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


Brooklyn, NY 11203- East Flatbush
$6,950,000 USD
917-539-0402
1249-1265 Utica Ave, Brooklyn, NY for Sale
$6,950,000 USD
Storefront Retail/Office - FOR SALE
1/9
null | 7.36% Cap Rate

1249-1265 Utica Ave
Brooklyn, NY 11203
East Flatbush


HIGHLIGHTS

  • 100% Occupied ±16,958 SF Mixed-Use Asset Consisting of Seven Retail Units, One Office, and Three Free-Market Apartments
  • Anchored by Corporate-Guaranteed Dollar Tree with Lease Through June 2027 and Three Five-Year Renewal Options with 10% Increases
  • Recently Renovated Asset with Corner Building Fully Upgraded in 2016 and Dollar Tree Space Constructed New in 2016

OVERVIEW

The subject offering is a 16,958-square-foot 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 percent occupied, and it is anchored by a 10,026-square-foot 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 square feet and it is built 40 ft x 100 ft, 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 square feet, with 10 percent increases in each option period. This is an opportunity to purchase a fully renovated and 100 percent leased and cash-flowing mixed-use opportunity in Brooklyn where 90 percent of the gross income comes 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 – 5.5 million yearly riders). The three lots that Dollar Tree occupies have a 25-year ICAP Tax Abatement that runs through June 30, 2042.

FOR SALE DETAILS

PRICE

$6,950,000 USD

PRICE/SF

$397 USD /SF

CAP RATE

7.36%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

11 Tenants/100% Occupied Brooklyn Retail

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Freestanding, Storefront, Supermarket

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 Notice.