Block-Through Corner Retail Building in East Flatbush

5501 Glenwood Road

East Flatbush

$3,650,000

Existing Building SF 12,270
Occupied 100%
Maximum Buildable SF 45,628
Total Lot SF 22,814
Frontage 200 FT
Zoned R5, C1-2
Request More Info
Would you like to know more?

I would like to be contacted:

Are you in a 1031 Exchange?

Retail 5501 Glenwood Road, East Flatbush
Dan Marks
Have Dan contact you

Want Dan to contact you?

I would like to be contacted:

Are you in a 1031 Exchange?

Details

Fully Occupied
15-year Average Tenancy
Densely Populated Area
Includes ~10,00SF Parking Lot

Overview

TerraCRG has been retained on an exclusive basis to market the sale 5501 Glenwood Road in East Flatbush Brooklyn. The Property consists of two tax lots that include a 12,270 SF retail building with a full basement and an additional ~10,000 SF parking lot in the rear.

The fully-occupied retail building is a local staple to the neighborhood retail corridor and includes eight in-place tenants with a fifteen year average tenant occupancy. The as is combined annual rent roll is $244,800, and the property has an in-place NOI of $145,260, and projected NOI of ~$250,000.

The currently improved R5,C1-2 zoned property offers the flexibility to continue operations as retail center and also has the potential for a mixed-use development or community facility. There is an additional Residential 16,248 BSF and 33,358 BSF for Community Facility Development.

We estimate that this property is the proximate retail location for roughly 3000-4000 individuals who live within a 2 block radius. This includes not only ~450 housing units (mostly multi-family), but also customers from the adjacent Glenwood Homes (~1,200 residential apartments across 20 buildings and ~ 1M SF). With a Retail-per Capita ratio of roughly 4x, this property services an immediate community that has nearly 9x the per capita density of Brooklyn retail as a whole.

The property offered is a unique piece of the community that has been built and managed by the same ownership for the last ~70 years.

Attractions

Brooklyn Neighborhood Guides

Our neighborhood guides tell you everything you need to know about Brooklyn, from comprehensive market data to the best places to eat, shop and play.

Learn More >