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Shopping Strip

New | Income Producing Retail Property with Air Rights on Westchester Avenue

2241 Westchester Ave, Bronx, NY 10462

Listing Price: $14,400,000

Cap Rate
6.00%
Gross SF
27,622
Rentable SF
27,622
Price/Gross SF
$521.32
Lot Size
0.52 acres
Year Built
1990

Investment Overview

The subject offering is a 27,622 square foot two-story retail property on the corner of Westchester Avenue and Glebe Avenue in the Bronx, NY. The property consists of 12 retail units (12 tenants), and one small rear storage unit. It is 100% occupied with 100% payment. The building rests on a 22,770 square foot lot, with a rear parking lot. The property is located on the same block as the entrance to the 6 Subway Castle Hill Avenue Station with an average annual ridership of 2,000,000 +/-. The 14,638 square foot ground floor consists of eleven retail spaces (11 tenants), one small rear storage unit and the entrance to Planet Fitness. The entire second floor is occupied by Planet Fitness, with a 20-year lease that runs through July 2028. Planet Fitness pays 50% of the real estate taxes, and they are 100% responsible for the maintenance and repairs to the elevator. All the retail tenants reimburse for their pro-rata share of insurance, and all the tenants have annual rental escalations. The property is zoned R6/C2-4, and it allows for maximum buildable floor area of 81,671 square feet (this does not include the existing 27,622 square feet of retail space). For a full breakdown of how to achieve this number and to see the available air rights for other uses including residential, commercial, quality housing, community facility, and various combinations, please contact the exclusive agent to request the full zoning study. This is an opportunity to acquire a fully leased (and historically 100% occupied) multi-tenant retail property located on the block with the subway in the Bronx. This is a high performing Planet Fitness location with incredible visibility along Westchester Avenue and the benefit of the incredibly rare on-site parking lot. The property is surrounded by national retailers. Within one block you have Dunkin Donuts, Chase Bank, Citibank, Rainbow and Wendy's.

Investment Highlights

  • ZONED R6/C2-4 ALLOWING FOR A MAXIMUM BUILDABLE FLOOR AREA OF 81,671SF
  • ANCHORED BY PLANET FITNESS, ON THEIR TWELTH YEAR OF A 20-YEAR LEASE OCCUPYING HALF THE GLA
  • HAS 27,622 SF TWO STORY RETAIL PROPERTY ON THE CORNER OF WESTCHESTER AVE & GLEBE AVE

Exclusively Listed By

  • Steven J. Siegel

    Licensed Associate Real Estate Broker

    (212) 430-5166

    Email Steven

    License(s): NY: 30SI0857139, NJ: 0015107, CT: REB.0754170

    Manhattan

Financing By

Shopping Strip

New | Income Producing Retail Property with Air Rights on Westchester Avenue

Listing Price: $14,400,000

Cap Rate
6.00%
Gross SF
27,622
Rentable SF
27,622
Price/Gross SF
$521.32
Lot Size
0.52 acres
Year Built
1990

Investment Highlights

  • ZONED R6/C2-4 ALLOWING FOR A MAXIMUM BUILDABLE FLOOR AREA OF 81,671SF
  • ANCHORED BY PLANET FITNESS, ON THEIR TWELTH YEAR OF A 20-YEAR LEASE OCCUPYING HALF THE GLA
  • HAS 27,622 SF TWO STORY RETAIL PROPERTY ON THE CORNER OF WESTCHESTER AVE & GLEBE AVE

Investment Overview

The subject offering is a 27,622 square foot two-story retail property on the corner of Westchester Avenue and Glebe Avenue in the Bronx, NY. The property consists of 12 retail units (12 tenants), and one small rear storage unit. It is 100% occupied with 100% payment. The building rests on a 22,770 square foot lot, with a rear parking lot. The property is located on the same block as the entrance to the 6 Subway Castle Hill Avenue Station with an average annual ridership of 2,000,000 +/-. The 14,638 square foot ground floor consists of eleven retail spaces (11 tenants), one small rear storage unit and the entrance to Planet Fitness. The entire second floor is occupied by Planet Fitness, with a 20-year lease that runs through July 2028. Planet Fitness pays 50% of the real estate taxes, and they are 100% responsible for the maintenance and repairs to the elevator. All the retail tenants reimburse for their pro-rata share of insurance, and all the tenants have annual rental escalations. The property is zoned R6/C2-4, and it allows for maximum buildable floor area of 81,671 square feet (this does not include the existing 27,622 square feet of retail space). For a full breakdown of how to achieve this number and to see the available air rights for other uses including residential, commercial, quality housing, community facility, and various combinations, please contact the exclusive agent to request the full zoning study. This is an opportunity to acquire a fully leased (and historically 100% occupied) multi-tenant retail property located on the block with the subway in the Bronx. This is a high performing Planet Fitness location with incredible visibility along Westchester Avenue and the benefit of the incredibly rare on-site parking lot. The property is surrounded by national retailers. Within one block you have Dunkin Donuts, Chase Bank, Citibank, Rainbow and Wendy's.

Exclusively Listed By

  • Steven J. Siegel

    Licensed Associate Real Estate Broker

    (212) 430-5166

    Email Steven

    License(s): NY: 30SI0857139, NJ: 0015107, CT: REB.0754170

    Manhattan

Financing By

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