2450 Hendrickson StBrooklyn, NY 11234

Property Details for 2450 Hendrickson St

Property size (Sq ft)

25,300 SF

Property type

Retail properties

Description

This exceptional investment opportunity encompasses three retail properties totaling 25,300 square feet in Brooklyn's desirable Marine Park neighborhood. The portfolio includes a prominent 15,300 square foot, three-level building at 2450 Flatbush Avenue, boasting a 60-foot frontage and vacant for immediate repositioning. This building sits on a 60' x 100' lot and was constructed in 1987. Additionally, the portfolio features a 10,000 square foot strip center at 4201-4209 Avenue U and 2175 Hendrickson Street, currently generating income from four ground-floor retail tenants with demo clauses for re-tenanting. This section includes buildings constructed between 1971 and 1973, situated on lots ranging from 50' x 60' to 100' x 100'. The combined properties offer a compelling pro-forma cap rate of 5.40% and a Net Operating Income (NOI) of $485,341. The asking price for the entire portfolio is $8,500,000, translating to a price per square foot of $355.73. The properties benefit from a highly visible location across from Kings Plaza Shopping Center, proximity to major transportation (Avenue U Subway Station and B3 bus), and convenient access to Floyd Bennett Field, Aviator Sports and Events Center, Marine Park, and the Marine Park Golf Course. The Community Facility Far bonus is 2.0. Zoning varies across the properties, including C8-1, R4, and C2-2 designations. This presents a unique opportunity to acquire a well-located, multi-building retail portfolio with significant upside potential. The properties are delivered vacant, allowing for immediate customization and tenant selection.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6096

Longitude

-73.9235

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