Corner Mixed-Use Building

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.