Income Producing Corner Commercial Property

Highlights:

• Increase NOI Thru Expiring Leases
• Long Term Tenancy
• Commitment to Location Through Extensive Tenant Improvements
• Signalized Corner Location
• Busy Central Business District
• Elevator Building

Description:

The property located at a signaled intersection is a 3 unit 3-story elevator commercial building located in the Bushwick submarket of Brooklyn. The Bushwick area has seen an immense transformation from a once commercial and industrial area into a vibrant hip residential neighborhood. Knickerbocker Avenue is a busy central business district home of numerous national and regional retailers and boasts extremely high foot traffic. The property benefits from long term historical tenancy and low operating expenses. T-Mobile has been operating at the property since 2006. In 2021 T-Mobile signed a new 5-year lease extension supporting their ongoing long-term commitment to the location. Park Dental Care occupies the 2 upper levels and has invested upwards of $200K in funds toward capital improvements. Part of those improvements was the installation of an elevator that provides service to the second and third floors. Herbalife Nutrition Center occupies the lower level and has occupied the space since 2014 on a 2-year lease agreement and has renewed every 2 years. The property is in a Transit Zone has a C4-3 zoning and sits within blocks of the J,M,Z,L subway lines.

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