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525 Myrtle Ave
Brooklyn, NY 11205 Wallabout

$1,800,000 USD

Apartments Condo For Sale  •  1,700 SF

Property Details

  • Property Type Apartments
  • Total Building Size 20,832 SF
  • Lot Size 0.12 AC
  • Building Class B
  • Year Built 2017
  • Zoning R-5
95 Transit Score
98 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit Retail Retail 1,700 SF $1,800,000 USD
  • Unit Size: 1,700 SF
  • Condo Use: Retail
  • Price: $1,800,000 USD
  • Sale Type: Investment
  • Price/SF: $1,058.82 USD
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.

Description 

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.

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Tub/Shower

Public Transportation

Commuter RailDriveWalkDistance
5 min - 1.6 mi
Nostrand Avenue Station (Far Rockaway Branch - Long Island Rail Road, Hempstead Branch - Long Island Rail Road, Long Beach Branch - Long Island Rail Road, West Hempstead Branch - Long Island Rail Road) 5 min - 1.9 mi
Transit/SubwayDriveWalkDistance
Classon Avenue (G - New York MTA Subway (The Subway)) 3 min 9 min 0.5 mi
Clinton-Washington Avenues (G Line) (G - New York MTA Subway (The Subway)) 2 min 11 min 0.6 mi
Bedford-Nostrand Avenues (G - New York MTA Subway (The Subway)) 3 min 16 min 0.8 mi
Clinton-Washington Avenues (A,C Line) (A - New York MTA Subway (The Subway), C - New York MTA Subway (The Subway)) 3 min 18 min 0.9 mi
AirportDriveWalkDistance
LaGuardia 17 min - 8.5 mi
John F Kennedy International 26 min - 13.4 mi
Newark Liberty International 26 min - 15.3 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 2
Type: Surface
Included in Rent: Yes
Scott Plasky 917-539-0402 Marcus & Millichap
Scott Plasky 917-539-0402 Marcus & Millichap