Investment Overview

Marcus & Millichap is pleased to offer 700 – 706 Allerton Avenue, a 10,411 square foot retail building on the corner of Allerton Avenue and White Plains Road in the Bronx. The property is fully occupied across three storefronts and anchored by Bank of America and Citibank, both on corporate leases that together account for nearly 90% of the space. Bank of America's renewal options carry 12.0% rent increases in 2028 and again in 2033, and Allerton Eye Care, a long-standing neighborhood optical retailer, escalates annually through 2032. An ICAP abatement runs through 2034, keeping the expense load low. Offered at $12,795,000 and a 5.75% cap rate, the building gives an investor stabilized national credit income on a corner where the 2 and 5 platform staircase lands at the storefronts.