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Shoe Store

Foot Locker

440 Broadway, New York, NY 10013

Listing Price: $24,000,000

Cap Rate
6.07%
Tenant Name
Foot Locker
Years Remaining On Lease
1.1
Gross SF
8,720
Guarantor
Corporate Guarantee
Rentable SF
8,720
Price/Gross SF
$2,752.29
Lease Type
Double Net
Rent Per Square Feet
$167.06

Investment Overview

The subject offering is an 8,720 square foot two-story retail building that is net leased to Foot Locker (NYSE: FL) with just under one and half years remaining on a 10-year NN lease. The property is located on Broadway, between Howard Street and Grand Street, right in the heart of Manhattan's iconic SoHo neighborhood. Foot Locker has 3% annual increases, with the final increase coming July 1, 2022. There are no additional options to renew. This is a NN lease. Foot Locker is responsible for paying all taxes, insurance, utilities and maintenance. The landlord's only responsibility is for repairs/replacement for the roof and structure. The tenant reimburses for taxes and insurance. All other expenses are paid directly by the tenant. The offering consists of 2,972 SF of ground floor retail, a 2,753 SF second floor which is used for offices and storage, and a 2,995 SF lower-level (8,720 total rentable square feet). The previous tenant, OMG, used the entire lower-level as a retail selling basement. The property has 30 feet of retail frontage on Broadway, the most heavily visited retail street in Lower Manhattan. The property is located on the same block as retailers Champion, G -Star Raw, Pearl River Mart, Muji, Duane Reade, and CB2. The offering rests on a 2,989 SF lot which is zoned M1-5B (FAR 5). It is located in the SoHo-Cast Iron Historic District. The total buildable square footage is 14,945 SF (additional 9,220 of air rights for potential future development). Foot Locker was founded in 1974. It currently operates 3,129 retail locations, and they did $8 Billion in revenue last year. Foot Locker is rated "BB+" by Standard & Poors, and they have a current market cap of $4.5 Billion. This is the incredibly rare opportunity to purchase a net-leased credit tenant freestanding retail building in Manhattan.

Investment Highlights

  • 8,720 SF Three-Story Retail Building
  • 100% Occupied - Foot Lockers has a NN Lease Through Summer 2023
  • Incredibly Rare SoHo Freestanding Retail Building

Exclusively Listed By

Shoe Store

Foot Locker

Listing Price: $24,000,000

Cap Rate
6.07%
Tenant Name
Foot Locker
Years Remaining On Lease
1.1
Gross SF
8,720
Guarantor
Corporate Guarantee
Rentable SF
8,720
Price/Gross SF
$2,752.29
Lease Type
Double Net
Rent Per Square Feet
$167.06

Investment Highlights

  • 8,720 SF Three-Story Retail Building
  • 100% Occupied - Foot Lockers has a NN Lease Through Summer 2023
  • Incredibly Rare SoHo Freestanding Retail Building

Investment Overview

The subject offering is an 8,720 square foot two-story retail building that is net leased to Foot Locker (NYSE: FL) with just under one and half years remaining on a 10-year NN lease. The property is located on Broadway, between Howard Street and Grand Street, right in the heart of Manhattan's iconic SoHo neighborhood. Foot Locker has 3% annual increases, with the final increase coming July 1, 2022. There are no additional options to renew. This is a NN lease. Foot Locker is responsible for paying all taxes, insurance, utilities and maintenance. The landlord's only responsibility is for repairs/replacement for the roof and structure. The tenant reimburses for taxes and insurance. All other expenses are paid directly by the tenant. The offering consists of 2,972 SF of ground floor retail, a 2,753 SF second floor which is used for offices and storage, and a 2,995 SF lower-level (8,720 total rentable square feet). The previous tenant, OMG, used the entire lower-level as a retail selling basement. The property has 30 feet of retail frontage on Broadway, the most heavily visited retail street in Lower Manhattan. The property is located on the same block as retailers Champion, G -Star Raw, Pearl River Mart, Muji, Duane Reade, and CB2. The offering rests on a 2,989 SF lot which is zoned M1-5B (FAR 5). It is located in the SoHo-Cast Iron Historic District. The total buildable square footage is 14,945 SF (additional 9,220 of air rights for potential future development). Foot Locker was founded in 1974. It currently operates 3,129 retail locations, and they did $8 Billion in revenue last year. Foot Locker is rated "BB+" by Standard & Poors, and they have a current market cap of $4.5 Billion. This is the incredibly rare opportunity to purchase a net-leased credit tenant freestanding retail building in Manhattan.

Exclusively Listed By

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