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3448 Nostrand Ave 5,164 SF 100% Leased Retail Building Brooklyn, NY 11229 For Sale
Investment Highlights
- High traffic corner on Nostrand Avenue in the heart of Sheepshead Bay with rare on-site parking.
- 100% leased to Starbucks and Greene Street Cannabis Co. with strong in place cash flow
- Future value-add opportunity with approximately 4,641 SF of remaining as-of-right air rights.
- Institutional-quality investment featuring national credit tenancy and a simple two-tenant rent roll.
- Contractual rent escalations provide long-term NOI growth.
- Prime neighborhood retail location with strong residential density and access to the B/Q subway lines.
Executive Summary
Newmark has been retained on an exclusive basis to arrange the sale of 3448–3454 Nostrand Avenue, Brooklyn, NY, a prime two-building retail asset located at a signalized corner in the Sheepshead Bay neighborhood.
The property consists of two single-story retail buildings with on-site parking, prominently situated along one of the area's most active commercial corridors.
3448–3454 Nostrand Avenue is a 100% leased, two-tenant retail property anchored by Starbucks and Greene Street Cannabis Co. under long-term leases. The buildings total approximately 5,164 square feet on a 9,805 square foot R4 / C1-2 corner lot, complemented by approximately 4,641 square feet of surface parking, providing strong customer convenience and supporting tenant performance. Both tenants benefit from approximately 98 feet of combined corner frontage, strong visibility, and easy access from Nostrand Avenue and surrounding residential streets, driving consistent daily traffic.
Starbucks benefits from 12% rent increases every five years, while Greene Street Cannabis Co. features 3% annual rent escalations, providing clear contractual rent growth over the hold period. The leases include reimbursement of real estate taxes, common area maintenance, and insurance, creating predictable and growing cash flow for ownership.
Combined with approximately 4,641 square feet of as-of-right remaining air rights, the offering provides both stable current income and long-term optionality for future repositioning or redevelopment.
Situated in the heart of Sheepshead Bay, the property is surrounded by dense residential housing, established neighborhood retail, and a diverse mix of restaurants, services, and daily-needs retailers. The Nostrand Avenue corridor serves as a major north-south artery through southern Brooklyn, offering seamless access to Downtown Brooklyn and Manhattan via nearby B and Q subway service and connecting bus routes.
The combination of a highly visible corner, on-site parking, and credit-quality tenancy makes 3448–3454 Nostrand Avenue a compelling, defensive retail investment in a mature Brooklyn neighborhood.
The property consists of two single-story retail buildings with on-site parking, prominently situated along one of the area's most active commercial corridors.
3448–3454 Nostrand Avenue is a 100% leased, two-tenant retail property anchored by Starbucks and Greene Street Cannabis Co. under long-term leases. The buildings total approximately 5,164 square feet on a 9,805 square foot R4 / C1-2 corner lot, complemented by approximately 4,641 square feet of surface parking, providing strong customer convenience and supporting tenant performance. Both tenants benefit from approximately 98 feet of combined corner frontage, strong visibility, and easy access from Nostrand Avenue and surrounding residential streets, driving consistent daily traffic.
Starbucks benefits from 12% rent increases every five years, while Greene Street Cannabis Co. features 3% annual rent escalations, providing clear contractual rent growth over the hold period. The leases include reimbursement of real estate taxes, common area maintenance, and insurance, creating predictable and growing cash flow for ownership.
Combined with approximately 4,641 square feet of as-of-right remaining air rights, the offering provides both stable current income and long-term optionality for future repositioning or redevelopment.
Situated in the heart of Sheepshead Bay, the property is surrounded by dense residential housing, established neighborhood retail, and a diverse mix of restaurants, services, and daily-needs retailers. The Nostrand Avenue corridor serves as a major north-south artery through southern Brooklyn, offering seamless access to Downtown Brooklyn and Manhattan via nearby B and Q subway service and connecting bus routes.
The combination of a highly visible corner, on-site parking, and credit-quality tenancy makes 3448–3454 Nostrand Avenue a compelling, defensive retail investment in a mature Brooklyn neighborhood.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
5,164 SF
Building Class
C
Year Built
2009
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.53
Lot Size
0.23 AC
Zoning
R4/C1-2 - R4 Zoning is a residential zoning district in NYC that allows for one family and two family as well as small multifamily residential building.
Frontage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Pro Health
- Retailer
- -
- $33.00
- Triple Net
- May 2021
-
- Accommodation and Food Services
- -
- -
- -
- -
Starbucks began in 1971 in Seattle's Pike Place Market as a seller of fresh-roasted whole bean coffee, and the business became a coffeehouse in 1987. The company now serves a global footprint of coffeehouses and roastery reserves, with a business built around specialty coffee, coffee drinks, food, cups, and merchandise. Starbucks also has a growing presence in consumer-packaged goods and foodservice, extending the brand beyond cafés while keeping coffee sourcing and roasting at the center of the model. Community support, sustainability, and responsible sourcing remain part of the company's broader operating approach.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Pro Health | Retailer | - | $33.00 | Triple Net | May 2021 | |
|
|
Accommodation and Food Services | - | - | - | - |
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 07362-0008 | Improvements Assessment | $199,800 |
| Land Assessment | $109,800 | Total Assessment | $309,600 |
Property Taxes
Parcel Number
07362-0008
Land Assessment
$109,800
Improvements Assessment
$199,800
Total Assessment
$309,600
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