Retail

835 Classon Avenue

835-845 Classon Ave, Brooklyn, NY, 11238-6103, US

835 Classon Avenue_Property for Sale

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Asset description

JLL has been retained on an exclusive basis to arrange for the sale of the 835-845 Classon Avenue, a 7 unit retail condo located one block from the Brooklyn Museum and transit in Prospect Heights, Brooklyn.


835-845 Classon Avenue (the “Property” or the “Condo”) offers the opportunity to purchase a retail condo in the highly sought-after Prospect Heights neighborhood just one block from three subway lines and three blocks from Prospect Park.


The Condo offers outstanding frontage on Classon Avenue, beginning with the end unit on the corner of Classon Avenue and Lincoln Place. The Property contains six units that are leased, with three of the leases ending in 2025, two of the leases ending in 2023, and one of the leases on a month-to-month basis. Formerly vacant 645 SF space has just been leased to a coffee shop.

Attributes

Building area gross
4,157 sf
Year built
2000

Investment highlights

QUALITY & ACCESSIBILITY  

The site is highly visible, featuring nearly 450’ of wraparound frontage on Lincoln Place, Classon Avenue, and Eastern Parkway.


TENANT FUNDAMENTALS 

With 7 retail units achieving rents at approximately $90/SF, the Property boasts a mix of long- and short-term tenants for ultimate flexibility.


PREMIER RETAIL CONDO SPACE 

The space offers double height ceilings and ample basement space behind a modern retail façade that considers the surrounding Prospect Heights neighborhood.


SURROUNDING WALKABLE RETAIL MECCA 

Surrounded by thriving retail corridors, the site benefits from this walker’s paradise neighborhood. Nostrand and Franklin Avenues to the east, and Washington, Vanderbilt, and Flatbush Avenues to the west all host an eclectic mix of national brands and local options.


10MM VISITORS TO PROSPECT PARK  

Sharing the block with the S 2 3 4 5 trains, the Property boasts enormous foot traffic to and from Prospect Park. The Park offers a wide array of attractions and is frequented by over 10 million visits every year.


LOCATION & FUNDAMENTALS 

Lifestyle seekers and spillover demand resulting from the rising costs of the neighborhoods west of Prospect Park are poised to continue driving demand from a broad range of residents.


VALUE PROPOSITION 

The Prospect Heights neighborhood appeals to residents that have been priced out of Dumbo, Park Slope, Brooklyn Heights and Cobble Hill neighborhoods of Brooklyn. The neighborhood offers more affordability, room, and access to green space than its peers.


SUPPLY CONSTRAINTS 

Prewar buildings, Rent Regulation and zoning will continue to constrain the supply of new construction fully amenitized product.


RISING RESIDENTIAL PRICES 

The Prospect Heights sales market is experiencing an increase in pricing with a 41% increase in sales as compared with the Brooklyn average of 22%. (Source: Corcoran Q1 2021 Brooklyn Sales Report).


2 SUBWAY STATIONS ON THE BLOCK  

The Property shares the block with the 2 3 4 5 Franklin Ave-Medgar Evers College station and the s at Botanic Garden. Atlantic Avenue - Barclays center is ten minutes away with access to the 2 3 4 5 N Q R W and LIRR.

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Last updated
Nov 30, 2022