East Williamsburg Large Warehouse Plus Parking Lot For Sale

254 Scholes Street, Brooklyn, NY

$13,500,000

Price

$409,772

NOI

Single

Tenancy

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Street
Map
Overview
NOI
$409,772
Tenancy
Single
Description

254-264 Scholes Street & 253-257 Meserole Street, Brooklyn NY 11206

Located in the Williamsburg section of Brooklyn, the property consists of 7 lots adjacent to each other with 150 feet of frontage on Scholes Street and 125 feet of frontage on Meserole Street.
The property is fully leased to PAY-O-MATIC Corp. They use the property as parking and warehouse space for their business operations.
It is a triple-net lease with the tenant currently paying $409,772 per year with 3% escalations every year. The lease is set to expire in November 2024 with the tenant having a 5-year option to begin in December 2024.

There is an existing mortgage on the property of $4 Million with an interest rate of 4%. It has a 30-year term and is currently with Flushing Bank. The loan is set to expire in December of 2024. However, there is an option to renew it for another 5 years at the prevailing rate, which is currently around 6.5% to 7%.

Block & Lot Numbers: 03046-0022, 24, 26, 27, 47, 48 & 49
Lot Size: 27,500 square feet
Zoning: M1-1
Commercial FAR: 1.00 – 27,500 buildable Square Feet
Facility FAR: 2.40 – 66,000 buildable square feet

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