Investment Overview

The subject offering is a 2,550 square foot single-story retail property located on the corner of Westchester Avenue and Leland Avenue in the Bronx, New York. The property is leased to Olivia’s Restaurant & Lounge on a 10-year absolute NNN (zero management) net-lease that runs through December 31, 2027. The lease calls for three percent annual increases with no additional renewal options. The tenant pays for all real estate taxes, utilities and maintenance directly, and the tenant reimburses 100 percent for the insurance. Beyond paying the insurance, there are no recurring landlord responsibilities with this site. The property rests on a 2,550 square foot lot (25 x 104) and it is built fully on the lot. The site is zoned R5/C2-2, with an FAR of 1.25 (the site is built 1.02). The offering has 25 feet of retail frontage along Westchester Avenue, one of the busiest retail streets in the Bronx. A portion of the space (approximately 600 SF) is subleased to Angie’s Party Supplies. Olivia’s moved into this location in 2014; Angie’s has been subleasing this space since 2014 as well. The property is located two blocks from Parkchester Train Station (6 Train and Metro North). It is surrounded by both local and national retailers, including TD Bank, Starbucks, Chipotle and CTown Supermarket. This is an opportunity to acquire a minimal management Bronx retail asset and control a retail corner on Westchester Avenue with 125 feet of combined retail frontage.