1245 Fulton St Brooklyn, NY 11216
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High-yield NNN lease, strong tenant.
Property Features for 1245 Fulton St
General Information
- Property type
- Retail space
- Class
- A
Building Details
- Year Renovated
- 2016
- Stories
- 1
- Units
- 1
Listing Agency: East Coast Realtors Listing Agent: Tony Hack
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional Class A retail investment opportunity presents a 14,882 square foot Planet Fitness storefront in a prime Brooklyn location at 1245 Fulton Street, zip code 11216. The property boasts a strong 6.52% cap rate and a substantial net operating income (NOI) of $750,000. Currently operating under a Net Lease (NNN) agreement with a franchisee, the lease has a remaining term of 5.6 years, expiring June 30, 2030. The building, constructed in 2016, features a total of approximately 16,073 square feet, including 7,860 square feet on the ground floor and 8,213 square feet in the lower level, accessible via a public elevator and staircase. An additional 11,830 square feet of air rights are available. The 6,360 square foot lot is situated one block west of the Nostrand Ave A/C subway station, benefiting from high foot traffic and visibility. The property enjoys a 100% occupancy rate and is strategically located near numerous other well-known retailers and restaurants, including Foot Locker, Shake Shack, and Chipotle. A significant tax abatement is in place, offering inflation protection for a portion of the building's assessed value over 15 and 25-year periods. This investment is backed by a major Planet Fitness franchisee operating nearly 80 locations, with expansion plans underway. The property's strong tenant, financial performance, and prime location make it an attractive opportunity for discerning investors. APN: 01842-0047.
Property Profile
Location Intelligence
Current Use by Public Records
Planet Fitness
Gym & Fitness Center
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9516841
- Latitude
- 40.6807602
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FAQs
What type of property is this?
Retail space - High-yield NNN lease, strong tenant.
Where is this retail space located?
The property is located at 1245 Fulton St Brooklyn, NY.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: 14,882 SF Planet Fitness storefront in a prime Brooklyn location (1245 Fulton Street, zip code 11216).; 6.52% cap rate and $750,000 net operating income (NOI).; Net lease (NNN) with 5.6 years remaining (expires June 30, 2030); tenant is the largest Planet Fitness franchisee in the country, operating nearly 80 locations.
