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.
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.