Crown Heights Retail w/Development Rights 418 Utica Ave 4,295 SF Retail Building Brooklyn, NY 11213 $4,653,886 CAD ($1,083.56 CAD/SF) 5.27% Cap Rate

The subject offering is a 4,295-square-foot, single-story retail property located on Utica Avenue, between Montgomery Street and Empire Boulevard, in Brooklyn’s Crown Heights neighborhood. The property is net-leased and 100 percent occupied by Discount Zone, a neighborhood discount retailer. Discount Zone has a lease through December 2027, with no additional options to renew. The tenant has four percent increases every year. They currently reimburse for 100 percent of the real estate taxes above their base-year.
The property wraps around the corner, with 35 feet of frontage along Utica Avenue, and another 25 feet of frontage along Montgomery Street, with the ability to access the property from both streets. The offering rests on a 4,295 SF lot zoned R7-1, with an FAR of 4 (17,180 total buildable square feet). There are an additional 12,885 square feet of excess air rights here.
The site is located on Utica Avenue, right off Empire Boulevard. The property is surrounded by national brands such as Atomic Wings, ModernMD Urgent Care, Crunch Fitness, White Castle, and KFC.
The offering presents the opportunity to acquire a site which works for an investor looking for a minimal management asset with a stabilized and dependable cash flow, as well as developers looking to take advantage of the site’s development potential. The tenant has a four percent annual increase. They currently reimburse for 100 percent of the real estate taxes above their base-year.