99 Kingsland Ave. #101

Commercial retail/office condo with 23 feet of prime frontage for sale located on the border of Williamsburg and GreenPoint, in one of the most gentrified areas of Brooklyn . The space is currently rented to a Snack/Smoke Shop paying $1900/month along with $200/month credit to cover the utilities portion of the HOA fee of $438.94/month. There is a current lease in place for the next 10 years, with a 3% increase built-in annually. This guarantees a great return for many years to come. There is also a 421A tax exemption(ends 6/2021) so the current property taxes are only $797/year, which the tenant is 100% responsible for.NOI is $19,934/year. Solid 5.3% cap rate with huge potential for even higher return down the road. Great investment for an unheard of low price.This retail condo is part of the Continental Towers which consists of 24 residential apartments, 2 commercial spaces, and 12 parking spaces.The store is minutes to McDonald’s, Staples, and many boutique shops. Walking distance to the L subway on Graham Avenue and a short commute to Manhattan.