The Forray Team at The Corcoran Group is pleased to present 292 Leonard Street, an exceptional "Corner Turnkey" investment opportunity with Big Development Potential in the heart of prime Williamsburg. This fully occupied, mixed-use townhouse offers immediate income with a strong Existing CAP rate of 5.66% and a projected pro forma CAP rate of 6.16%. For investors with an eye on the future, the property also presents significant development upside with an estimated 6,520 Max FAR.
Built in 1910 with an estimated total of 2,760 Gross SF (2,020 Above Grade): Includes 690 SF of ground floor retail, plus direct access to 690 SF basement & 1,380 SF of residential area across 2 floors. this 23-foot-wide mixed-use townhouse has been well maintained preserving it's exterior pre-war charm with thoughtful modern upgrades, all while benefiting from low annual real estate taxes of ($5,771) under the protection of Tax Class 1 status & zoned R7A, C2-4. The property features a ground-floor commercial unit, two spacious three-bedroom residential apartments, a full basement, and a private backyard with a curb cut exclusive to the retail space.
The commercial unit currently A/C Super is approx. 690 square feet with an open layout, half bath &, and 675 backyard-making it an ideal corner retail space with the ability for full lot coverage in the future. A full basement provides valuable storage space, enhancing the commercial unit's functionality. Above, two 3-bedroom, 1-bathroom residential apartments-both leased deliver consistent cash flow and stable occupancy.
Perfectly positioned on the Corner of Metropolitan Avenue and Leonard Street, a "Premium Retail Corridor" and just one block from the L and G subway lines. The property offers immediate access to Williamsburg's renowned dining, shopping, parks, and conveniences. Whether you're looking for a steady income-producing asset, a future development project, or a mixed-use property with growth potential, 292 Leonard Street delivers a rare combination of space, cash flow, and location in one of Brooklyn's most sought-after neighborhoods.
