Assignments

Inwood Corner Development Site

143 Sherman Ave, New York, NY 10034

143 Sherman Ave, New York, NY 10034

under contract

Asking
Sale Price
$
7750000

Property Details

Status
For Sale
Property Type
Retail
Price Summary
$
7750000
Sale Price
$
Buildable SF
10000
Building SF
10000
LOT SF
10000
Cap RATE
%
Zoning
R7A, C2-4

Highlights

  • 11,000 Sq. Ft. Corner Lot Zoned R7A, C2-4.
  • 44,000 Buildable Sq. Ft. As-Of-Right. 55,110 Buildable Sq. Ft. with UAP.
  • Located 0.3 Miles from the (A) and (1) Subway Stations.
  • Corner Location with High Foot Traffic
  • Tenants Covering 41% of Tax Increases

Property DEscription

Landair Property Advisors has been hired to sell the retail property located at 143 Sherman Ave, New York, NY 10034, an 11,000 square foot one-story building situated on an 11,000 square foot lot. This property falls under R7A, C2-4 zoning, allowing for a diverse range of commercial and residential developments. Currently, the building is fully occupied with 8 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 $56.67 and an average annual rent increase of 2%. The average lease term amongst the tenants stands at 4 years, underscoring tenant stability and consistent cash flow. The property is advantaged by its zoning, which supports a buildable square footage of 44,000 for residential purposes and 44,000 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 Manhattan.

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

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