Assignments

Bronx Corner Taxpayer in Morrisania

638 E 169th St, Bronx, NY 10456

638 E 169th St, Bronx, NY 10456

under contract

Asking
Sale Price
$
7000000

Property Details

Status
For Sale
Property Type
Retail
Price Summary
$
7000000
Sale Price
$
Buildable SF
15582
Building SF
15582
LOT SF
15582
Cap RATE
5.6
%
Zoning
R6, C1-4

Highlights

  • 100% Occupied.
  • 5% Avg. Yearly Rent Increase.
  • Located Within 0.6 Miles of (2) and (5) Subway Stations.
  • 44,100 BSF Residential, 70,560 BSF Community Facility.
  • (1) Tenant covers 10% of taxes and the rest cover an average of 15%/tenant over the 24/25 base year.
  • New Roof Installed
  • Elevatored - Upside Potential for 2nd Floor Medical Tenant)

Property DEscription

Landair Property Advisors has been hired to sell the retail property located at 638 E 169th St, Bronx, NY 10456, a 15,582 square foot two-story building situated on a 14,700 square foot lot. This property falls under R6, C1-4 zoning on a wide street, allowing for a diverse range of commercial and residential developments. Currently, the building is fully occupied with a mix of retail and office tenants, contributing to a stable and highperforming investment opportunity. Financially, the property presents a strong profile with an average rent per square foot of $48.13 and an average annual rent increase of 5%. The average lease term amongst the tenants stands at 5 years, underscoring tenant stability and consistent cash flow. The property is advantaged by its zoning, which supports a buildable square footage of 44,100 for residential purposes and 70,560 for community facility use, offering significant future development potential. Located nearby multiple bus and subway stations, the property 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 high-density area of the Bronx.

Map

Tony Yu
Senior Associate
(646) 559-4700
TY@landairnyc.com
Anand Melwani
Partner
(516) 658-1222
am@landairnyc.com
Alexandre Goulet
Partner
(646) 559-4700
ag@landairnyc.com

Documents

Offering Memorandum
Data Room

Request MOre info

Thank you - your request has been received!
Oops! Something went wrong while submitting the form.

Share to social