Investment Overview

The subject offering is a 3,172 SF single-story retail building on Rockaway Parkway in Brooklyn’s Canarsie neighborhood. The building is 100% occupied by T-Mobile, which has a NN lease that began in May 2007. T-Mobile picked up their first option period in 2017, and just extended their lease again, showing a huge commitment to the site. The lease now runs through November 2030 with 5% increases every two years. There is one (5) five-year option to renew, with a 15% increase in the option period. The landlord is responsible for paying the insurance, as well as for roof and structural repairs. The tenant is responsible for all other expenses. The landlord pays the real estate taxes, and then gets reimbursed back 100% by T-Mobile. The building is built 36.25 X 87.5. It rests on a 5,701 SF lot that is zoned R5D/ C1-3, with an FAR of 2 (total buildable square footage of 11,402 total square feet here). The building has a full basement. The site is surrounded by local and national retailers, including McDonald’s, Popeye’s, Dunkin Donuts and Capital One Bank. The site is also right across from the Rockaway Parkway Train Station (L Train). The site benefits from strong local and commuter foot traffic. This is an opportunity to acquire a zero-management single-tenant retail property with a long operating history in Brooklyn.