Current Use by Public Records
- Bar Meridian / Bar & Pub
Property Details for 406 Prospect Pl
- Year built
- 2016
- Property type
- Retail properties & Spaces
Description
This exceptional 2,223 square foot retail condominium, built in 2016, is ideally situated on the corner of Prospect Place and Grand Avenue in Brooklyn, New York (zip code 11238). Boasting 74 feet of wrap-around frontage, this property offers unparalleled visibility and high foot traffic. Currently leased to Bar Meridian, a well-established and thriving business, the lease extends through 2036 with a favorable 3% annual escalation clause. The tenant has occupied the space since 2019, demonstrating a strong commitment to the location. This prime retail space is strategically located just blocks from Prospect Park, surrounded by a vibrant mix of restaurants and cafes, ensuring consistent customer flow. Its proximity to the 2, 3, and 4 subway lines at the Eastern Parkway-Brooklyn Museum station provides easy access to all five boroughs, further enhancing its appeal. The asking price for this turnkey investment opportunity is $1,000,000, representing a price per square foot of $40 and a price per unit of $5,464. This property presents a rare chance to acquire a stable, high-performing retail asset 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
- -73.9631
- Latitude
- 40.6763
