Property Details

Walgreens

Brooklyn, NY
Property ID: 13782

Financial Summary

Asking Price $13,950,000
Cap Rate 5.00%
Net Operating Income (NOI) $697,860
Lease Type NNN
Lease Term Remaining 7 Years

Offering Memorandum

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Contact

James Nelson
Head of Tri-State Investment Sales
212.729.7140
Brent Glodowski
Director
212.230.5996
David Shalom
Director
212.230.5948
Angela Mulder
Associate
212.219.7054

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Highlights

  • Property is NNN leased to Walgreens, with a corporate guarantee through 2027 with 4, 5-year renewal options
  • 10% rent increases every 5 years, with the next increase occurring in 2023
  • Strong retail corridor with many credit tenants such as 7-Eleven, Dunkin’, Chase, TD Bank, CitiBank and T-Mobile
  • 3 floors and 60 feet of frontage
  • Walgreens S&P Credit Rating: BBB
  • 7,440+/- SF of unused air rights offer a purchaser the ability to increase the size of the property

Net Lease Advisor

For more information on this tenant, including averages, overview and credit ratings, visit NetLeaseAdvisor.com.

Location

1405 Avenue J
Brooklyn, NY

Amanda WillisWalgreens