159 West 23rd Street
Newly constructed dual drive-thru 7 Brew Coffee in Brownwood, Texas, offered at $1,683,000 at a 6.00% cap ($101,000 NOI). The single-tenant asset is secured by a 15-year absolute NNN ground lease with 10% rent increases every five years and zero landlord responsibilities. The structure is fully passive and management-free, which suits out-of-state and 1031 buyers.
Built in 2025, the 510 SF building sits on a 44,431 SF (1.02-acre) C-1 parcel with 12 parking spaces along Commerce Street (US-84/US-377), Brownwood's primary commercial corridor. The trade area is anchored by Walmart Supercenter, Home Depot, and United Supermarkets, with neighboring national QSR brands such as Chick-fil-A, McDonald's, Whataburger, and Starbucks. About 36,000 residents live within ten miles.
- 15-year absolute NNN ground lease with zero landlord responsibilities
- 10% rent increases every five years
- New 2025 construction, dual drive-thru
- Leased-fee ownership; passive, 1031-eligible income
- Anchored corridor alongside Walmart Supercenter and Home Depot
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- Five-story mixed-use building in Chelsea offered at $7,250,000. The 8,948 SF property at 159 West 23rd Street features a ground-floor retail tenant—Inked, a tattoo parlor—under a long-term lease through May 2034, paired with six residential apartments providing diversified income. The retail space spans the ground and second floors plus a portion of the lower level; the residential mix includes three free-market units, one rent-stabilized occupied apartment, and two vacant rent-stabilized units (one three-bedroom, one two-bedroom, one one-bedroom).
- Situated on a 2,452 SF lot with approximately 25 feet of frontage between Sixth and Seventh Avenues, the property benefits from Chelsea's prime location near Madison Square Park, the High Line, and Chelsea Market, with direct access to the 1, F, and M subway lines. The long-term retail lease provides income stability through 2034, while the two vacant rent-stabilized units offer residential upside potential. The neighborhood remains one of Manhattan's strongest and most enduring demand corridors, positioning the asset for both stable cash flow and long-term appreciation.
- Highlights:
- Long-term retail lease through May 2034 with established tenant
- Residential upside through two vacant rent-stabilized units
- Prime Chelsea location near High Line, Madison Square Park, and Chelsea Market
- Diversified income from retail and multifamily components
- High-barrier-to-entry Manhattan submarket with strong demand fundamentals
Location
BKREA has been exclusively retained to arrange the sale of 159 West 23rd Street, a five-story mixed-use building located in Manhattan’s highly desirable Chelsea neighborhood. Situated on the north side of West 23rd Street between Sixth and Seventh Avenues, the property occupies a 2,452-square-foot lot with approximately 25 feet of frontage and contains roughly 8,948 gross square feet. The building features one retail unit and six residential apartments, offering a compelling combination of commercial and residential income. The retail component spans the entire ground and second floors, along with a portion of the lower level, and is occupied by Inked, a popular tattoo parlor, under a lease extending through May 2034, providing long-term income stability. The residential component consists of three free-market units, one occupied rent-stabilized apartment, and two vacant rent-stabilized units, with a mix primarily comprising two-bedroom apartments along with one three-bedroom and one one-bedroom unit. Rent documentation has been reviewed by K&F PLLC. Located in the heart of Chelsea, the property benefits from proximity to major destinations including Madison Square Park, the High Line, and Chelsea Market, as well as convenient access to the 1, F, and M subway lines. Air rights are not included in the offering, having previously been transferred by ownership. With its strong location, diversified tenant mix, long-term retail lease, and residential upside, 159 West 23rd Street presents an attractive investment opportunity in one of Manhattan’s most vibrant neighborhoods.
- Located in a high–barrier-to-entry Manhattan submarket.
- Long-term retail income stability with 2034 lease expiration.
- Residential upside through vacant rent-stabilized units.
- Positioned within one of Manhattan’s strongest and most enduring demand corridors.
- Compelling opportunity for investors seeking stable cash flow and long-term appreciation.