A NNN leased Walgreens at 2307 Flatbush Avenue, located in Brooklyn’s Flatlands neighborhood, was sold in an all cash transaction valued at $7,000,000.
The building sits on a 14,695 square foot lot. There is a twenty year term on the lease with four, five-year options and 10% increases every five years. The annual rent is $380,000. The sale price equates to 5.42% capitalization rate.
“There is such a high demand for triple net properties with quality tenants that we had over 20 offers in the first 30 days of marketing and sold the building within 4% of the original asking price, “said Massey Knakal First Vice President of Sales Edward Gevinski who exclusively handled this transaction with First Vice President of Sales Brian Hanson. “2307 Flatbush Avenue is almost two points lower than the neighborhood average because Walgreens (S&P A+) is the tenant and this is one of the best corners in the area as Utica Avenue and Flatbush Avenue meet,” added Gevinski.
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Neighborhoods: Flatlands