Current Use by Public Records
- Christina Kim / Dental Office
- One Power St Condo / Condominium Complex
- Dr. Keith Heller / Dental Office
- Dr. Danielle Bokhour / Dental Office
- Dr. Hannah Eder / Dental Office
Property Details for 380 Union Ave
- Year built
- 2010
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional 4,156 square foot Class A retail condo, located at 380 Union Avenue in Brooklyn, NY (zip code 11211), presents a compelling investment opportunity. Built in 2010 and renovated in 2021, the property boasts a 100% occupancy rate with a corporate-guaranteed, single tenant under a Net Net lease. The current lease, commencing January 1, 2021, and expiring December 1, 2031, includes a 7-year remaining term and a 5-year renewal option. The annual rent is subject to a 2.5% increase, ensuring consistent growth in income. The property features a Net Operating Income (NOI) of $241,841, resulting in a 5.76% capitalization rate. The asking price is $4,200,000 and is suitable for a 1031 exchange. The property is zoned C5-3 and is situated in a prime Williamsburg location. The tenant pays all utilities, and is responsible for 100% of tax increases above the base year and CAM increases above 2021. This single-story building offers a stable, high-yield investment with significant long-term potential in a thriving Brooklyn neighborhood.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9513
- Latitude
- 40.7119
