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Urban-High Street

Brooklyn Retail - 6 Tenants/100% Occupied Strip

10504 Flatlands Ave, Brooklyn, NY 11236

Listing Price: $13,850,000

Cap Rate
6.35%
Gross SF
26,260
Rentable SF
23,574
Price/Gross SF
$527.42
Lot Size
0.37 acres
Year Built
2014

Investment Overview

The subject offering is a 26,260 SF two-story new-construction retail property located on a full blockfront on Flatlands Avenue, between 105th and 106th Streets, in Brooklyn's Canarsie neighborhood. The offering consists of five ground-floor retail tenants, and a 12,000 SF second-story that is 100% leased to A+ Kidz Academy, a local daycare and Universal 3-K/Pre-K provider. The property consists of three separate tax lots, which total 16,200 SF. There is dedicated parking for 15 cars. The property features 7-Eleven on lease through 2025, with two (5) five-year options to renew, and 10% increases in each option period. This is a corporate guaranteed lease with 7-Eleven, the largest convenience store operator in the world with a credit rating of "A" from S&P. The site also features Clean Rite, the largest operator of laundromats in the Metro NY market, with over 70 locations. Clean Rite has a lease through 2035, with 12.5% increases every five years, and two (5) five-year options to renew. There is currently an LOI out for the one vacant retail unit, and the offering will be delivered 100% occupied. The property was constructed brand-new in 2014. A+ Kidz Academy has their entrance on 106th Street. They have an elevator going to the second floor. The property is located on Flatlands Avenue, one the most heavily traveled retail streets in Canarsie. The site is surrounded by retailers such as Food Baazar, KFC, IHOP, Pizza Hut, CVS and Taco Bell. In addition, the property is directly across the street from the Brookline Houses, a 1,595-unit apartment complex with over 4,000 people living there. The property benefits from a 15-year ICAP Tax Abatement that runs all the way through June 30, 2030. This is an opportunity to acquire a fully-leased, newer construction retail asset with on-site parking and long-term tenancy. Plus, an investor is benefitting from solid built-in rental increases, and a massive population within just half a mile of the subject property

Investment Highlights

  • 26,260 SF retail property delivered 100% occupied. The site has 180 feet of retail frontage along Flatlands Avenue, one of the most heavily traveled streets in Brooklyn's Canarsie neighborhood.
  • New 2014 Construction with a 15-car parking lot. All tenants have strong built-in increases, plus all tenants reimburse for their share of expenses.
  • 15-Year ICAP Tax Abatement in-place. The site is anchored by 7-Eleven (corporate lease) and Clean Rite, the largest laundromat operator in Metro NYC.

Exclusively Listed By

Urban-High Street

Brooklyn Retail - 6 Tenants/100% Occupied Strip

Listing Price: $13,850,000

Cap Rate
6.35%
Gross SF
26,260
Rentable SF
23,574
Price/Gross SF
$527.42
Lot Size
0.37 acres
Year Built
2014

Investment Highlights

  • 26,260 SF retail property delivered 100% occupied. The site has 180 feet of retail frontage along Flatlands Avenue, one of the most heavily traveled streets in Brooklyn's Canarsie neighborhood.
  • New 2014 Construction with a 15-car parking lot. All tenants have strong built-in increases, plus all tenants reimburse for their share of expenses.
  • 15-Year ICAP Tax Abatement in-place. The site is anchored by 7-Eleven (corporate lease) and Clean Rite, the largest laundromat operator in Metro NYC.

Investment Overview

The subject offering is a 26,260 SF two-story new-construction retail property located on a full blockfront on Flatlands Avenue, between 105th and 106th Streets, in Brooklyn's Canarsie neighborhood. The offering consists of five ground-floor retail tenants, and a 12,000 SF second-story that is 100% leased to A+ Kidz Academy, a local daycare and Universal 3-K/Pre-K provider. The property consists of three separate tax lots, which total 16,200 SF. There is dedicated parking for 15 cars. The property features 7-Eleven on lease through 2025, with two (5) five-year options to renew, and 10% increases in each option period. This is a corporate guaranteed lease with 7-Eleven, the largest convenience store operator in the world with a credit rating of "A" from S&P. The site also features Clean Rite, the largest operator of laundromats in the Metro NY market, with over 70 locations. Clean Rite has a lease through 2035, with 12.5% increases every five years, and two (5) five-year options to renew. There is currently an LOI out for the one vacant retail unit, and the offering will be delivered 100% occupied. The property was constructed brand-new in 2014. A+ Kidz Academy has their entrance on 106th Street. They have an elevator going to the second floor. The property is located on Flatlands Avenue, one the most heavily traveled retail streets in Canarsie. The site is surrounded by retailers such as Food Baazar, KFC, IHOP, Pizza Hut, CVS and Taco Bell. In addition, the property is directly across the street from the Brookline Houses, a 1,595-unit apartment complex with over 4,000 people living there. The property benefits from a 15-year ICAP Tax Abatement that runs all the way through June 30, 2030. This is an opportunity to acquire a fully-leased, newer construction retail asset with on-site parking and long-term tenancy. Plus, an investor is benefitting from solid built-in rental increases, and a massive population within just half a mile of the subject property

Exclusively Listed By

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