7-Tenant Shopping Center w/20-Car Parking Lot | 550 Remsen Ave
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7-Tenant Shopping Center w/20-Car Parking Lot 550 Remsen Ave
9,928 SF 100% Leased Retail Building Brooklyn, NY 11236 $5,750,000 ($579/SF) 6.75% Cap Rate
Investment Highlights
- 9,928 SF - 7-Tenant Shopping Center
- 100% Occupied - All Tenants Have 3% Annual Increases
- Built Brand-New in 2010
- 20-Car Parking Lot With 276 Feet of Combined Retail Frontage
Executive Summary
The subject offering is a 9,928 SF shopping strip, that is 100% occupied with seven tenants, on the corner of Church Avenue and Remsen Avenue in Brooklyn, NY. This is a single-story retail property that was constructed brand-new in 2010, with a dedicated front parking lot that accommodate 20 cars.
The property has 206 feet of retail frontage on Remsen Avenue, and another 70 feet of retail frontage on Church Avenue. The property is comprised of two separate tax lots, and the asset rests on a 13,152 SF lot (C8-1 Zoning). All the tenants have annual rental increases. There is an ICAP Tax Abatement in-place through 6/30/2027. The current taxes are $54,526 (they would be $73,451 without the abatement).
This is an opportunity to acquire a 100% occupied shopping strip in Brooklyn that generates strong cash flow with solid annual increases and outstanding frontage and visibility. The property is located directly across the street from Burger King and Dollar Tree, and it is surrounded by retailers such as Popeye’s, Dunkin Donuts and McDonald’s.
The property has 206 feet of retail frontage on Remsen Avenue, and another 70 feet of retail frontage on Church Avenue. The property is comprised of two separate tax lots, and the asset rests on a 13,152 SF lot (C8-1 Zoning). All the tenants have annual rental increases. There is an ICAP Tax Abatement in-place through 6/30/2027. The current taxes are $54,526 (they would be $73,451 without the abatement).
This is an opportunity to acquire a 100% occupied shopping strip in Brooklyn that generates strong cash flow with solid annual increases and outstanding frontage and visibility. The property is located directly across the street from Burger King and Dollar Tree, and it is surrounded by retailers such as Popeye’s, Dunkin Donuts and McDonald’s.
Property Facts
Sale Type
Investment
Property Type
Building Size
9,928 SF
Building Class
C
Year Built
2010
Price
$5,750,000
Price Per SF
$579
Cap Rate
6.75%
NOI
$388,064
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.75
Lot Size
0.30 AC
Parking
17 Spaces (1.71 Spaces per 1,000 SF Leased)
Frontage
103 FT on Remsen Ave
Amenities
- Wheelchair Accessible
Walk Score ®
Walker's Paradise (91)
Transit Score ®
Excellent Transit (74)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 04686-0010 | Improvements Assessment | $203,850 |
| Land Assessment | $144,900 | Total Assessment | $348,750 |
PROPERTY TAXES
Parcel Number
04686-0010
Land Assessment
$144,900
Improvements Assessment
$203,850
Total Assessment
$348,750
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7-Tenant Shopping Center w/20-Car Parking Lot | 550 Remsen Ave
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