Three Commercial Buildings on One Tax Lot Anchor Retail ... Atlantic... · This Marketing Brochure has been prepared to provide summary, unveriﬁed ... product, service, or commercial

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290 �At lant ic �Ave

CONFIDENTIALOFFERING MEMORANDUM290 ATLANTIC AVENUE BOERUM HILL, BROOKLYN, NY

Corner �of �At lant ic �Ave �& �Smith �St .Three �Commerc ia l �Bu i ld ings �on �One �Tax �Lot

Anchor �Reta i l � can �be �De l i vered �Vacant

290 Atlantic Ave| Brooklyn, NY

CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substi-tute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representa-tion, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing pack-age. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2019 Marcus & Millichap. All rights

JAKUB NOWAKLicensed AssociateReal Estate Broker | (718) 475-4353 | (646) 345-7000

MATTHEW ROSENZWEIGLicensed AssociateReal Estate Broker | (718) 475-4366 | (917) 608-9152

1 Metrotech CenterFloor 20, Brooklyn,NY 11201 | (718) 475-4348 | (718) 228-5281


PROPERTYHIGHLIGHTS

290 ATLANTIC AVEBROOKLYN, NY 11201

Main-on-Main Corner Property with a nearly incomparable combination of high traffic, high visual exposure and high income

Anchor Retail can be Delivered Vacant

At the crossroads of Boerum Hill, Cobble Hill and Downtown Brooklyn, the property is surrounded by some of NYC's strongest and most recognized retailers and restaurants

Three buildings, including a three-story commercial property totaling 7,550 Gross Sq Ft with no existing residential square feet. Potential to separate buildings by subdividing the tax lot

Total of five cash-flowing units, including three retail and two office. Brooklyn Industries and Uppa-Baby are anchor retail tenants.

Features frontage of approx 113 Ft on Smith St. and 20 Ft on Atlantic Ave

Zoned as R6A with a C2-4 overlay, with over 4,000 Sq Ft of unused development rights

Nearly every Brooklyn subway line lies within a five-minute walk, including lines: 2, 3, 4, 5, A, C, F, G, and R

Recent retail rents on Smith St. and Atlantic Ave. are between $110 and $150 Per Sq Ft





PROPERTY DESCRIPTION 290 Atlantic Ave| Brooklyn, NY

Nowak+Partners of Marcus&Millichap have been retained on an exclusive basis to arrange the sale of 290 Atlantic Avenue, a fully occupied multi-story three-building commercial property on the corner of Atlantic Avenue and Smith Street. 290 Atlantic is a “Main-on-Main” corner property with a nearly incomparable combination of high traffic, high visual exposure and high income. All existing tenancies are retail, office or fitness. None are residential.

290 Atlantic Ave sits at the crossroads of the super-prime neighborhoods of Boerum Hill, Cobble Hill and Downtown Brooklyn. As such, the property is surrounded by some of NYC's strongest and most recognized retailers and restaurants. Additionally, at this location, Atlantic Ave. has a daily average vehicle count in excess of 30,000.

The existing tax lot features three buildings each with existing leases in place and current cash flow. The corner building features a three-story commercial propertywith an anchor retail unit that can be delivered vacant, a second-floor lease that expires in 2022, and a third floor lease that is in force through 2024. The second building (98 Smith St) is a two story building with a lease that expires in 2023. Lastly, 90 Smith St. is a single-story retail building with a short-term lease.

The buildings sit on an irregular L-shaped lot, zoned R6A, C2-4, DB and measuring 20.25 ft x 113.42 ft (Block: 00181 Lot: 0025). The existing building totals approximately 7,550 rentable square feet and features an additional 4,646 buildable square feet as-of-right for redevelopment use. 290 Atlantic Avenue is within five-minute walk of nearly every brooklyn subway line, including lines: 2, 3, 4, 5, A, C, F, G, and R.

With the persistent strength of of retail and office rents on Smith Street and Atlantic Ave., investors and developers have the opportunity to purchase a current cash flowing building with significant potential. The purchaser can capitalize on the frontage to both Atlantic Avenue and Smith Street with easy access to public transportation and high foot traffic retail corridors.






PROPERTYOVERVIEW

Property Address

City & Zip

Block / Lot

Lot Dimensions

Total Lot Size (SF)

Buildings on Lot

Commercial Units

Residential Units

Zoning

Unused Air Rights

290 Atlantic Ave

Brooklyn, NY 11201

00181-0025

Irregular, L-Shaped

20.25 x 113.42 ft

3,982

3

5

0

R6A, C2-4, DB

4,646





Smith St

Smith St

Atlantic AveAtlantic Ave


UNIT TYPE

RETAIL &OFFICE

POTENTIAL LEASE TYPE

FULLY LEASEDWITH UPSIDE

PROJECTED ANNUAL REVENUE YEAR 1

$526,384

RENT ROLLUnit

290 Atlantic Gr Floor

290 Atlantic 2nd Floor

290 Atlantic 3rd Floor

98 Smith St

90 Smith St

Monthly Revenue

Annual Revenue

Approx. SFAnnual Incr. Current RentTenant

Brooklyn Industries*

Yogasana

Design & Engineering

Elleven

UPPAbaby

$/SF $/SFYear 1Status





* Can be delivered vacant.** Can likely be delivered vacant.

For�itemized�rent�roll�informatio

n,�please�sign�confidentiality�a

greement











LOCATION AND AMENITIES MAP






290 Atlantic Ave

1

13

5

6

7

8

9

1011

1214

2

1516

3

1826

19

2021

22

23

24

25

7. Public School 2615. 6.

10. 11.

14. 15. 16.

18. 19.

20. 21.

2. 3. 4. 1.

12. 13.

Smith St

Court St

Atlantic Ave

4

9. 8.

Brooklyn HeightsMontessori School

22. 23.

26.

25.24.


FINANCIAL OVERVIEW

PROPERTY OVERVIEW INCOME

Gross Scheduled Rent

Expenses Reimbursements

Vacancy (5%)

Effective Gross Income

Less Expenses

Net Operating Income

EXPENSES

Real Estate Taxes

Fuel (Gas)

Utilities - Water & Sewer

Insurance

Repairs & Maintenance

Payroll

Electric (common Area)

Management Fee (3%)

Total Expenses

CURRENT

$498,960

$13,188

$(14,969)

$497,179

$(136,370)

$360,808

$(96,253)

$(9,438)

$(3,750)

$(6,000)

$(2,500)

$(2,400)

$(1,510)

$(14,520)

$(136,370)

YEAR 1

$508,448

$13,188

$(15,253)

$506,382

$(150,414)

$355,968

$(110,021)

$(9,438)

$(3,750)

$(6,000)

$(2,500)

$(2,400)

$(1,510)

$(14,796)

$(150,414)





Gross Square Feet 7,550

Buildable SF 11,790

Property Address

City & Zip

Block / Lot

Lot Dimensions

Total Lot Size (SF)

Buildings on Lot

Commercial Units

Residential Units

Zoning

Unused Air Rights

290 Atlantic Ave

Brooklyn, NY 11201

00181-0025

Irregular 20.25 x 113.42 ft

3,982

3

5

0

R6A, C2-4, DB

4,646

JAKUB NOWAKLicensed AssociateRealEstate Broker | (718) 475-4353 | (646) 345-7000


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2019Marcus & Millichap. All rights

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290 �At lant ic �Ave

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Three Commercial Buildings on One Tax Lot Anchor Retail ... Atlantic... · This Marketing Brochure has been prepared to provide summary, unveriﬁed ... product, service, or commercial