Corner Newly Constructed Mixed-Use Building
137 5th Avenue, Brooklyn, NY
Closed 10/26/2015 at
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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.
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.