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525 Myrtle Ave - CKO Kickboxing - 10-Year Net-Lease 1,700 SF Retail Condo Unit Offered at $1,800,000 in Brooklyn, NY 11205
EXECUTIVE SUMMARY
Myrtle Avenue is the most heavily traveled retail corridor in Clinton Hill. The site is surrounded by local and national retailers, and the site benefits from incredibly strong foot traffic. There are thousands of housing units within a few blocks of the subject property, as well as three different universities that total 18,150 undergraduate students. The site sits directly across the street from the dorms for Pratt Institute, a private university with over 5,100 students and over 1,000 staff members. This is a sub-$2 million opportunity to acquire a minimal management retail asset that is fully leased to a growing regional brand, in a dynamic and heavily desirable part of Downtown Brooklyn.
PROPERTY FACTS
| Total Building Size | 20,832 SF | Typical Floor Size | 2,619 SF |
| Property Type | Multifamily (Condo) | Year Built | 2017 |
| Property Subtype | Apartment | Lot Size | 0.12 AC |
| Building Class | B | Parking Ratio | 0.1/1,000 SF |
| Floors | 7 | Opportunity Zone |
Yes
|
| Zoning | R-5 - R5 - Medium density district with a height limit of 40 feet | ||
| Total Building Size | 20,832 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 7 |
| Typical Floor Size | 2,619 SF |
| Year Built | 2017 |
| Lot Size | 0.12 AC |
| Parking Ratio | 0.1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-5 - R5 - Medium density district with a height limit of 40 feet |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
1 UNIT AVAILABLE
Unit Retail
| Unit Size | 1,700 SF | Sale Type | Investment |
| Price | $1,800,000 | Cap Rate | 7.00% |
| Price Per SF | $1,058.82 | NOI | $126,000 |
| Condo Use | Retail |
| Unit Size | 1,700 SF |
| Price | $1,800,000 |
| Price Per SF | $1,058.82 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 7.00% |
| NOI | $126,000 |
SALE NOTES
The subject offering is a 1,700 square foot, 100 percent occupied retail condo located at the base of a 25-unit residential condominium constructed brand-new in 2015. The unit is located on Myrtle Avenue, between Grand Avenue and Steuben Street, right in the heart of Clinton Hill’s most heavily traveled retail corridor. The offering consists of 1,700 square feet of ground floor retail space and 200 additional square feet in the lower level (1,900 square feet total).
The entire space is leased to CKO Kickboxing, a fitness and kickboxing studio with 65+ locations throughout New York and New Jersey. CKO has a ten-year lease that runs through December 31, 2035, with 3.5 percent annual increases. CKO reimburses 100 percent of the real estate taxes above their base-year (2027/2028). CKO has been at this location since 2018. The property benefits from a 25-year ICAP Tax Abatement which began in 2018 and runs through June 30, 2043. The real estate taxes, without the abatement, would be $22,306.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 19 | - | 520 - 725 |
| 2+2 | 3 | - | 800 |
MAJOR TENANT INFORMATION Click Here to Access
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| CKO Kickboxing |
-
|
Jan 0000
|
| Anda Café |
-
|
Jan 0000
|
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525 Myrtle Ave - CKO Kickboxing - 10-Year Net-Lease
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