2601 86th St Brooklyn, NY 11223-3431
- Retail space
- 10,266 SF
- 0.58 lot acres
Apr 12, 2024
Current Use by Public Records
- Petco / Fish Store / Goldfish Store
- Petco Dog Training / Pet Trainer / Dog Trainer
- fi.d.o / Pet Supply Store
- Petco Vaccination Clinic / Veterinarian
- Petco Grooming / Pet Groomer
Property Details for 2601 86th St
- Year built
- 1990
- Lot size
- 0.58 lot acres
- Property size
- 10,266 SF
- Zone code
- C8-2
- Property type
- Retail space
- APN
- 07092-0020
- APU
- 70920020
Description
This exceptional investment opportunity presents a 10,266 square foot, single-tenant, net-leased retail building located at 2601 86th Street, Brooklyn, NY 11223. The property is situated on a prominent corner lot with 163 feet of frontage along 86th Street and Stillwell Avenue in the Bensonhurst neighborhood. Currently 100% occupied by Petco Health and Wellness, Inc. (Nasdaq: WOOF), a publicly traded company with over 1,500 retail locations and $4.4 billion in annual revenue, under a corporate guaranteed lease expiring January 31, 2030. The lease commenced May 9, 2009, and includes a 5.2-year remaining term. This is a triple-net (NNN) lease, meaning the tenant is responsible for all operating expenses including real estate taxes, insurance, utilities, and maintenance, except for roof and structural repairs, which are the landlord's responsibility. A new roof was installed in 2020. The property boasts 31 parking spaces and sits on a 25,200 square foot lot, zoned C8-2/R5-B, allowing for a total buildable square footage of 50,400 square feet. The asking price is $11,500,000, representing a price per square foot of $1,120 and a 6.16% cap rate based on a net operating income (NOI) of $707,850. The property's strategic location on a major retail corridor, surrounded by other national retailers like Walgreens, Dunkin' Donuts, and McDonald's, ensures strong visibility and consistent cash flow. This offering provides a rare opportunity to acquire a low-management, high-return investment with a strong, creditworthy tenant in a prime Brooklyn location. The substantial air rights (40,134 sq ft) offer potential for future development.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $6,150,000
- ML approach
- $6,150,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $8,205,000
- 6.5%
- $7,575,000
- 7%
- $7,035,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $4,274,000
Market price range: $1.12M - $4.70M
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9848
- Latitude
- 40.5969
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
