Investment Overview

The subject offering is a 5,435 square foot, three-story commercial building located on E Tremont Avenue in the Bronx. The offering consists of six ground floor retail tenants, an embroidery shop which occupies the entire second and third floors, and a lower level that is built out for individual storage units. The property has 25 feet of retail frontage along E Tremont Avenue, the main retail corridor in the Tremont neighborhood. The property is surrounded by local and national retailers, including Dunkin Donuts, Foot Locker, VIM, T-Mobile, Chase Bank and Rainbow. The offering rests on a 2,500 square foot lot zoned C4-4A/R7A with an FAR of 4, and total buildable square footage of 10,000 buildable square feet. The ground floor retail will be delivered 100% occupied with six tenants. Lux Jewelry and the beauty salon both have their own entrances on E Tremont Avenue. The other tenants are accessible via a hallway with the entrance on E Tremont Avenue. ESB Embroidery occupies the entire second and third floors with access coming from the same hallway entrance. Ownership is in the process of converting the lower level into five storage units. Currently, the beauty salon leases one unit as part of their lease. The other four units will be available to be leased upon closing. The ground floor is built full (25 x 100), with the upper floors both built 25 x 70. The R7A zoning would allow for a conversion of the upper floors into residential, plus the ability to develop an additional 4,565 square feet. This is an opportunity to acquire a multi-tenant retail asset in a historically strong neighborhood retail location. The entire building was converted to electric heat recently (there are gas meters in the event someone wanted to incorporate food/cooking into the asset some day).