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Grocery Store

NYC Net-Leased Supermarket - Attractive Assumable Financing

4138 Broadway, New York, NY 10033

Listing Price: $9,400,000

Cap Rate
4.34%
Tenant Name
Food Emporium
Years Remaining On Lease
11.9
Gross SF
5,458
Guarantor
Franchisee Guarantee
Rentable SF
5,458
Price/Gross SF
$1,722.24
Lease Type
Double Net
Rent Per Square Feet
$76.33

Investment Overview

The subject offering is a 5,458 SF single-tenant net-leased supermarket located right in the heart of Broadway, in upper Manhattan's Washington Heights neighborhood. The Food Emporium leases the entire building through 2034, with 2% annual increases. The supermarket pays 100% of the property's real estate taxes. They are also responsible for paying all of the property's maintenance costs, and all of the utilities. The landlord is only responsible for paying the insurance, and for the repairs and maintenance to the roof and structure. The supermarket has no options to renew. The property is built full, and it rests on a 5,458 SF lot that is zoned C8-3 with an FAR of 2. It allows for an additional 5,458 SF to be constructed as-of-right (10,916 SF total buildable). The FAR jumps to 6.5 with the community facility bonus. This allows for an additional 30,019 SF to be constructed here (35,477 SF total buildable). The property has a rear entrance on Wadsworth Avenue, to allow for deliveries. The property is located right in the heart of the Washington Heights Broadway retail corridor. The offering is located on the corner of 175th Street and Broadway, an incredible foot traffic location. 175th Street between Broadway and Wadsworth Avenue was recently closed to vehicles, allowing only pedestrian traffic. It was renamed La Plaza De Las Americas, and it is the permanent home of the Greenmarket Farmer's Market. This is the rare opportunity to purchase a supermarket retail asset, with annual increases and development upside that rests on the busiest street in Washington Heights. The site has 62 feet of retail frontage along Broadway, 95 feet of retail frontage along 175th St, and another 60 feet of retail frontage on Wadsworth Avenue, for a total of 217 feet of total retail frontage.

Investment Highlights

  • 5,458 SF corner retail property on Broadway in Washington Heights. The site has 217 feet of wrap around retail frontage on three streets.
  • Site has been a supermarket since 2009. The tenant has a lease through 2034 with 3% annual increases. Retailers pay over $100 PSF on this stretch of Broadway.
  • Property has $4M in assumable financing at 3.45% interest-only through 2031. This is an opportunity to acquire a prime location, with a below market rent and incredible in-place debt.

Exclusively Listed By

  • Scott Plasky

    Licensed Real Estate Salesperson

    (212) 430-5229

    Email Scott

    License(s): NY: 40PL1176852

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

Grocery Store

NYC Net-Leased Supermarket - Attractive Assumable Financing

Listing Price: $9,400,000

Cap Rate
4.34%
Tenant Name
Food Emporium
Years Remaining On Lease
11.9
Gross SF
5,458
Guarantor
Franchisee Guarantee
Rentable SF
5,458
Price/Gross SF
$1,722.24
Lease Type
Double Net
Rent Per Square Feet
$76.33

Investment Highlights

  • 5,458 SF corner retail property on Broadway in Washington Heights. The site has 217 feet of wrap around retail frontage on three streets.
  • Site has been a supermarket since 2009. The tenant has a lease through 2034 with 3% annual increases. Retailers pay over $100 PSF on this stretch of Broadway.
  • Property has $4M in assumable financing at 3.45% interest-only through 2031. This is an opportunity to acquire a prime location, with a below market rent and incredible in-place debt.

Investment Overview

The subject offering is a 5,458 SF single-tenant net-leased supermarket located right in the heart of Broadway, in upper Manhattan's Washington Heights neighborhood. The Food Emporium leases the entire building through 2034, with 2% annual increases. The supermarket pays 100% of the property's real estate taxes. They are also responsible for paying all of the property's maintenance costs, and all of the utilities. The landlord is only responsible for paying the insurance, and for the repairs and maintenance to the roof and structure. The supermarket has no options to renew. The property is built full, and it rests on a 5,458 SF lot that is zoned C8-3 with an FAR of 2. It allows for an additional 5,458 SF to be constructed as-of-right (10,916 SF total buildable). The FAR jumps to 6.5 with the community facility bonus. This allows for an additional 30,019 SF to be constructed here (35,477 SF total buildable). The property has a rear entrance on Wadsworth Avenue, to allow for deliveries. The property is located right in the heart of the Washington Heights Broadway retail corridor. The offering is located on the corner of 175th Street and Broadway, an incredible foot traffic location. 175th Street between Broadway and Wadsworth Avenue was recently closed to vehicles, allowing only pedestrian traffic. It was renamed La Plaza De Las Americas, and it is the permanent home of the Greenmarket Farmer's Market. This is the rare opportunity to purchase a supermarket retail asset, with annual increases and development upside that rests on the busiest street in Washington Heights. The site has 62 feet of retail frontage along Broadway, 95 feet of retail frontage along 175th St, and another 60 feet of retail frontage on Wadsworth Avenue, for a total of 217 feet of total retail frontage.

Exclusively Listed By

  • Scott Plasky

    Licensed Real Estate Salesperson

    (212) 430-5229

    Email Scott

    License(s): NY: 40PL1176852

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

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