Investment Overview

The subject offering is a 9,820 square foot commercial condo located at the base of a six-story, 27-unit residential condominium building in Brooklyn's Kensington neighborhood. The property is located on Ocean Parkway, between Caton Avenue and Albemarle Road. The offering consists of 1,370 SF of above-grade commercial space, 8,450 SF of lower-level commercial space, and six parking spaces. The property is 100% occupied, and it has historically always been 100% occupied. The property is being offered at an in-place 8.85% CAP. All tenants have annual increases, and all existing tenants contribute for a portion of the expenses. The offering has eight tenants. The property is zoned for community facility, and the C of O allows for all community/medical uses. The property is located in a great residential neighborhood, just one block from Church Avenue, and it is surrounded by local and national tenants. This is a block-through property. The offering has entrances on both Ocean Parkway and E 5th Street. There are three additional parking spaces. One is assigned to the legal office, as per their lease. The children’s day care also gets two spaces, as per their lease. Eventually, those spaces could be leased for additional income. This is an opportunity to acquire a great yield on a minimal management commercial property that is fully-leased, and continues to see demand for space.