524 Lorimer St - Storefront Retail/Residential FOR SALE


Brooklyn, NY 11211- Williamsburg
$5,100,000 USD
212-660-7784
524 Lorimer St, Brooklyn, NY for Sale
$5,100,000 USD
Storefront Retail/Residential - FOR SALE
1/20
null | 5.65% Cap Rate

524 Lorimer St
Brooklyn, NY 11211
Williamsburg


HIGHLIGHTS

  • The property is a fully occupied mixed-use building consisting of two commercial units and three residential units.
  • Ownership reports the building is 100% free-market with no rent-regulated residential units.
  • Recent capital improvements include HVAC, water heaters, roof, siding, intercom, and surveillance system upgrades.
  • The corner location at Lorimer Street and Ainslie Street provides visibility and multiple street frontages.
  • The property is located approximately two blocks from the Lorimer Street subway station with access to the L and G train lines.
  • Williamsburg’s surrounding mix of retail, dining, residential development, parks, and employment uses supports ongoing neighborhood activity.

OVERVIEW

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 524 Lorimer Street (the “Property”), a mixed-use walkup building that totals 4,150 SF (including 700sf below grade) and is comprised of 2 commercial units and 3 residential units. The Property is completely occupied, 100% free-market, and has ZERO deferred maintenance. In the past few years, ownership has replaced the HCAV system, water heaters, roof, siding, intercom system, and surveillance cameras among other capital improvements. Over the past decade, Williamsburg has emerged as one of the most popular neighborhoods in Brooklyn. Residents and employers choose Williamsburg for its eclectic offering of dining, shopping and entertainment destinations, all easily accessible within just a few minutes travel time from the Property. 524 Lorimer Street is ideally positioned 2 blocks from the Lorimer Street Station, which offers access to the & subway line and provides commutes of less than 15 minutes into Lower Manhattan.

FOR SALE DETAILS

PRICE

$5,100,000 USD

PRICE/SF

$1,220 USD /SF

CAP RATE

5.65%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1899

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

R6B

APN/PARCEL ID

02774-0010

ASK ABOUT THIS PROPERTY

Brett WeisblumCushman & WakefieldMore Info
212-660-7784

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

Brett WeisblumCushman & WakefieldMore Info
212-660-7784

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