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Urban-High Street

Upper Manhattan Retail Condo

142 Edgecombe Ave, New York, NY 10030

Listing Price: $1,750,000

Cap Rate
5.95%
Gross SF
1,600
Rentable SF
1,600
Price/Gross SF
$1,093.75
Lot Size
0.04 acres
Year Built
1920

Investment Overview

The subject offering is a 1,600 square foot two-unit retail condo on the corner of Edgecombe Avenue and 142nd Street in Upper Manhattan (Central Harlem).  The property is 100 percent occupied by two tenants.  The retail condo is at the base of 142 Edgecombe, a boutique 8-unit pre-war building that was converted to condos back in 2017.  The location is a five-minute walk to the 145th Street Subway Station, and it is right in the heart of an incredibly densely populated residential neighborhood. Both residential tenants have been at this location since 2017.  Both tenants have 3 percent annual increases.  The property is Tax Class 2C, which is a huge value add.  The current taxes are $5,340 per year.  And because they are tax class protected, the assessment cannot rise more than 8 percent per year or 30 percent every five years.  The property has 25 feet of frontage on Edgecombe Avenue. Hexagon Bar & Lounge's space is already vented (they have a full kitchen).  Manhattanville Coffee is a premier coffee/breakfast location in Central Harlem.  They have been at this location since 2014 and enjoy an incredibly loyal following.  This is an opportunity to acquire a stabilized multi-tenant deal with incredibly low operating expenses and two established and high-performing neighborhood tenants.  

Investment Highlights

  • Has 1,600 SF - 100 Percent Occupied Retail with 100 Percent Payment - Three percent Annual Increases
  • Rented to Two Successful Neighborhood Retailers (Coffee Shop & Bar/Restaurant)
  • Tax Class 2C - Protected Tax Class (Taxes are $5,340 per year)

Exclusively Listed By

  • Scott Plasky

    Licensed Real Estate Salesperson

    (212) 430-5229

    Email Scott

    License(s): NY: 40PL1176852

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

Urban-High Street

Upper Manhattan Retail Condo

Listing Price: $1,750,000

Cap Rate
5.95%
Gross SF
1,600
Rentable SF
1,600
Price/Gross SF
$1,093.75
Lot Size
0.04 acres
Year Built
1920

Investment Highlights

  • Has 1,600 SF - 100 Percent Occupied Retail with 100 Percent Payment - Three percent Annual Increases
  • Rented to Two Successful Neighborhood Retailers (Coffee Shop & Bar/Restaurant)
  • Tax Class 2C - Protected Tax Class (Taxes are $5,340 per year)

Investment Overview

The subject offering is a 1,600 square foot two-unit retail condo on the corner of Edgecombe Avenue and 142nd Street in Upper Manhattan (Central Harlem).  The property is 100 percent occupied by two tenants.  The retail condo is at the base of 142 Edgecombe, a boutique 8-unit pre-war building that was converted to condos back in 2017.  The location is a five-minute walk to the 145th Street Subway Station, and it is right in the heart of an incredibly densely populated residential neighborhood. Both residential tenants have been at this location since 2017.  Both tenants have 3 percent annual increases.  The property is Tax Class 2C, which is a huge value add.  The current taxes are $5,340 per year.  And because they are tax class protected, the assessment cannot rise more than 8 percent per year or 30 percent every five years.  The property has 25 feet of frontage on Edgecombe Avenue. Hexagon Bar & Lounge's space is already vented (they have a full kitchen).  Manhattanville Coffee is a premier coffee/breakfast location in Central Harlem.  They have been at this location since 2014 and enjoy an incredibly loyal following.  This is an opportunity to acquire a stabilized multi-tenant deal with incredibly low operating expenses and two established and high-performing neighborhood tenants.  

Exclusively Listed By

  • Scott Plasky

    Licensed Real Estate Salesperson

    (212) 430-5229

    Email Scott

    License(s): NY: 40PL1176852

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

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