Dollar Tree Retail Strip - Brooklyn, NY 1249-1265 Utica Ave

The subject offering is a 16,958 SF retail property located in Brooklyn on the corner of Utica Avenue and Avenue D. The offering consists of seven ground floor retail units, one second-floor office space and three free-market apartments. The asset is 100% occupied, and it is anchored by a 10,026 SF Dollar Tree, with a corporate-guaranteed ten-year lease that runs through June 2027 with three (5) five-year options to renew.
The offering consists of two contiguous buildings and four separate tax lots. The corner building (1249 Utica Avenue) is 8,000 SF and it is built 40 x 100, with 40 feet of frontage along Utica Ave and 100 feet of retail frontage along Avenue D. It consists of six ground floor retail stores, one office and three (3-bedroom 1-bath) apartments. This building is located on Lot 1. The remaining lots (77,78 & 80) are all occupied by Dollar Tree (1251-1265 Utica Avenue). Dollar Tree has 9,486 SF, with 10% increases in each option period.
The corner building has a basement, and it went through a complete renovation in 2016. The Dollar Tree building was essentially constructed brand-new in 2016.
This is an opportunity to purchase a fully-renovated and 100% leased and cash-flowing mixed-use opportunity in Brooklyn where 90% of the gross income is coming from the ground floor retail tenants. The site has 225 feet of combined retail frontage, and the B46 Bus Line stops directly in front of the subject property (6th busiest bus route in NYC – 5.5M yearly riders). The three lots that Dollar Tree occupies have a 25-year ICAP Tax Abatement that runs through June 30, 2042. The taxes on those three lots are currently $42,065. They would be $66,216 without the abatement.