1249 Utica AveBrooklyn, NY 11203

For Sale
$7,250,000

High-Yield, 100% Occupied Retail Portfolio

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional Brooklyn investment opportunity presents a 16,958 square foot, fully occupied retail property situated at the corner of Utica Avenue and Avenue D. The property comprises two buildings on four tax lots, featuring seven ground-floor retail units, one second-floor office space, and three free-market apartments. The anchor tenant is a Dollar Tree, occupying 9,486 square feet with a corporate-guaranteed ten-year lease expiring June 2027, including three five-year renewal options with 10% rent increases each period. The remaining units contribute to a strong, diversified income stream. The property boasts 225 feet of combined retail frontage, benefiting from high visibility and foot traffic, further enhanced by the B46 bus line's proximity (NYC's 6th busiest route). Built in 2015, with renovations completed in 2016, the property includes a basement in the corner building. Three of the four tax lots benefit from a 25-year ICAP tax abatement expiring June 30, 2042, significantly reducing property taxes. The current NOI is $482,355, with a pro-forma NOI of $498,959, resulting in a 6.65% cap rate and a pro-forma cap rate of 6.88%. The asking price is $7,250,000, representing a price per square foot of $427.53. This stabilized investment offers a compelling combination of strong cash flow, long-term lease security, and significant upside potential in a prime Brooklyn location. The property is zoned C8-1.

Highlights

  • 16,958 SF corner retail property in Brooklyn, NY.
  • Fully occupied with 7 ground floor retail units, 1 office unit, and 3 free-market apartments.
  • High-visibility location at Avenue D and Utica Avenue, offering 225 feet of retail frontage.
  • Anchor tenant Dollar Tree with a corporate-guaranteed 10-year lease (through June 2027) and renewal options.

Property Details for 1249 Utica Ave

Property type
Lifestyle centers, Power centers
Square Feet
16,958 SF
Year Built
2015
Buildings
2
Stories
2
Units
11

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6419988
Longitude
-73.9289556
1249 Utica Ave, Brooklyn, New York

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1249 Utica Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message