291 Pennsylvania Ave
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291 Pennsylvania Ave
3,216 SF 100% Leased Retail Building Brooklyn, NY 11207 $1,400,000 ($435/SF) 6.57% Cap Rate
Investment Highlights
- US GOVT ANCHORED commercial building (GSA lease)
- 3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied
- No landlord gas or electric
- Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month) 3 retail
- Just under $92k in NOI from Day 1
- Corner retail building on major thoroughfare Pennsylvania Avenue
Executive Summary
US GOVT ANCHORED commercial building (GSA lease)
Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month)
3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied
Just under $92k in NOI from Day 1
No landlord gas or electric
Minimal landlord work required
Corner retail building on major thoroughfare Pennsylvania Avenue
Incredible retail frontage with exposure to thousands of vehicles per day
Very strong cashflows with GSA lease for USMC recruiting space and excellent retail rents & payment history in all 3 stores
Top floor apartment is 4bd/1ba and will be vacant on 12/31/24 - can be delivered vacant or occupied at closing
Asking $1,400,000 is over a 7% cap rate on existing cash flows
NO violations, clean building with good, in-place tenants
USMC space was just renovated, US govt put $345k into the space for improvements,
New ducted HVAC system in 2019, entire facade has been resealed/repainted
MESSAGE OR EMAIL FOR OM & RENT ROLL
Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month)
3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied
Just under $92k in NOI from Day 1
No landlord gas or electric
Minimal landlord work required
Corner retail building on major thoroughfare Pennsylvania Avenue
Incredible retail frontage with exposure to thousands of vehicles per day
Very strong cashflows with GSA lease for USMC recruiting space and excellent retail rents & payment history in all 3 stores
Top floor apartment is 4bd/1ba and will be vacant on 12/31/24 - can be delivered vacant or occupied at closing
Asking $1,400,000 is over a 7% cap rate on existing cash flows
NO violations, clean building with good, in-place tenants
USMC space was just renovated, US govt put $345k into the space for improvements,
New ducted HVAC system in 2019, entire facade has been resealed/repainted
MESSAGE OR EMAIL FOR OM & RENT ROLL
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,216 SF
Building Class
C
Year Built
1985
Price
$1,400,000
Price Per SF
$435
Cap Rate
6.57%
NOI
$92,000
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.85
Land Acres
0.04 AC
Opportunity Zone
Yes
Zoning
R6
Walk Score ®
Very Walkable (85)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (76)
Nearby Major Retailers
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Jennifer Novelli - DNY Real Estate
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291 Pennsylvania Ave
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