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Child Care

Urban Dove Team Charter School & Laundromat Express

671 Prospect Ave, Bronx, NY 10455

Listing Price: $22,932,000

Cap Rate
5.00%
Tenant Name
Urban Dove Team Charter School
Years Remaining On Lease
29.9
Guarantor
Private Guarantee
Rentable SF
40,000
Lease Type
Double Net
Rent Per Square Feet
$28.66

Investment Overview

The subject investment is the opportunity to acquire a Class-A net-leased charter school and first floor laundromat in the heart of Woodstock within the Bronx. The asset is 100% leased to Urban Dove Team Charter School & Laundromat & Cleaners Express with 30 years & 10 years of term remaining on the respective, brand-new net leases with annual increases. This beautifully redeveloped asset provides an investor with a prime New York City real estate in an extraordinarily dense borough with a brand-new build and entirely new facilities & systems. The asset offers the owner an opportunity to purchase a best of class location and generational asset with strong, stabilized, management-free tenancy. This facility is a relocation school for UDTCS who is operating out of a smaller school space within the Bronx already at capacity. UDTCS is publicly funded by the University of the State of New York (S&P AA- | Fitch: AA- | Moody’s Aa2) and privately managed. The subject property is well located within multiple modes of public transportation. Within 0.2 miles of the subject property are the 5, 2, & 6 subway stations. Additionally, access to Interstate-278 or Bruckner Parkway is only minutes away, just south of the property. Additionally, there is ample street parking along Prospect Ave and along the larger block. The building features four floors, a fully furnished, fully utilized cellar, a 2nd story regulation sized basketball court, and various other amenities with a total of roughly 40,000 square feet of interior space. The combined annual net operating income is $1,156,600 annually ($96,383 monthly) and features very attractive annual increases in both leases, providing an excellent hedge against inflation. This high-image asset has 100 ft of frontage along Prospect Avenue, just off the corner of E 152nd St with huge traffic counts and exceptional foot traffic all around.

Investment Highlights

  • 30 Years Remaining on the Primary Charter School Lease | 2% & 2.5% Annual Increases | Strong Inflation Protected Yields
  • Brand New 10-Year Lease Renewal with Laundromat who is a Legacy Tenant with a Long-Standing, Successful Business at this Building
  • Rare Management-Free Metro New York Asset

Exclusively Listed By

Financing By

Child Care

Urban Dove Team Charter School & Laundromat Express

Listing Price: $22,932,000

Cap Rate
5.00%
Tenant Name
Urban Dove Team Charter School
Years Remaining On Lease
29.9
Guarantor
Private Guarantee
Rentable SF
40,000
Lease Type
Double Net
Rent Per Square Feet
$28.66

Investment Highlights

  • 30 Years Remaining on the Primary Charter School Lease | 2% & 2.5% Annual Increases | Strong Inflation Protected Yields
  • Brand New 10-Year Lease Renewal with Laundromat who is a Legacy Tenant with a Long-Standing, Successful Business at this Building
  • Rare Management-Free Metro New York Asset

Investment Overview

The subject investment is the opportunity to acquire a Class-A net-leased charter school and first floor laundromat in the heart of Woodstock within the Bronx. The asset is 100% leased to Urban Dove Team Charter School & Laundromat & Cleaners Express with 30 years & 10 years of term remaining on the respective, brand-new net leases with annual increases. This beautifully redeveloped asset provides an investor with a prime New York City real estate in an extraordinarily dense borough with a brand-new build and entirely new facilities & systems. The asset offers the owner an opportunity to purchase a best of class location and generational asset with strong, stabilized, management-free tenancy. This facility is a relocation school for UDTCS who is operating out of a smaller school space within the Bronx already at capacity. UDTCS is publicly funded by the University of the State of New York (S&P AA- | Fitch: AA- | Moody’s Aa2) and privately managed. The subject property is well located within multiple modes of public transportation. Within 0.2 miles of the subject property are the 5, 2, & 6 subway stations. Additionally, access to Interstate-278 or Bruckner Parkway is only minutes away, just south of the property. Additionally, there is ample street parking along Prospect Ave and along the larger block. The building features four floors, a fully furnished, fully utilized cellar, a 2nd story regulation sized basketball court, and various other amenities with a total of roughly 40,000 square feet of interior space. The combined annual net operating income is $1,156,600 annually ($96,383 monthly) and features very attractive annual increases in both leases, providing an excellent hedge against inflation. This high-image asset has 100 ft of frontage along Prospect Avenue, just off the corner of E 152nd St with huge traffic counts and exceptional foot traffic all around.

Exclusively Listed By

Financing By

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