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Miscellaneous

Petco

81 7th Ave, Brooklyn, NY 11217

Listing Price: $10,950,000

Cap Rate
4.27%
Tenant Name
Petco
Years Remaining On Lease
9.7
Gross SF
5,123
Guarantor
Corporate Guarantee
Rentable SF
5,123
Price/Gross SF
$2,137.42
Lease Type
Double Net
Rent Per Square Feet
$91.26

Investment Overview

The subject offering is a 5,123-square foot single-tenant net-leased Petco retail property in the heart of Brooklyn's Park Slope neighborhood. The property has 50 feet of retail frontage on 7th Avenue, and it is located between Union Street and Berkeley Place. The property was constructed brand new in 2011. Petco recently extended their lease through 2031. Petco has a NN lease, with the landlord's only responsibility being repairs for roof and structure. All other expenses are the responsibility of the tenant. This is a corporate guaranteed lease. Petco operates at this property under their Unleased by Petco brand. Petco Animal Supplies, Inc is a San Diego-based pet retailer with 1,500 stores across the United States, Mexico and Puerto Rico. Petco did $4.1 Billion in revenue last year. Their stock trades on the Nasdaq ("Woof") and they have a market cap of $5.5 Billion. Petco operates 65 Unleashed by Petco stores. This is their smaller format store geared towards more densely-populated infill locations. The property rests on a 5,450-square foot lot zoned R6A/R7B. The zoning allows for a total buildable square footage of 16,350 square feet. The property benefits from a 15-year ICAP Tax Abatement that runs through 2028 (Petco is responsible for paying 100% of the property taxes directly). This is the incredibly rare NYC net-leased retail opportunity that is located in one of the most desirable residential neighborhoods in all of New York City. Park Slope has a median home value of $1.3M. The property is located on 7th Avenue, one of the main retail corridors in the neighborhood, and one of the highest retail rents PSF streets in all of Brooklyn.

Investment Highlights

  • 5,123 SF Single-Tenant Net-Leased Petco
  • Located in the Park Slope Neighborhood of Brooklyn
  • Petco Recently Extended Their Lease Through 2031

Exclusively Listed By

Miscellaneous

Petco

Listing Price: $10,950,000

Cap Rate
4.27%
Tenant Name
Petco
Years Remaining On Lease
9.7
Gross SF
5,123
Guarantor
Corporate Guarantee
Rentable SF
5,123
Price/Gross SF
$2,137.42
Lease Type
Double Net
Rent Per Square Feet
$91.26

Investment Highlights

  • 5,123 SF Single-Tenant Net-Leased Petco
  • Located in the Park Slope Neighborhood of Brooklyn
  • Petco Recently Extended Their Lease Through 2031

Investment Overview

The subject offering is a 5,123-square foot single-tenant net-leased Petco retail property in the heart of Brooklyn's Park Slope neighborhood. The property has 50 feet of retail frontage on 7th Avenue, and it is located between Union Street and Berkeley Place. The property was constructed brand new in 2011. Petco recently extended their lease through 2031. Petco has a NN lease, with the landlord's only responsibility being repairs for roof and structure. All other expenses are the responsibility of the tenant. This is a corporate guaranteed lease. Petco operates at this property under their Unleased by Petco brand. Petco Animal Supplies, Inc is a San Diego-based pet retailer with 1,500 stores across the United States, Mexico and Puerto Rico. Petco did $4.1 Billion in revenue last year. Their stock trades on the Nasdaq ("Woof") and they have a market cap of $5.5 Billion. Petco operates 65 Unleashed by Petco stores. This is their smaller format store geared towards more densely-populated infill locations. The property rests on a 5,450-square foot lot zoned R6A/R7B. The zoning allows for a total buildable square footage of 16,350 square feet. The property benefits from a 15-year ICAP Tax Abatement that runs through 2028 (Petco is responsible for paying 100% of the property taxes directly). This is the incredibly rare NYC net-leased retail opportunity that is located in one of the most desirable residential neighborhoods in all of New York City. Park Slope has a median home value of $1.3M. The property is located on 7th Avenue, one of the main retail corridors in the neighborhood, and one of the highest retail rents PSF streets in all of Brooklyn.

Exclusively Listed By

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