1249-1265 Utica Ave - Storefront Retail/Office FOR SALE


Brooklyn, NY 11203- East Flatbush
$7,250,000 USD
917-539-0402
1249-1265 Utica Ave, Brooklyn, NY for Sale
$7,250,000 USD
Storefront Retail/Office - FOR SALE
1/7
null | 6.7% Cap Rate

1249-1265 Utica Ave
Brooklyn, NY 11203
East Flatbush


HIGHLIGHTS

  • 16,958 SF Corner Retail Property With 225 Feet of Retail Frontage
  • Anchored by Dollar Tree (Corporate Guarantee) on a Net-Lease Through June 2027
  • Offering Consists of 11 Units - 7 Ground Floor Retail Stores + 1 Office Space + 3 Free-Market Apartments
  • Corner of Utica Avenue and Avenue D - The Nicest Building in the Neighborhood (Complete Rebuild in 2015)

OVERVIEW

The subject offering is a 16,958 SF retail property located in Brooklyn on the corner of Utica Avenue and Avenue D. The offering consists of seven ground floor retail units, one second-floor office space and three free-market apartments. The asset is 100% occupied, and it is anchored by a 10,026 SF Dollar Tree, with a corporate-guaranteed ten-year lease that runs through June 2027 with three (5) five-year options to renew. The offering consists of two contiguous buildings and four separate tax lots. The corner building (1249 Utica Avenue) is 8,000 SF and it is built 40 x 100, with 40 feet of frontage along Utica Ave and 100 feet of retail frontage along Avenue D. It consists of six ground floor retail stores, one office and three (3-bedroom 1-bath) apartments. This building is located on Lot 1. The remaining lots (77,78 & 80) are all occupied by Dollar Tree (1251-1265 Utica Avenue). Dollar Tree has 9,486 SF, with 10% increases in each option period. The corner building has a basement, and it went through a complete renovation in 2016. The Dollar Tree building was essentially constructed brand-new in 2016. This is an opportunity to purchase a fully-renovated and 100% leased and cash-flowing mixed-use opportunity in Brooklyn where 90% of the gross income is coming from the ground floor retail tenants. The site has 225 feet of combined retail frontage, and the B46 Bus Line stops directly in front of the subject property (6th busiest bus route in NYC – 5.5M yearly riders). The three lots that Dollar Tree occupies have a 25-year ICAP Tax Abatement that runs through June 30, 2042. The taxes on those three lots are currently $42,065. They would be $66,216 without the abatement.

FOR SALE DETAILS

PRICE

$7,250,000 USD

PRICE/SF

$414 USD /SF

CAP RATE

6.7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar Tree Retail Strip - Brooklyn, NY

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Freestanding, Storefront, Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,504 SF

ZONING

C8-1

APN/PARCEL ID

04781-0001

ASK ABOUT THIS PROPERTY

Scott PlaskyMarcus & MillichapMore Info
917-539-0402

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Scott PlaskyMarcus & MillichapMore Info
917-539-0402

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.