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899 Granville Payne Ave
Brooklyn, NY 11207
White Castle | Sale-Leaseback · Retail Property For Sale
Investment Highlights
- New 15-Year Lease | Options To Extend | 10% Rental Increases | Corporate Tenant | Strong Store Performance
- Established Commercial Corridor | Premier Retail Node
- Supply-Constrained Brooklyn Market | Rare NYC Net Lease Offering
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Brooklyn Market Fundamentals | Strong 5-Mile Demographics
- Strong Frontage On Pennsylvania (Granville Payne) Avenue | Drive-Thru Equipped | Excellent Visibility & Access
Executive Summary
SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a White Castle sale-leaseback investment property located in Brooklyn, New York. At close of escrow, White Castle System, Inc. will execute a new 15-year absolute NNN lease with four (4) additional 5-year renewal options, providing long-term contractual income with zero landlord responsibilities. The lease will feature scheduled 10% rental increases every five years throughout the primary term and at the beginning of each renewal option, driving NOI growth and providing a hedge against inflation. White Castle System, Inc. is
the corporate entity behind White Castle, an established national brand with more than 336 locations. The subject property has also demonstrated strong store-level performance, ranking in the 92nd percentile nationally among comparable White Castle locations according to Placer.ai.
the corporate entity behind White Castle, an established national brand with more than 336 locations. The subject property has also demonstrated strong store-level performance, ranking in the 92nd percentile nationally among comparable White Castle locations according to Placer.ai.
Property Facts
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Retail
Building Size
3,770 SF
Building Class
B
Year Built
1987
Price
$6,270,040 CAD
Price Per SF
$1,663.14 CAD
Cap Rate
4.75%
NOI
$297,851 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.55 AC
Zoning
M1-1 - M1-1 zoning in New York City is a light manufacturing district that allows for manufacturing, commercial, and community facility uses.
Parking
10 Spaces (0 Spaces per 1,000 SF Leased)
Amenities
- Corner Lot
- Signalized Intersection
- Drive Thru
- Monument Signage
Property Taxes
| Parcel Number | 04368-0016 | Improvements Assessment | $744,628 CAD |
| Land Assessment | $749,592 CAD | Total Assessment | $1,494,219 CAD |
Property Taxes
Parcel Number
04368-0016
Land Assessment
$749,592 CAD
Improvements Assessment
$744,628 CAD
Total Assessment
$1,494,219 CAD
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