Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key Facts

Year Built 1933
Building Area
Land Area ()
Number of units 3

Property Description

JLL has been hired on an exclusive basis to arrange for the sale of 1401-1425 Newkirk Avenue, an approximately 23,035 SF cash-flowing retail property in Ditmas Park/Flatbush,

Brooklyn, NY. The property presents a sizeable, fully occupied retail opportunity with substantial redevelopment potential. Encompassing an entire blockfront along Newkirk Avenue

between Marlborough Road and Rugby Road, the property features 480’ of valuable wraparound frontage.

Investment Highlights

The existing single-story building is currently anchored by Walgreens with additional leases to a Maimonides Medical Center and Double Apple Laundromat. The Walgreens lease

expires in July 2025 with 3 five-year options, while the medical center and laundromat are committed to the space through November 2027 and July 2030, respectively. The tenants are

required to pay for majority of the real estate taxes and insurance expenses, and as a result, the building currently generates approximately $920,683 in annual net operating income.

Furthermore, the site is situated in an R6A zoning district along with a C2-4 commercial overlay, which permits residential, commercial and/or community facility development. This zoning designation permits an as-of-right development of up to approximately 76,752 buildable square feet, presenting the opportunity for significant redevelopment in a prominent location.

Last Updated Date: 30 Mar 2021
Bob Knakal
Bob Knakal
Chairman, NY Investment Sales, New York Office Co-Head
License details
NY-10311207925
Jonathan Hageman
Jonathan Hageman
Managing Director, Capital Markets
License details
NY-10301212436

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Last Updated Date: 30 Mar 2021

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