11 Tenants/100% Occupied Brooklyn Retail 1249-1265 Utica Ave 17,500 SF 100% Leased Retail Building Brooklyn, NY 11203 $9,573,625 CAD ($547.06 CAD/SF) 7.36% Cap Rate

The subject offering is a 16,958-square-foot retail property located in Brooklyn on the corner of Utica Avenue and Avenue D. The offering consists of seven ground floor retail units, one second-floor office space and three free-market apartments. The asset is 100 percent occupied, and it is anchored by a 10,026-square-foot Dollar Tree, with a corporate-guaranteed ten-year lease that runs through June 2027 with three (5) five-year options to renew.
The offering consists of two contiguous buildings and four separate tax lots. The corner building (1249 Utica Avenue) is 8,000 square feet and it is built 40 ft x 100 ft, with 40 feet of frontage along Utica Ave and 100 feet of retail frontage along Avenue D. It consists of six ground floor retail stores, one office and three (3- bedroom 1-bath) apartments. This building is located on Lot 1. The remaining lots (77,78 & 80) are all occupied by Dollar Tree (1251-1265 Utica Avenue). Dollar Tree has 9,486 square feet, with 10 percent increases in each option period.
This is an opportunity to purchase a fully renovated and 100 percent leased and cash-flowing mixed-use opportunity in Brooklyn where 90 percent of the gross income comes from the ground floor retail tenants. The site has 225 feet of combined retail frontage, and the B46 Bus Line stops directly in front of the subject property (6th busiest bus route in NYC – 5.5 million yearly riders). The three lots that Dollar Tree occupies have a 25-year ICAP Tax Abatement that runs through June 30, 2042.