Listed by RIPCO Real Estate
$16,150,000
550 5th Ave
Details
Property Type Retail, Mixed Use
Sub Type Shopping Center, Commercial
Square Footage 36,500
Units 4
Occupancy 100%
Tenancy Multi
Lease Type Net
Rent Bumps Yes
Year Built 1950
Buildings 1
Stories 1
Zoning C4-3A/R6B
Investment Type Core
Retail | 36,500 SqFt
Marketing description
Ripco investment sales has been exclusively retained to arrange for the sale of 544-550 fifth avenue, a fully-leased retail condominium on high visibility corner n park slope, brooklyn.
The retail condo spans 36,500 gsf including a 6,900 sf lower level, and hosts 3 tenants. All the tenants pay a significant portion of operating expenses and have annual rent escalations.
The asset currently generates just over $969,000 in net revenue, providing prospective investors with healthy, steadily growing cash flow and limited operating expenses and maintenance.
Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity, by bringing rents to market rate upon lease renewal or turnover. Retail rents in the immediate area command upwards of $100/SF.
Fifth Avenue is one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants serving the established and growing Park Slope community.
The property’s close proximity to several train lines and its unbeatable location, nestled between Prospect Park and the recently-rezoned and rapidly-transforming Gowanus submarket further enhance the attractiveness of the asset.
Investment highlights
- Retail condo spans 36,500 GSF including a 6,900 SF lower level, and hosts 3 tenants
- Currently generates just over $969,000 in net revenue
- Some of the in-place rents are below market, offering discerning investors a tremendous value-add opportunity
- Located in one of the busiest major retail corridors in Brooklyn that is home to a vibrant mix of national and local retail tenants
- Close proximity to F, G, and R train lines
- Virtual Tour: https://www.youtube.com/watch?v=-biIxpjIHa8
Listing Contacts
Listed by RIPCO Real Estate
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