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Urban-High Street

Chipotle & Bank of America ATM

2940 Cropsey Ave, Brooklyn, NY 11214

Listing Price: $7,900,000

Cap Rate
4.84%
Gross SF
3,280
Rentable SF
3,280
Price/Gross SF
$2,408.54
Lot Size
0.46 acres
Year Built
2016

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale of this newly constructed Chipotle Mexican Grill restaurant with Bank of America Drive-Thru ATM located at 2940 Cropsey Blvd, Brooklyn, NY 11214 in Coney Island (the “Property”). The freestanding, multi-tenant retail building was constructed in 2016 with a single-lane ATM drive thru and 24 surface parking spaces, with two Cropsey Ave curb cuts. Rent commenced on March 1, 2016 for the Bank of America and December 1, 2016 for Chipotle, and are both subject to matching 15 year NN leases expiring in 2032, with minimal responsibilities by owner. The property comprises of a +/- 19,958 SF building on a 0.46-acre parcel that is strategically positioned to be easy to access over 82,043 people within a one-mile radius along major traffic thoroughfare with national retailers nearby including a 148,000 Home Depot, Stop and Shop Grocery, Dunin Donuts, BP Gas, Citgo, Starbucks, AutoZone, CubeSmart Self Storage, T-Mobil, Verizon, Burger King, Mobile, Speedway, and many more. The Property benefits from its highly visible location with a drive-thru, easy accessibility, and convenient location along a strong arterial Brooklyn corridor, surrounded by commercial and residential in an area less than one mile from the famous Coney Island amusement parks and beach front.

Investment Highlights

  • Newly constructed building with two corporate guaranteed 15-year Double Net (NN) Leases that commenced in 2016 with 10% increases every five years, and three (3) five-year options.
  • Chipotle Mexican Grill occupies 3,120 square feet (95%), while Bank of America ATM Drive Thru occupies 150 SF (5%) of building.
  • Chipotle Mexican Grill is responsible for paying 95% of real estate taxes and insurance over the Base Year.
  • High Traffic location on hard corner lot, situated between two signalized intersections with frontage on Cropsey Ave (28,027 VPD) and Bay 53rd Ave (23,600 VPD).
  • Within 50 feet off of exit 6S (Cropsey Ave South) of Belt Parkway (143,695 VPD)
  • Major retail corridor between historic South Brooklyn neighborhoods of Gravesend and Coney Island (home of the Brooklyn Cyclones, NYC Aquarium, and Coney Island Amusement Park, all within 1.5 miles).
  • Nearby retailers include 148,000 square foot Home Depot, Stop and Shop Grocery, Dunkin Donuts, BP Gas, Citgo, Starbucks, AutoZone, CubeSmart Self Storage, T-Mobile, Verizon, Burger King, Mobile Speedway, and many more.
  • Subject property is accessible via the Belt Parkway, the NYC Subway D, F, N, and Q Lines (Coney Island / Stillwell Ave Station); and the B36, B64, B68, B74, and B82 MTA bus lines.

Exclusively Listed By

Urban-High Street

Chipotle & Bank of America ATM

Listing Price: $7,900,000

Cap Rate
4.84%
Gross SF
3,280
Rentable SF
3,280
Price/Gross SF
$2,408.54
Lot Size
0.46 acres
Year Built
2016

Investment Highlights

  • Newly constructed building with two corporate guaranteed 15-year Double Net (NN) Leases that commenced in 2016 with 10% increases every five years, and three (3) five-year options.
  • Chipotle Mexican Grill occupies 3,120 square feet (95%), while Bank of America ATM Drive Thru occupies 150 SF (5%) of building.
  • Chipotle Mexican Grill is responsible for paying 95% of real estate taxes and insurance over the Base Year.
  • High Traffic location on hard corner lot, situated between two signalized intersections with frontage on Cropsey Ave (28,027 VPD) and Bay 53rd Ave (23,600 VPD).
  • Within 50 feet off of exit 6S (Cropsey Ave South) of Belt Parkway (143,695 VPD)
  • Major retail corridor between historic South Brooklyn neighborhoods of Gravesend and Coney Island (home of the Brooklyn Cyclones, NYC Aquarium, and Coney Island Amusement Park, all within 1.5 miles).
  • Nearby retailers include 148,000 square foot Home Depot, Stop and Shop Grocery, Dunkin Donuts, BP Gas, Citgo, Starbucks, AutoZone, CubeSmart Self Storage, T-Mobile, Verizon, Burger King, Mobile Speedway, and many more.
  • Subject property is accessible via the Belt Parkway, the NYC Subway D, F, N, and Q Lines (Coney Island / Stillwell Ave Station); and the B36, B64, B68, B74, and B82 MTA bus lines.

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale of this newly constructed Chipotle Mexican Grill restaurant with Bank of America Drive-Thru ATM located at 2940 Cropsey Blvd, Brooklyn, NY 11214 in Coney Island (the “Property”). The freestanding, multi-tenant retail building was constructed in 2016 with a single-lane ATM drive thru and 24 surface parking spaces, with two Cropsey Ave curb cuts. Rent commenced on March 1, 2016 for the Bank of America and December 1, 2016 for Chipotle, and are both subject to matching 15 year NN leases expiring in 2032, with minimal responsibilities by owner. The property comprises of a +/- 19,958 SF building on a 0.46-acre parcel that is strategically positioned to be easy to access over 82,043 people within a one-mile radius along major traffic thoroughfare with national retailers nearby including a 148,000 Home Depot, Stop and Shop Grocery, Dunin Donuts, BP Gas, Citgo, Starbucks, AutoZone, CubeSmart Self Storage, T-Mobil, Verizon, Burger King, Mobile, Speedway, and many more. The Property benefits from its highly visible location with a drive-thru, easy accessibility, and convenient location along a strong arterial Brooklyn corridor, surrounded by commercial and residential in an area less than one mile from the famous Coney Island amusement parks and beach front.

Exclusively Listed By

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