1492 Rockaway Pkwy
Brooklyn, NY 11236
Retail Property For Sale

Marcus & Millichap is pleased to exclusively list for sale a single tenant net lease building on 1492 Rockaway Parkway in Brooklyn (Canarsie), New York. The subject offering is a 3,100 square foot building occupied by T-Mobile Corporation. The building sits on a 0.13 acre in a very densely populated area. T-Mobile recently extended their lease absolute NNN lease and have 5+ years remaining on their lease with (1) additional five year option. The lease features 5.9 percent rental increases in 2021 and a 12.5 percent increase at the option period. The lease is guaranteed by T-Mobile Corporation. The building is located across from Canarsie Ascend Charter School and near the intersection of Rockaway Parkway and Flatlands Avenue. The building is well positioned in a heavy retail and residential corridor. The surrounding area is extremely populated with 95,604 residents in a 1-mile radius. Brooklyn is a city in Kings County, NY. Located across the East River from Manhattan, Brooklyn is the most populous of the five New York City boroughs. Brooklyn covers 71 square miles of the land mass shared with Queens. Brooklyn is bordered to the east and south by the Atlantic Ocean, to the west by the Upper New York Bay and the East River, and to the north by the borough of Queens. The borough of Brooklyn, with a population of nearing 2.7 million, is located entirely within Kings County and is divided into 18 community districts, many of which have been made famous in movies, books and television. The most well-known neighborhoods include Williamsburg, Brooklyn Heights, Park Slope and Coney Island. Within a five-mile radius of Brooklyn, the average household income is $73,421 among the 2,177,235 individuals who resides within a five-mile radius of the subject property. The asking price of $3,600,000 represents a 5.03% cap rate.