Investment Overview

The subject offering is a 5,529-square-foot four-tenant retail property located on the corner of Liberty Avenue and Sheridan Avenue in Brooklyn’s East New York neighborhood. The property is 100% occupied. The building consists of 4,360 SF of ground-floor retail space with 50 feet of frontage on Liberty Avenue. In addition, Checkers and Smoke Shop both have second-floor spaces for storage and office, which total 1,169 SF. The property benefits from heavy foot traffic, as it is located on a solid retail corridor on the Ozone Park/East New York border. Checkers has been at this location since 2013. Checkers recently agreed to extend their original 10-year lease an additional 5 years, it now runs through 2028. They pay 25% of the real estate taxes above their base year of 2013/2014 (current tax reimbursements are $4,968). There are 2% annual rent increases. Brooklyn Halal Grill has been at this location since 2017. Their ten-year lease runs through 2026, with 3% annual increases. They pay 25% of the taxes above their base year of 2015/2016 (current reimbursements are $5,230). Dada Home Care has been at this location since 2019. Their five-year lease runs through 2024, with 3% annual increases. They have one five-year option to renew. They pay 25% of the taxes above their base year of 2018/2019 (current reimbursements are $3,038). Liberty Smoke Shop executed a new 10-year lease in 2022. They have 3% annual increases and are responsible for 25% of the taxes above their base year 2022/2023. The site is surrounded by local and national retailers including Foot Locker, T-Mobile, GameStop, Dunkin Donuts, Burger King and C-Town Supermarkets. This is an outstanding opportunity to acquire a multi-tenant corner retail property with annual increases and strong Brooklyn demographics.