168 Havemeyer St
Brooklyn, NY 11211
Office Property For Sale

Olympia Group International Inc. has been retained on an exclusive basis to arrange for the sale of 168 Havemeyer Street, a.k.a 231 South 3rd Street, in Williamsburg, Brooklyn. The ‘L’ shaped four-story building has frontage on Havemeyer Street and South 3rd Street. 168 Havemeyer Street is a fully-leased new construction brick four story retail and medical office building with an elevator. The building was built in 2009, and is currently occupied by several noteworthy pharmacies, medical practices, and dental practices with long-term leases in place. The 10,657 square foot medical building located in the Williamsburg section of Brooklyn is comprised of two fully renovated, 4-story medical buildings, with entrances on Havemeyer and South 3rd Streets and connected at the back. The current owner, an experienced surgeon, is one of the tenants and has plans to build an additional 3,550 square feet for a surgical floor bringing the total building to 14,207 square feet. There are many unique characteristics that differentiate a Medical Office Building “MOB” from a standard office building. From an investor’s perspective, a well-positioned and well-managed MOB represents a relatively secure investment opportunity, as there is always a demand for medical care. As is generally known within the commercial real estate industry, MOBS lease at higher rates than standard office buildings. A sample of various rental surveys recently conducted by Randall Bell, MAI, MBA in the course of appraising such buildings indicates that MOBS lease for approximately 20% to 100% higher than surrounding standard office space. In a MOB, a strong core of doctors situated in one location will attract other doctors even at a higher comparable rent because of the advantages of close medical associations and the efficiency of inter-office referrals. Retail tenants often enhance MOBS as well. Strong ground-floor tenants in an area of high pedestrian traffic will produce substantially higher effective rents than the medical office space on the upper floors. A strong tenant such as a pharmacy may produce as much as triple the amount paid by typical medical tenants.