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Urban-High Street

124 W 24th St

124 W 24th St, New York, NY 10011

Listing Price: $9,400,000

Cap Rate
6.00%
Gross SF
10,245
Rentable SF
10,245
Price/Gross SF
$917.52
Lot Size
0.24 acres
Year Built
2000

Investment Overview

The subject offering is a 10,245-square foot retail condo located on 24th Street between Sixth Avenue and Seventh Avenue in Manhattan's Chelsea neighborhood. The property is 100 percent occupied by Salons by JC, a national chain of hair and beauty salons that was founded in 2000, and currently has 128 locations nationally. The tenant has a lease that runs through the end of January 2026, with 3 percent annual increases. The tenant is responsible for paying $15,000 per year of reimbursements towards the Condo Maintenance Fees. They are also responsible for paying all the real estate taxes above their base-year of 2016/2017 (base year taxes were $122,168). The condo features 5,123 square feet of on-grade retail space plus a 5,122-square foot lower-level that has a C of O for retail/beauty parlor. The space had a $1M+ build out when the tenant moved into the space in 2016. The property features 57 feet of retail frontage along 24th Street. The retail condo is located at the base of a six-story, 20-unit boutique loft condo building The property is half a block from Sixth and Seventh Avenues, and it is surrounded by major retailers such as Whole Foods, CVS, Starbucks, Verizon, Chase Bank, Buy Buy Baby and Fairway. This is an opportunity to acquire a 100 percent occupied Manhattan retail property at a 6 percent CAP going-in. The tenant is a national brand with annual increases, and this is a minimal management asset.

Investment Highlights

  • 10,245 SF Retail Condo
  • Located on 24th Street between Sixth & Seventh Ave
  • Fully Occupied - 6% Cap

Exclusively Listed By

Urban-High Street

124 W 24th St

Listing Price: $9,400,000

Cap Rate
6.00%
Gross SF
10,245
Rentable SF
10,245
Price/Gross SF
$917.52
Lot Size
0.24 acres
Year Built
2000

Investment Highlights

  • 10,245 SF Retail Condo
  • Located on 24th Street between Sixth & Seventh Ave
  • Fully Occupied - 6% Cap

Investment Overview

The subject offering is a 10,245-square foot retail condo located on 24th Street between Sixth Avenue and Seventh Avenue in Manhattan's Chelsea neighborhood. The property is 100 percent occupied by Salons by JC, a national chain of hair and beauty salons that was founded in 2000, and currently has 128 locations nationally. The tenant has a lease that runs through the end of January 2026, with 3 percent annual increases. The tenant is responsible for paying $15,000 per year of reimbursements towards the Condo Maintenance Fees. They are also responsible for paying all the real estate taxes above their base-year of 2016/2017 (base year taxes were $122,168). The condo features 5,123 square feet of on-grade retail space plus a 5,122-square foot lower-level that has a C of O for retail/beauty parlor. The space had a $1M+ build out when the tenant moved into the space in 2016. The property features 57 feet of retail frontage along 24th Street. The retail condo is located at the base of a six-story, 20-unit boutique loft condo building The property is half a block from Sixth and Seventh Avenues, and it is surrounded by major retailers such as Whole Foods, CVS, Starbucks, Verizon, Chase Bank, Buy Buy Baby and Fairway. This is an opportunity to acquire a 100 percent occupied Manhattan retail property at a 6 percent CAP going-in. The tenant is a national brand with annual increases, and this is a minimal management asset.

Exclusively Listed By

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