Warehouse
311 Scholes Street
311 Scholes Street, Brooklyn, NY 11206
Listing Price: $5,000,000
Investment Overview
Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 311 Scholes Street, a warehouse building located between Bogart & Waterbury Street in the Williamsburg neighborhood of Brooklyn, NY. It is built 75 ft x 100 ft on a 75 ft x 99.67 ft, M1-1 zoned lot. The building features one 10 ft x 12 ft garage door and a 15 ft ceiling height. It is fully leased through 2028 with 4% rent escalations annually. The subject property is strategically located within a 6-minute walk from the Montrose Avenue subway station, serviced by the L line. It is also within a 14-minute drive to the BQE, providing for ease of access to Manhattan, Queens, and throughout Brooklyn. Investors have the unique opportunity to purchase a cash flowing warehouse in the rapidly developing Williamsburg neighborhood where commercial rents remain strong.
311 Scholes Street
Investment Highlights
- Healthy Heart Foods Inc. is a rapidly growing local Catering business with revenues projected to exceed $10M
- Tenant has just signed a 7 year renewal after an original 5 year term
- 4% year over year rent increases offer strong inflation hedge
- NN Lease with no landlord responsibilities except external roof and structural repairs
- Lease subject to corporate and personal guarantees by the tenant and its principals
- Tenant has been operating at the location since 2011 and expanded to next door for an additional 6,500 sq ft in 2021 (height of the pandemic)
- Tenant pays all real estate taxes and benefits from a CEP tax abatement reducing their tax burden by approximately 50%
- Tenant has made significant capital improvements to the space, including the addition of state of the art cold storage facilities
Exclusively Listed By
Listing Price: $5,000,000
Investment Highlights
- Healthy Heart Foods Inc. is a rapidly growing local Catering business with revenues projected to exceed $10M
- Tenant has just signed a 7 year renewal after an original 5 year term
- 4% year over year rent increases offer strong inflation hedge
- NN Lease with no landlord responsibilities except external roof and structural repairs
- Lease subject to corporate and personal guarantees by the tenant and its principals
- Tenant has been operating at the location since 2011 and expanded to next door for an additional 6,500 sq ft in 2021 (height of the pandemic)
- Tenant pays all real estate taxes and benefits from a CEP tax abatement reducing their tax burden by approximately 50%
- Tenant has made significant capital improvements to the space, including the addition of state of the art cold storage facilities
Investment Overview
Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 311 Scholes Street, a warehouse building located between Bogart & Waterbury Street in the Williamsburg neighborhood of Brooklyn, NY. It is built 75 ft x 100 ft on a 75 ft x 99.67 ft, M1-1 zoned lot. The building features one 10 ft x 12 ft garage door and a 15 ft ceiling height. It is fully leased through 2028 with 4% rent escalations annually. The subject property is strategically located within a 6-minute walk from the Montrose Avenue subway station, serviced by the L line. It is also within a 14-minute drive to the BQE, providing for ease of access to Manhattan, Queens, and throughout Brooklyn. Investors have the unique opportunity to purchase a cash flowing warehouse in the rapidly developing Williamsburg neighborhood where commercial rents remain strong.
Exclusively Listed By
