Gravesend Avenue Investment
116 Avenue U Brooklyn, NY 11223
For Sale
Contact for pricing
6,000 SF building with tenant in place.
Property Size6,000 SF
Price / SF$707.50
Days on Market828
Property Features for 116 Avenue U
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Property subtype
- Office, Retail
Listing Agency:
BHHS Fillmore R.E
Listed By:
Joseph Devito · License #New York
Source:
Crexi
Added: Apr 17, 2024
Changed: Jul 10
Last Checked: Jul 22 at 12:55PM
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
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $466.6k | $77.76 |
| − Vacancy | −$55.5k | −$9.25 |
| EGI | $411.0k | $68.51 |
| − OpEx | −$123.3k | −$20.55 |
| NOI | $287.7k | $47.95 |
6,000 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Victory Outreach Church
Church
Victory Outreach Brooklyn ...
Church
FAQs
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.
