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 £4,536,750 (£457/SF) 6.75% Net Initial Yield
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
£4,536,750
Price Per SF
£457
Net Initial Yield
6.75%
NOI
£306,182
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.75
Land Acres
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 | £160,838 |
| Land Assessment | £114,326 | Total Assessment | £275,164 |
PROPERTY TAXES
Parcel Number
04686-0010
Land Assessment
£114,326
Improvements Assessment
£160,838
Total Assessment
£275,164
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Scott Plasky -
Marcus & Millichap
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7-Tenant Shopping Center w/20-Car Parking Lot | 550 Remsen Ave
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