Investment Overview

The subject offering is 2,590 square foot two-tenant retail property located on the corner of Linden Boulevard and Fountain Avenue in Brooklyn’s East New York neighborhood. The property is 100 percent occupied. It is built 37 x 70, and it was constructed brand new in 1994. Payomatic has been at this location since 2003. They pay 50 percent of the real estate taxes above their base-year of 2003/2004 (current tax reimbursements are $10,719). They are also directly responsible for all the maintenance to the sidewalk in front of their space. Payomatic is the largest check cashing provider in New York, with 134 locations (all corporate) throughout the Metro NYC market. Ochi Jamaica Grill executed a new 10-year lease in 2021. They have 3 percent annual increases, and they are responsible for 50 percent of the CAM and Insurance, plus 50 percent of all real estate taxes above their base-year of 2020/2021. Both tenants pay gas and electric directly. Ochi Jamaican Grill pays its water/sewer directly, Payomatic reimburses the landlord for water/sewer. The property shares the block with retailers Dunkin Donuts and Dollar Tree, and it is surrounded by thousands of housing units within five blocks.