Corner 10,000sqft Retail in Concourse

Landair Property Advisors has been hired to sell the retail property located at 231 E 167th Street, a 10,000 square foot single-story building situated on a 10,000 square foot lot. This property falls under R7-1, C1-4 zoning on a wide street, allowing for a diverse range of commercial and residential developments. Currently, the building is 88% leased with five robust retail tenants, contributing to a stable and high-performing investment opportunity. Financially, the property presents a strong profile with an average rent per square foot of $63.70 and an average annual rent increase of 3%. The average lease term amongst the tenants stands at 7 years, underscoring tenant stability and consistent cash flow. The property is advantaged by its zoning, which supports a buildable square footage of 40,000 for residential purposes and 48,000 for community facility use, offering significant future development potential. Located just two blocks from the East 167th Street/Grand Concourse B and D subway stop, 231 East 167th Street benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a retail destination. This property represents an exceptional opportunity for investors seeking a low-maintenance, high-yield asset with potential for future growth and development in a prime urban location.