PRIME WOODSTOCK NEIGHBORHOOD IN MOTT HAVEN - FIRST TIME ON MARKET IN OVER 50 YEARS!
This retail property currently houses 3 retail spaces, two with market rate leases and one currently vacant, white boxed and ready to go! LEASE INFO: DENTAL SERVICES STORE: 2021 ANNUAL RENT - $57,009 W/3.5% ANNUAL RENT INCREASES. DELI: 2021 ANNUAL RENT - $62,550 W/3.5% ANNUAL RENT INCREASES. VACANT STORE: 2021 PROJECTED ANNUAL RENT - $42,500. PROJECTED 2021 MAJOR EXPENSES: $119,390. CAP RATE AT $2,250,000 - 5.3%
This property also has great potential for development allowing mixed commercial and residential use ... location is in the rapidly developing Mott Haven / Woodstock neighborhood of the South Bronx. The bld occupies a corner site... a prime commercial corner right across the street to the #2 and #5 subway lines. Buildable allowable usable floor area is 10,507SF.