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318 Knickerbocker Ave - 318-334 Knickerbocker Ave, Retail Condo 21,835 SF Retail Condo Unit Offered at $11,900,000 in Brooklyn, NY 11237
Investment Highlights
- Prime Bushwick Retail Corridor - high foot traffic and highly visible corner location
- Service-Oriented & Traditional Tenant Mix - Fully leased to Oak Street Health, laundromat, and clothing retailers
- Strong Demographics & Demand Drivers
- ICIP Abatement - expiration in 2038
- Excellent Transit Accessibility - within a few short blocks from the L & M subway lines
Property Facts
| Total Building Size | 42,390 SF | Typical Floor Size | 7,526 SF |
| Property Type | Multifamily (Condo) | Year Built | 1931 |
| Property Subtype | Apartment | Lot Size | 0.34 AC |
| Building Class | B | Opportunity Zone |
Yes
|
| Floors | 4 | ||
| Zoning | R6 - Medium density residential district | ||
| Total Building Size | 42,390 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 4 |
| Typical Floor Size | 7,526 SF |
| Year Built | 1931 |
| Lot Size | 0.34 AC |
| Opportunity Zone |
Yes |
| Zoning | R6 - Medium density residential district |
Amenities
Site Amenities
- Fitness Center
1 Unit Available
Unit 318-334
| Unit Size | 21,835 SF | Sale Type | Investment or Owner User |
| Price | $11,900,000 | Cap Rate | 6.70% |
| Price Per SF | $545.00 | NOI | $797,300 |
| Condo Use | Retail | Sale Conditions | Bulk/Portfolio Sale |
| Unit Size | 21,835 SF |
| Price | $11,900,000 |
| Price Per SF | $545.00 |
| Condo Use | Retail |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.70% |
| NOI | $797,300 |
| Sale Conditions | Bulk/Portfolio Sale |
Description
Fully leased and cash-flowing retail condo package along Knickerbocker Avenue. The package includes four units with a weighted average lease term (WALT) of 6.54 years.
Sale Notes
PRIME BUSHWICK RETAIL CORRIDOR
Positioned on Knickerbocker Avenue — a high-visibility, high-foot-traffic corridor in the heart of Bushwick — surrounded by a dynamic mix of national retailers and local businesses.
ICIP ABATEMENT
The Assemblage benefits from a 25-year ICIP Tax Abatement which is due to expire in 2038
SERVICE ORIENTED & TRADITIONAL RETAIL TENANCY MIX
Current tenants include Oak Street Health
[acquired by CVS in 2023], which operates as a primary healthcare facility for the elderly, along with a laundromat and a clothing retailer serving the local community.
EXCELLENT TRANSIT ACCESSIBILIT Y
Located within short blocks from the L and M subway lines, providing quick access to Manhattan and other parts of Brooklyn —
a key driver of both residential and retail demand.
STRONG DEMOGRAPHICS &
DEMAND DRIVERS
Located in one of Brooklyn’s fastest-evolving neighborhoods, fueled by a growing population of young professionals, artists, and creatives. Recent years showed a strong increase in residential demand with median gross rents exceeding a 68% increase from 2006 to 2023 - higher than the city average.
Contacts
-
Andreas Efthymiou -
Stephen Preuss -
Kevin Schmitz -
Jack Rovner -
Thomas Tyne -
Ripco Real Estate
Presented by
318 Knickerbocker Ave - 318-334 Knickerbocker Ave, Retail Condo
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