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550 Fifth Ave
Brooklyn, NY 11215
Retail Property For Sale
Investment Highlights
- Retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants
- Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity
- Close proximity to F, G, and R train lines
- Currently generates just over $969,000 in net revenue
- Located in one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants
Executive Summary
Located at the NW intersection of 5th Avenue and 15th Street. Fifth Avenue is one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants serving the established and growing Park Slope community. The property’s close proximity to several train lines and its unbeatable location, nestled between Prospect Park and the recently-rezoned and rapidly-transforming Gowanus submarket further enhance the attractiveness of the asset.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | APN/Parcel ID | 01041-1001 |
| Cap Rate | 5.76% |
| Sale Type | Investment |
| Cap Rate | 5.76% |
| APN/Parcel ID | 01041-1001 |
Description
The retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations.
Sale Notes
RIPCO Investment Sales has been exclusively retained to arrange for the sale of 544-550 Fifth Avenue, a fully-leased retail condominium on high visibility corner n Park Slope, Brooklyn.
The retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations.
The asset currently generates just over $969,000 in net revenue, providing prospective investors with healthy, steadily growing cash flow and limited operating expenses and maintenance.
Please contact the exclusive agents for a detailed rent roll and financials.
Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity, by bringing rents to market rate upon lease renewal or turnover. Retail rents in the immediate area command upwards of $100/SF.
Fifth Avenue is one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants serving the established and growing Park Slope community.
The property’s close proximity to several train lines and its unbeatable location, nestled between Prospect Park and the recently-rezoned and rapidly-transforming Gowanus submarket further enhance the attractiveness of the asset.
The retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations.
The asset currently generates just over $969,000 in net revenue, providing prospective investors with healthy, steadily growing cash flow and limited operating expenses and maintenance.
Please contact the exclusive agents for a detailed rent roll and financials.
Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity, by bringing rents to market rate upon lease renewal or turnover. Retail rents in the immediate area command upwards of $100/SF.
Fifth Avenue is one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants serving the established and growing Park Slope community.
The property’s close proximity to several train lines and its unbeatable location, nestled between Prospect Park and the recently-rezoned and rapidly-transforming Gowanus submarket further enhance the attractiveness of the asset.
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit RETAIL | 35,906 SF | Retail | Upon Request | $1,291,955.97 CAD |
Unit RETAIL
| Unit Size |
| 35,906 SF |
| Condo Use |
| Retail |
| Price |
| Upon Request |
| NOI |
| $1,291,955.97 CAD |
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Unit RETAIL
| Unit Size | 35,906 SF |
| Condo Use | Retail |
| Price | Upon Request |
| NOI | $1,291,955.97 CAD |
| Sale Type | Investment |
| Cap Rate | 5.76% |
| APN/Parcel ID | 01041-1001 |
| Description | |
| The retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations.</li></ul> | |
| Sale Notes | |
| RIPCO Investment Sales has been exclusively retained to arrange for the sale of 544-550 Fifth Avenue, a fully-leased retail condominium on high visibility corner n Park Slope, Brooklyn. <br> <br> The retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations. <br> <br> The asset currently generates just over $969,000 in net revenue, providing prospective investors with healthy, steadily growing cash flow and limited operating expenses and maintenance.<br> <br> Please contact the exclusive agents for a detailed rent roll and financials. <br> <br> Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity, by bringing rents to market rate upon lease renewal or turnover. Retail rents in the immediate area command upwards of $100/SF. <br> <br> Fifth Avenue is one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants serving the established and growing Park Slope community. <br> <br> The property’s close proximity to several train lines and its unbeatable location, nestled between Prospect Park and the recently-rezoned and rapidly-transforming Gowanus submarket further enhance the attractiveness of the asset.</li></ul> |
Property Facts
The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
Amenities
Site Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Package Service
- Roof Terrace
- Elevator
- Public Transportation
1 of 6
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
