10 Nevins St - The Brooklyn Grove 2,664 SF Medical Condo Unit in Brooklyn, NY 11217
INVESTMENT HIGHLIGHTS
- Long Term Leases with Medical Users (low default risk)
- Ceiling Height: 12 FT
- Glass Frontage (per unit): 25 FT
- New Construction
EXECUTIVE SUMMARY
The Property presents investors with an excellent opportunity to acquire a newly built, fully leased, cash flowing retail condominium in the heart of Downtown Brooklyn. Medical tenants and dental in particular have the lowest default rate for any retail use. The property benefits from a 15-year ICAP abatement with 14 years remaining (10 years abated at 100% followed by four years of gradual abatement burn-off). 10 Nevins is conveniently located one block from the Dekalb Ave B,D,N,Q,R and the Nevins St 2,3,4,5 subway stations.
PROPERTY FACTS Under Contract
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Concierge
- Fitness Center
- Pool
- Tenant Controlled HVAC
- Grill
- On-Site Retail
- Roof Terrace
- Storage Space
- Bicycle Storage
- Elevator
- Lounge
- Online Services
- Sundeck
- Public Transportation
1 UNIT AVAILABLE
Unit 1 + 2
| Unit Size | 2,664 SF |
| Condo Use | Medical |
| Sale Type | Investment |
| Sale Status | Under Contract |
| NOI | $182,227.40 |
| Sale Conditions | 1031 Exchange, Build to Suit |
DESCRIPTION
Verada, as exclusive agent, is pleased to offer for sale a
two-unit, single story ground floor retail condominium
located at the base of a 147 unit, 28 story residential
condominium building. The property is located in
the heart of Downtown Brooklyn on Nevins Street,
between Fulton and Livingston Street. The property was
completed in 2019 and is 100% leased to two medical
tenants, Mills Dental (10 years remaining lease term) and
Cooper Podiatry (8 years remaining lease term). Mills
Dental is 1,926 SF and Cooper Podiatry is 738 SF; each
boasts 25’ ft. of glass frontage and 12’ ft. ceilings. Both
tenants are responsible for their pro-rata share of real
estate tax increases in addition to utilities.
