Investment Overview

The subject offering is a 6,250 SF single-story retail building located on Myrtle Avenue in Brooklyn's Clinton Hill neighborhood. The building is 100% occupied by Bank of America, which has just over three and a half years remaining on a corporate guaranteed NN lease that began in 2006. Bank of America's lease runs through September 30, 2026, with one additional five-year option to renew. There is a 15% increase in the option period. Bank of America currently has $192M in deposits at this location. The landlord is responsible for paying the building's insurance, as well as all repairs and maintenance to the roof and structure. The tenant is responsible for all other expenses. The building is built 50 x 125. It rests on a 6,450 SF lot (50 x 129) that is zoned R7A/R6B/C1-2, with an FAR of 4 (total buildable square footage of 25,800 SF). The building has a full basement (12,500 total square feet here) which has its own entrance on Myrtle Avenue. This property is located in a Qualified Opportunity Zone. Myrtle Avenue is the most heavily traveled retail corridor in Clinton Hill. The site is surrounded by local and national retailers, and the site benefits from incredibly strong foot traffic. There are thousands of housing units within a few blocks of the subject property, as well as three universities which total 18,150 undergraduate students. The lease has a full corporate guarantee from Bank of America, which has approximately 3,900 branches, just over $3 Trillion in assets, and a credit rating of "A+" by S&P. This is an opportunity to acquire a zero-management single-tenant retail asset in an outstanding infill Brooklyn location. The site has development potential, and the tenant has a 17-year track record at this location with strong deposits.