Investment Overview

The subject offering is a 2,575 square foot single-story retail property located on Third Avenue, between 161st Street and 162nd Street, in the heart of South Bronx’s Woodstock neighborhood. The offering is 100 percent occupied by two tenants and is surrounded by local and national retailers, as well as thousands of housing units. The property is built 25 x 103, and it rests on a 3,002 square foot lot (25 x 120) zoned C4-4, with an FAR of 3.44 and total buildable square footage of 10,327 square feet. A tenant at this location since 1989, Panda Chinese Restaurant occupies 1,895 square feet on a lease that runs through 2032 with three percent annual increases. Additionally, Culture Clothing recently relocated to this property and executed a new five-year lease for a 680 square feet space that runs through 2030 with five percent annual increases. The offering is located on Third Avenue, surrounded in all directions by retailers including C-Town Supermarket, Popeye’s, Dunkin’, and Food Bazaar. This opportunity to acquire a minimal management multi-tenant retail asset at an incredibly attractive price point. Moreover, the property has been incredibly well managed and maintained, and ownership recently put a new roof on the property. Moreover, the property has been incredibly well managed and maintained. Ownership recently put a brand-new roof on the property. They also recently replaced the front sidewalk and completely remodeled the north side of the building