It is a three-storey shopping mall in South Brooklyn, NYC.
The total area of the building is 761 m².
The property is in good overall condition and does not require any repairs.
The shopping mall if fully leased out to a major tenant.
Absolute income is 407,000 $.
The current yield of 4,8%.
The rental rate will be increased ny 10% in December and reach 447,700 $, which will lead to 5,3% yield.
Tenant is Foot Locker, the leading global athletic footwear and apparel retailer.
The NNN lease agreement is signed until 2026 with extension option for 5 years. The rental rate will be indexed by 10% every 3 years due to the contract conditions.
All operating costs are borne by the tenant.
Location and nearby objects
The property is located in one of the major retail thoroughfares within south Brooklyn, making it a sought after destination for national retailers such as the Starbucks, GNC, McDonald’s, Valley National Bank, etc.
The property is located near train subway station as well as the bus line.