Investment Overview

The subject offering is a 2,811 SF two-tenant single-story retail strip located on Southern Boulevard, right off the corner of Freeman Street, in the Bronx, NY. The property sits directly in front of the entrance to the subway (Freeman Street Station 2 and 5 Trains). Payomatic occupies 1,400 SF on a lease through 2025 with 3% annual increases and one (5) five-year renewal. This is a corporate guaranteed lease from Payomatic, which has been at this location since 2005. Payomatic is the largest check cashing provider in New York, wit ha 134 locations (all corporate) throughout the Metro NYC market. Payomatic reimburses for 50% of the real estate taxes above the base-year 2019/2020 (base-year tax is $18,442). Infinity Dermatology occupies 1,400 SF on a 10-year lease that runs through 2029. They have a 3% annual increase with one (5) five-year option to renew, and they reimburse for 50% of the real estate taxes above their base-year 2020/2021 (base-year tax is $19,109). Infinity Dermatology has 17 locations throughout New York City, including seven locations in Queens, five locations in Manhattan, two in the Bronx, two in Brooklyn and one unit in Staten Island. The offering rests on a 2,811 SF lot (35 x 100) zoned R7-1/C1-4/C2-4 with a max FAR of 3.44 for residential (9,670 SF buildable). The building is currently built 35 x 80, with 6,859 of additional buildable square footage. This is an opportunity to acquire a fully-occupied minimal management retail strip in the Bronx directly next to the subway entrance. The site is across the street from Children’s Aid College Prep Charter School, a K-5 elementary school with 570 students.