immediate value-add opportunity, with the second- and third-floor apartments currently generating just $4,200 and $4,600 per month (approximately $36/SF).
Both units are occupied on a month-to-month basis, while nearby comparable apartments support approximately $90/SF-more than double the existing level. The large, full-floor layouts provide an attractive opportunity for renovation and repositioning with the potential to materially increase income.
The ground-floor retail is occupied by a long-standing optical tenant paying approximately $17,000 per month (~$86/SF on an effective-area basis), with 3% annual increases and a lease extending through July 2029. Comparable Bedford Avenue storefronts are approaching $200/SF, creating substantial mark-to-market potential at lease expiration, while the currently unused cellar and rear yard offer additional opportunities to enhance the property.
The 25' x 100' lot also provides longer-term development flexibility. With a premier Bedford Avenue location, significant upside across both the residential and commercial components, and an unusually low tax burden, 171 Bedford Avenue presents a compelling Williamsburg value-add investment opportunity.
