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524 Lorimer St 4,180 SF 100% Leased Retail Building Brooklyn, NY 11211 $7,175,700 CAD ($1,716.67 CAD/SF) 5.65% Cap Rate
Investment Highlights
- The property is a fully occupied mixed-use building consisting of two commercial units and three residential units.
- Recent capital improvements include HVAC, water heaters, roof, siding, intercom, and surveillance system upgrades.
- The property is located approximately two blocks from the Lorimer Street subway station with access to the L and G train lines.
- Ownership reports the building is 100% free-market with no rent-regulated residential units.
- The corner location at Lorimer Street and Ainslie Street provides visibility and multiple street frontages.
- Williamsburg’s surrounding mix of retail, dining, residential development, parks, and employment uses supports ongoing neighborhood activity.
Executive Summary
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 524 Lorimer Street (the “Property”), a mixed-use walkup building that totals 4,150 SF (including 700sf below grade) and is comprised of 2 commercial units and 3 residential units. The Property is completely occupied, 100% free-market, and has ZERO deferred maintenance. In the past few years, ownership has replaced the HCAV system, water heaters, roof, siding, intercom system, and surveillance cameras among other capital improvements.
Over the past decade, Williamsburg has emerged as one of the most popular neighborhoods in Brooklyn. Residents and employers choose Williamsburg for its eclectic offering of dining, shopping and entertainment destinations, all easily accessible within just a few minutes travel time from the Property. 524 Lorimer Street is ideally positioned 2 blocks from the Lorimer Street Station, which offers access to the & subway line and provides commutes of less than 15 minutes into Lower Manhattan.
Over the past decade, Williamsburg has emerged as one of the most popular neighborhoods in Brooklyn. Residents and employers choose Williamsburg for its eclectic offering of dining, shopping and entertainment destinations, all easily accessible within just a few minutes travel time from the Property. 524 Lorimer Street is ideally positioned 2 blocks from the Lorimer Street Station, which offers access to the & subway line and provides commutes of less than 15 minutes into Lower Manhattan.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,180 SF
Building Class
C
Year Built
1899
Price
$7,175,700 CAD
Price Per SF
$1,716.67 CAD
Cap Rate
5.65%
NOI
$405,264 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.40
Lot Size
0.04 AC
Zoning
R6B - Retail with Residential
Frontage
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 02774-0010 | Improvements Assessment | $193,828 CAD |
| Land Assessment | $12,747 CAD | Total Assessment | $206,576 CAD |
Property Taxes
Parcel Number
02774-0010
Land Assessment
$12,747 CAD
Improvements Assessment
$193,828 CAD
Total Assessment
$206,576 CAD
Contacts
-
Brett Weisblum -
Jon Squires -
Dimitri Venekas -
Austin Weiner -
Nick Kolbus -
Cushman & Wakefield
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524 Lorimer St
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