Closed 03/14/2018

Corner Mixed-Use Building

137 5th Avenue, Brooklyn, NY

Park Slope

Closed 03/14/2018 at
$5,475,000

Total Units 5
Residential Units 4
Commercial Units 1
Gross SF 6,750
Cross Streets Fifth Avenue & St. Johns Place
Subways
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5
137 5th Avenue, Brooklyn, NY, Park Slope
Corner Mixed-Use Building
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Details

Block 944
Lot 1
Lot Size 20 ft x 80 ft
Building Size 20 ft x 65 ft
Building Class S4
Zoning C1-4/R6A
Net Residential SF 3,006
Commercial SF 1,558
Mechanical & Storage SF 474
Lobby SF 116
Parking SF 211
Outdoor Space 1,385
Assessment (14/15) $90,000
Net Taxes after 421a (14/15) $5,320

Overview

137 5th Avenue is a mixed-use five unit rental building built in 2011 and is offered at a cap rate of ~5%. It is located on a prime Park Slope corner at the intersection of Fifth Avenue and St. Johns Place.

The ~6,840 SF building has an elevator, two parking spaces, private outdoor space for each unit, washer/dryer and shared roof deck access. The building also offers additional tenant amenities including basement storage space and bike storage.

This asset offers significant long-term upside in the retail as the current tenant is paying $56/SF for a corner location where retail rents exceed $125/SF. The retail tenant’s rent will increase by 3% in May 2016. The Key Food directly across the street is slated for a large new mixed-use development in 2016, which will significantly enhance the value of this property’s retail. There is a 15-year 421A tax abatement in place until 2027 and current taxes are just ~5320 per year.

The property is within walking distance of Atlantic Terminal with access to the D,M,N,R,B,Q,2,3,4 and 5 trains plus the LIRR, making the commute in and out of Manhattan only 10 minutes. The subway can also be conveniently accessed at the Union Street r Station and Bergen Street 2 and 3 station.

Attractions

Park Slope is one of Brooklyn’s largest neighborhoods, characterized by brownstone lined streets, vibrant retail corridors and access to Prospect Park. It was also named the No. 1 “Most Livable Neighborhood in New York” by New York Magazine. Prospect Park contains a 60-acre lake, children’s zoo, skating rink, tennis courts and hosts the second largest green-market in NYC. The Brooklyn Museum, Brooklyn Botanic Gardens, Brooklyn Academy of Music and Barclays Center are all just minutes away.

Barclays Arena
The Brooklyn Museum
Brooklyn Botanic Gardens
Prospect Park Zoo.

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