550 Remsen Ave - Retail FOR SALE


Brooklyn, NY 11236
$5,750,000 USD
917-539-0402
550 Remsen Ave, Brooklyn, NY for Sale
$5,750,000 USD
Retail - FOR SALE
1/7
null | 6.75% Cap Rate

550 Remsen Ave
Brooklyn, NY 11236


HIGHLIGHTS

  • 9,928 SF - 7-Tenant Shopping Center
  • Built Brand-New in 2010
  • 100% Occupied - All Tenants Have 3% Annual Increases
  • 20-Car Parking Lot With 276 Feet of Combined Retail Frontage

OVERVIEW

The subject offering is a 9,928 SF shopping strip, that is 100% occupied with seven tenants, on the corner of Church Avenue and Remsen Avenue in Brooklyn, NY. This is a single-story retail property that was constructed brand-new in 2010, with a dedicated front parking lot that accommodate 20 cars. The property has 206 feet of retail frontage on Remsen Avenue, and another 70 feet of retail frontage on Church Avenue. The property is comprised of two separate tax lots, and the asset rests on a 13,152 SF lot (C8-1 Zoning). All the tenants have annual rental increases. There is an ICAP Tax Abatement in-place through 6/30/2027. The current taxes are $54,526 (they would be $73,451 without the abatement). This is an opportunity to acquire a 100% occupied shopping strip in Brooklyn that generates strong cash flow with solid annual increases and outstanding frontage and visibility. The property is located directly across the street from Burger King and Dollar Tree, and it is surrounded by retailers such as Popeye’s, Dunkin Donuts and McDonald’s.

FOR SALE DETAILS

PRICE

$5,750,000 USD

PRICE/SF

$579 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

7-Tenant Shopping Center w/20-Car Parking Lot

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Freestanding, Restaurant, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2010

SPRINKLERS

-

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

13,152 SF

ZONING

-

APN/PARCEL ID

04686-0010

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.