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Chase Bank 1002 Brighton Beach Ave 16,900 SF Retail Building Brooklyn, NY 11235 $35,595,961 CAD ($2,106.27 CAD/SF) 4.76% Cap Rate
INVESTMENT HIGHLIGHTS
- LEASE GUARANTEED: Lease currently guaranteed by Chase, the largest bank chain in the United States with over $4.357 trillion in assets
- STRATEGIC LOCATION: Strategically located at a four-way signalized intersection with over 24,500 VPD, steps from the Brighton Beach subway stop (B,Q)
- BRANCH DEPOSITS: Branch holds $714,805,000 in deposits as of 6/30/2024
- FUTURE DEVELOPMENT: Paused application for rezoning when Chase lease was signed that could bring the total buildable square footage up to 170,000 SF
EXECUTIVE SUMMARY
Rare opportunity to acquire a Chase Bank on a 23,479 SF lot with 21 on-site parking spaces in the Brighton Beach neighborhood of Brooklyn, NY. Chase extended the lease for 10 years starting 1/1/2023 with no options to renew thereafter with 9% rent increases every three years throughout the term, with the last increase lasting 4 years through the end of the lease.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
16,900 SF
Building Class
C
Year Built
1942
Price
$35,595,961 CAD
Price Per SF
$2,106.27 CAD
Cap Rate
4.76%
NOI
$1,693,042 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.72
Lot Size
0.54 AC
Zoning
R6, C1-2 & R7-1, C2-4 - Residential FAR=2.43, facility FAR=4.8, bringing as-of-right max square footage to 112,435 SF. Paused rezoning could result in 170,000 buildable SF.
Parking
21 Spaces (1.24 Spaces per 1,000 SF Leased)
Frontage
194’ on Brighton Beach Ave
AMENITIES
- Signalized Intersection
Walk Score®
Walker's Paradise (98)
Transit Score®
Excellent Transit (85)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 08720-0001 | Improvements Assessment | $2,663,322 CAD |
| Land Assessment | $1,034,618 CAD | Total Assessment | $3,697,940 CAD |
PROPERTY TAXES
Parcel Number
08720-0001
Land Assessment
$1,034,618 CAD
Improvements Assessment
$2,663,322 CAD
Total Assessment
$3,697,940 CAD
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Chase Bank | 1002 Brighton Beach Ave
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