5723 5th Ave
Brooklyn, NY 11220
Retail Property For Sale

Nowak+Partners of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 5723 5th Avenue, a three story mixed use building on the corner of 58th Street and 5th Avenue in the Sunset Park section of Brooklyn, NY. The subject property is built full on a 25 foot x 100 foot R6A, C2-4 zoned lot (Block: 00848 Lot:0001). The building totals 7,036 of above grade square feet plus a 2,250 square feet below grade fully usable basement. The property consists of eight one-bedroom apartments over two commercial units. All of the apartments are rent stabilized and many of the apartments have legal rents well above their preferential rents. The commercial component consists of a pharmacy fronting 5th Avenue and a medical office in the rear of the building. Both leases feature 4% annual escalations, expire in 2022, and have five-year renewal options. The commercial tenants pay 50% of the RE tax increases over the 2016-2017 base year 5723 5th Avenue is one block away from the 59th St "N, R" subway station allowing for easy access to the Atlantic Terminal and Manhattan. The subject property offers investors the opportunity to capitalize on a turn-key building on one of Sunset Park’s best retail corners along the 5th Avenue corridor and to realize rental appreciation without additional capital expenditures.