254 Scholes StBrooklyn, NY 11206

Property Details for 254 Scholes St

Year built

1920

Lot size

0.23 AC

Property size (Sq ft)

10,000 SF

Zone code

M1-1

Property type

Auto shops

APN

03046-0022

APU

30460022

Description

This exceptional investment opportunity presents a fully leased, 27,500-square-foot warehouse property situated in the desirable East Williamsburg section of Brooklyn, New York. The property, located at 254 Scholes Street, zip code 11206, comprises seven contiguous lots boasting 150 feet of frontage on Scholes Street and 125 feet on Meserole Street. Currently occupied by Pay-O-Matic Corp. under a triple-net (NNN) lease, the property generates a substantial net operating income (NOI) of $409,772 annually, with a 3% annual rent escalation clause. The existing lease expires November 30, 2024, but includes a valuable five-year option for the tenant commencing December 2024. The property features three existing warehouse buildings: one 10,000 square feet with an additional 2,500 square feet on a second floor

• CAP approach

  CAP return

  Valuation

  6%

  $2,430,349

  6.5%

  $2,243,399

  7%

  $2,083,156

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,292,632

  Geo Method

  $3,292,632

• Alternative Use

  Use

  Valuation

  Residential

  $1,892,391

  Hospitality

  $1,733,420

  Educational

  $1,442,185

  Medical

  $1,491,784

  Retail

  $2,243,399

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7089

Longitude

-73.9383

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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