Gravesend Avenue Investment
For Sale
Contact for pricing
116 Avenue U, Brooklyn, NY 11223
6,000 SF building with tenant in place.
Property Size6,000 SF
Price / SF$707.50
Days on Market919
Property Features for 116 Avenue U
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Office, Retail
Building Details
Units
1
Listing Agency:
BHHS Fillmore R.E
Listed By:
Joseph Devito · License #New York
Source:
Crexi
Added: Apr 17, 2024
Changed: Oct 15
Last Checked: Oct 20 at 7:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHHS Fillmore R.E
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 6,000 square foot building, plus basement, is located on Gravesend Avenue. The property is currently occupied by a tenant with 7 years remaining on their lease, paying triple net rent which includes 80% of the property taxes. Zoned R5,C2-3, the site allows for future development opportunities. The location benefits from high traffic and is near the N train and city bus lines. This property is suitable for investors, developers, and 1031 exchanges.
Key Highlights
- Prime Gravesend Avenue location.
- 6000 square foot building plus basement.
- Tenant in place with 7 years remaining on a triple net lease.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$287,728
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,754,560
$5.8M
Cap Rate 7%
$4,110,400
$4.1M
Cap Rate 9%
$3,196,978
$3.2M
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$466.6K $77.76/SF
− Vacancy
−$55.5K −$9.25/SF
EGI
$411.0K $68.51/SF
− OpEx
−$123.3K −$20.55/SF
NOI
$287.7K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,754,560
Cap Rate 7%
$4,110,400
Cap Rate 9%
$3,196,978
Alternative Uses
Best Use
Retail
$4.11M
$3.60M – $4.80M
NOI $287,728 @ 7.0% cap · market cap 6.78%
Second Best
Office B
$2.14M
$1.87M – $2.49M
NOI $149,688 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$4.97M
$4.35M – $5.80M
NOI $347,760 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,242
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Retail property - 6,000 SF building with tenant in place.
Where is this retail property located?
The property is located at 116 Avenue U Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,245,000.
What are key features of this property?
This property features: Prime Gravesend Avenue location.; 6000 square foot building plus basement.; Tenant in place with 7 years remaining on a triple net lease.
