254 Scholes St Brooklyn, NY 11206
- Auto shops
- 10,000 SF
- 0.23 lot acres
Current Use by Public Records
- Auto shops
Property Details for 254 Scholes St
- Year built
- 1920
- Lot size
- 0.23 lot acres
- Property size
- 10,000 SF
- Zone code
- M1-1
- Property type
- Auto shops
- APN
- 03046-0022
- APU
- 30460022
Description
This exceptional investment opportunity presents a fully leased, 27,500-square-foot warehouse property situated in the desirable East Williamsburg section of Brooklyn, New York. The property, located at 254 Scholes Street, zip code 11206, comprises seven contiguous lots boasting 150 feet of frontage on Scholes Street and 125 feet on Meserole Street. Currently occupied by Pay-O-Matic Corp. under a triple-net (NNN) lease, the property generates a substantial net operating income (NOI) of $409,772 annually, with a 3% annual rent escalation clause. The existing lease expires November 30, 2024, but includes a valuable five-year option for the tenant commencing December 2024. The property features three existing warehouse buildings: one 10,000 square feet with an additional 2,500 square feet on a second floor
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $490,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $600,000
- 6.5%
- $590,000
- 7%
- $610,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $545,000
- Geo Method
- $630,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $480,000
- Retail
- $545,000
- Mixed-Use
- $485,000
- Hospitality
- $620,000
- Educational
- $640,000
- Residential Income
- $540,000
- Energy
- $650,000
- Income-Based Land
- $660,000
- Food Service
- $590,000
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9383
- Latitude
- 40.7089
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
