hamilton heights retail building for sale on · pdf filetenant sq ft rent per sf projected...
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
HAMILTON HEIGHTS RETAIL BUILDING FOR SALEON MAIN COMMERCIAL CORRIDOR
3556 BroadwayNew York, NY 10031
F o r m o r e i n f o r m a t i o n , i n c l u d i n g a c o p y o f t h e c u r r e n t l e a s e w i t h P a y l e s s S h o e S o u r c e , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
Josh LiptonFirst Vice President of Sales
Marcus JeckLinAssociate
Property Information
Location: Southeast corner of Broadway and West 146th Street.
Proj. Gross Annual Income: $450,000
Block/Lot: 2077 / 59Expenses: $23,500
Zoning/FAR: C1-4 / R7A / R8 / 4.0 / 6.02
Lot Dimensions: 25’ x 100’ (L-shaped lot)25’ x 100’
NOI: $426,500
Lot Size: 5,000
Stories: 2 Asking Price $5,700,000
Gross SF: 10,000 SF PPSF: $570
Commercial Units: 1 PPSF (with air rights): $241
Available Air Rights: 15,050 SF Cap Rate: 7.5%
Assessment (13/14): $565,020
Taxes (13/14): $58,129
PROPERTY DESCRIPTION: 3556 Broadway represents a unique investment opportunity to own approximately 10,000 sq. ft. of retail space on one of the busiest commercial corridors in the Hamilton Heights neighborhood of West Harlem. With the building located in both the C1-4/R8 and R7A zoning districts, future owners can take advantage of the additional 15,050 sq. ft. of air rights that could be added to the existing structure. Located on the southeast corner of Broadway and West 146th Street, the two-story property is currently occupied by the triple net (NNN) tenant Payless ShoeSource whose lease expires in January 2015 (with possession available starting February 1, 2015). The Broadway frontage offers future end users and/or potential investors the chance to capitalize on the emerging retail trend in the neighborhood which already includes a variety of national tenants and local hits, such as Dunkin Donuts, The Grange, Harlem Public, Tonalli and the Chipped Cup, among others. The property’s proximity to City College, Columbia University’s Manhattanville expansion and Columbia Presbyterian Hospital, as well as its easy access to the 1, A, B, C and D trains on 145th Street enhances foot traffic and secures future tenant demand.
TENANT SQ FT RENT PER SF PROJECTED RENTNew Tenant (1st Floor) - PROJECTED 5,000 $80 $400,000New Tenant (2nd Floor) - PROJECTED 5,000 $10 $50,000
Total Revenue:Monthly Revenue: $37,500
Gross Annual Income: $450,000Avg. Rent PSF: $45
ASKING PRICE: $5,700,000
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
HAMILTON HEIGHTS RETAIL BUILDING FOR SALEON MAIN COMMERCIAL CORRIDOR
3556 BroadwayNew York, NY 10031
ESTIMATED EXPENSES MK ESTIMATEDReal Estate Taxes (13/14) $58,129Real Estate Tax Passthroughs ($58,129)
Water/Sewer @ Tenant Pays
Insurance @ $1.00 / Sq. Ft. $10,000
Gas/Oil @ Tenant Pays
Electric @ Tenant Pays
Repairs @ Tenant Pays
Cleaning & Maintenance @ Tenant Pays
Management @ 3% $13,500
Total $23,500
SUMMARY MK ESTIMATEDGross Annual Income (Proj.) $450,000Less Expenses (Proj.) ($23,500)Net Operating Income (Proj.) $426,500
F o r m o r e i n f o r m a t i o n , i n c l u d i n g a c o p y o f t h e c u r r e n t l e a s e w i t h P a y l e s s S h o e S o u r c e , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
Josh LiptonFirst Vice President of Sales
Marcus JeckLinAssociate
ASKING PRICE: $5,700,000
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
HAMILTON HEIGHTS RETAIL BUILDING FOR SALEON MAIN COMMERCIAL CORRIDOR
3556 BroadwayNew York, NY 10031
3556 Broadway
F o r m o r e i n f o r m a t i o n , i n c l u d i n g a c o p y o f t h e c u r r e n t l e a s e w i t h P a y l e s s S h o e S o u r c e , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
Josh LiptonFirst Vice President of Sales
Marcus JeckLinAssociate
25’
25’100’
100’
C1-4 / R
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R7A
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