One of the last storefronts on Washington Ave: 662

whynot_31

Buy the whole building for $1.85M

http://www.cpexre.com/system/assets/properties/documents/545/original/662_Washington_Ave_Setup.pdf?1366294144

Or, just lease the first floor for $6k a month

http://www.cpexre.com/system/assets/properties/documents/549/original/662_Washington_Ave_-_Setup.pdf?1367349585

ehgee

The Konditori between St. Marks and Prospect doesn't exist, at least yet.

pragmaticguy

Way too much money for too small a building. Even with a rent roll of about $140,000 a year at best case of 10 times rent you're only looking at $1.4M And I can't see them getting $5500 per month for the store. Figures seem awfully optimistic to me. If the current owner was making that much money they wouldn't be selling.

whynot_31

Since the above photo was taken, the storefront to the right has become a snazzy cocktail and brunch place.

http://www.yelp.com/biz/the-saint-catherine-brooklyn

It no longer tries to pay rent based on selling Castrol GTX oil.

pragmaticguy

At $66,000 a year for rent, costs to just keep the store open would probably be in the $73,000 a year range, providing that it's not a restaurant business which would be more. Net income after whatever it is that is being sold would need to be somewhere in the $200,000 range just to pay taxes and have a salary. Let's not forget that if there's employees that's another added expense. Someone is going to have to have a REALLY good business plan.

whynot_31

Time will tell...

At present, the first floor is a shell.

armchair_warrior

that building looks awful familiar . hmmmm was it for sale before?

whynot_31

Aug 19, 2013: The storefront remains available for lease. I'm not sure if the building has changed hands.