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.