Address: 449 Myrtle Avenue, Brooklyn, New York, United States 11205
Cap Rate: 5.00%
Lease Type: Triple Net (NNN)
Annual Rent: $492,224
Net Operating Income: $492,224
Options: One (1), Five (5)-Year Option
Year Built: 2006
Rentable Sq/Ft: 2,468 SF
Rent Sq/Ft: $199.44
Price Sq/Ft: $3989
The subject investment is the opportunity to acquire a net-leased Bank of America. The asset is 100% leased to Bank of America with approximately 6-years remaining on the initial term of the 15-year triple-net (NNN) lease. Bank of America exercised one of its five (5) year renewal options early, thus extending the total term of the lease to 20-years. This Bank of America provides an investor with a prime New York City asset in the heart of Brooklyn, New York City’s most populated borough. The asset offers the owner an opportunity to purchase a best of class location generational asset with a credit tenant.
The building features a total of 2,468 square feet of interior space and has an annual net operating income is $492,224 annually ($41,019 monthly). The asset is conveniently located on the corner of Myrtle Ave and Waverly Ave, which experience unrivaled foot traffic coupled with exceptional subway access in one of the most growing and historical neighborhoods in NYC.
his Bank of America property is located at 449 Myrtle Avenue in Clinton Hill, Brooklyn, New York. Brooklyn is one of New York City’s five boroughs. Brooklyn is the most populated of the five boroughs, and offers convenient access to Manhattan, Queens, and Staten Island.
Points of Interest
The subject property is strategically positioned in a dense residential and retail area benefiting from its close proximity to Hospitals, Academic Institutions, national and local tenants, densely populated neighborhoods, and other points of interest. The subject property benefits from being located less than one mile from The Brooklyn Hospital Center. The Brooklyn Hospital Center is a massive 464-licensed-bed, full-service community teaching hospital located in Downtown Brooklyn, New York City. Additionally , the Pratt Institute is located less than a half mile away and is a global leader in high education, with an enrollment greater than 4,500 students. Furthermore, this Bank of America is located less than one mile from the Brooklyn Naval Yard. The Brooklyn Navy Yard (the Yard) is a mission-driven industrial park that is a nationally acclaimed model of the viability and positive impact of modern, urban industrial development. The Yard is now home to more than 450 businesses employing more than 11,000 people and generating over $2.5 billion per year in economic impact for the city.
Joe Koicim NY: 10301208718