Three contiguous buildings with NNN retail stores at 1598-1602 Pitkin Avenue, located in the prime retail area of Brownsville, Brooklyn, was sold in an all cash transaction values $ 2,050,000.
The three-story brick buildings are located on a combined 60’ x 92.92’ corner lot of Pitkin Avenue and Amboy Street. The first floor is approximately 60’ x 93’ and the second and third floors are approximately 60’ x 55’. Each building is net-leased to the retail tenant and each has occupied the same space for over 10+ years. Above the retail stores are eight apartments that are all in need of a full renovation. The sale price equates to $163 per square foot and a 9% capitalization rate.
Click here for press release
Neighborhoods: Brownsville/ Agents: Stephen Preuss