Investment Overview

The subject offering is a 4,160 SF three-tenant retail property located on Broadway in the Bronx’s Riverdale neighborhood. The property is located directly across the street from Van Cortlandt Park, and it sits just one block from the border with Yonkers (Westchester County). Two stores are occupied, and the third space will be delivered vacant. The property rests on a 5,425 SF lot, zoned R6/C1-2. The FAR is 2.43, which allows for 13,183 buildable SF (9,023 SF of additional buildable square footage). Floral Home Care occupies approximately 1,400 SF, they have been at this location since 2010. They are currently operating on a M-T-M lease. Floral Home Care provides a full range of home care services, with locations in the Bronx and Queens. The discount store occupies 1,500 SF with a ten-year lease that runs through January 2034 with 3% annual increases. The tenant is responsible for 33.33% of the real estate taxes above their base-year 2023/2024 (base-year taxes are $23,752). The third unit, approximately 1,260 SF is currently vacant. The building is built 51 x 86 with just over 50 feet of retail frontage along Broadway, a main retail street in both Riverdale and Yonkers. This is an opportunity to acquire a clean and easy minimal management retail asset in the Bronx surrounded by several new multi-family projects planned for the neighboring properties and benefitting from hundreds of housing units in just a few blocks.