525 Myrtle Ave, Brooklyn, NY 11205

This offering features a 1,700-square-foot retail condo, 100 percent occupied, situated at the base of a 25-unit residential condominium that was newly constructed in 2015. An additional 200 square feet are located in the lower level, bringing the total square footage to 1,900. The property is located on Myrtle Avenue, between Grand Avenue and Steuben Street, in the heart of Clinton Hill’s heavily traveled retail corridor. The entire space is leased to CKO Kickboxing, a fitness and kickboxing studio with over 65 locations throughout New York and New Jersey. CKO has a ten-year lease that runs through December 31, 2035, with 3.5 percent annual increases. CKO reimburses 100 percent of the real estate taxes above their base-year (2027/2028). CKO has been at this location since 2018. The property benefits from a 25-year ICAP Tax Abatement which began in 2018 and runs through June 30, 2043. The real estate taxes, without the abatement, would be $22,306. Myrtle Avenue is the most heavily traveled retail corridor in Clinton Hill. The site is surrounded by local and national retailers and benefits from strong foot traffic. Thousands of housing units are within a few blocks of the property, as well as three different universities that total 18,150 undergraduate students. The site sits directly across the street from the dorms for Pratt Institute, a private university with over 5,100 students and over 1,000 staff members.