10 53000 commercial 5.00% allerton 1 4542
2901-2915 White Plains Road, Bronx, NY 10467 fully occupied 53,000 square foot commercial building | FOR SALE
10 Units
53,000
Gross SF
Commercial
Building Type
5.00%
Cap Rate
Allerton
Location
Ariel Property Advisors is pleased to present 2901-2915 White Plains Road, a commercial building with over 272’ of retail frontage plus office space located on the northwest corner of Arnow Avenue and White Plains Road, in the Allerton section of the Bronx. This fully occupied 53,000 square foot commercial assemblage is home to ten (10) commercial tenants. Anchored by Brightside Academy and SUNY (State of NY), the building consists of six (6) retail tenants and four (4) office tenants, which occupy the 2nd floor. The asset provides investor with a tremendous amount of upside and opportunity to increase current rents as majority of the retail/office tenants are operating well below market. In addition to the income generated from the existing tenants, R6 / C2-3 zoning allows for an additional 28,435 sq. ft. of air rights, providing the opportunity for future development. The total amount of buildable square feet is approximately 81,000 as-of-right. The property is just two blocks away from 2 and 5 trains at Allerton Avenue and White Plains Road, offering easy access throughout Manhattan and the outer boroughs. Surrounded by a healthy mix of residential and commercial blocks, 2901-2915 White Plains Road offers investors the opportunity to own a prime commercial asset generating tremendous cash flow with potential for future development as the Bronx continues to evolve and improve.
Property Information Block / Lot Stories Total Number of Units Zoning (FAR) Lot Dimensions Lot Size Building Dimensions Building Size Buildable Area Air Rights Assesment (16/17) Taxes (16/17)
3D Map / Tax Map 4542 / 1 2 10 R6 / C2-3 272.42' x 100' 27,145 272' x 100' 53,000 81,435 28,435 $1,900,530 $202,520
Northwest corner of White Plains Road and Arnow Avenue
N S
(3.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
1
Lot
4542 Block
asking Price: $19,000,000 For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc
For Financing Info
Jason M. Gold x22
Paul McCormick x45
[email protected]
Marko Agbaba x32
[email protected]
Christopher Gillis x1045 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. March 16, 2017 3:34 PM
IA A V
E 22
E 22
SR D
LAC ON
7 ST
5 ST
2901-2915 White Plains Road, Bronx, NY 10467 PLA IN
OLINVILLE
E2
29
S
E 2building fully occupied 53,000 square foot commercial | FOR SALE 22
WH I TE
AV IA A V
LAC ON
BOUCK AV
MACE AV
MORGAN AV
DE NA
LA
Christopher Gillis x1045
PaulING McCormick x45 WARN AV
[email protected]
[email protected]
NY INSTITUTION FOR THE BLIND
For Financing Info
ASTOR AV
YMOUR AV
[email protected]
ESP
Marko Agbaba x32
PELHAM GARDEN
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. March 16, 2017 3:34 PM
2 5
Pelham Pkwy
TCHESTER RD
E RD
BRONXWOOD
9
FENTON AV
8
asking Price: $19,000,000
[email protected]
6
YOUNG AV
LACONIA
For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc Jason M. Gold x22
Gun Hill Rd
WILSON AV
7
RIDG
BRONXWOOD AV
BO
5
THROOP AV
5
3
PEARSALL AV
TENBROECK AV
HERING AV
LURTING AV
4
2
YATES AV
HONE AV 62
$219,750
28
LACONIA AV
COLDEN AV
BRONXWOOD AV
Gross Operating Expenses
$35,057
FISH AV
ES A V
PAULDING AV
B-L
$11,686
25 26
MS B
CRUGER AV
Management
RD IA WILL
ON ST
2/1/2022 -
$5,000
AV
B-L B-L
60 61
ON R BOST
62 30
V ON A FENT
1
D
B-L
Legal/Miscellaneous
BURKE AV
2 5 Allerton Av 6 2
5/14/2018
$22,826 12/31/2019 $21,917 10/31/2019
$4,944 $3,720 $99,369 DUNCAN ST $1,192,422 10
RADCLIFF AV
E AV
AV
WALLA C
30 28 $4,425 $519 $3,720 -
RD
B-L B-L
AV
BARNE S
ND AV
HOLLA
$22,826E G UN H $20,370 $1,547ILL
$38,000
60 61
AV
WHITE PLAINS RD
$3,862
$21,000
Repairs, Cleaning & Maintenance Elevator
ST
$28,000
Y ST KLE A O V MA Electric HA D E NE ST KS HIC
FISH
9
$137
23
A CORS
$34 $30
Insurance
WILLIAMSBRIDGE
$3,726
E2
31
Total Lease 5 ST CAM Monthly Rent Expiration $215 $4,040 1/31/2023 $100 $7,749 1/31/2021 $18,576 8/31/2022 $3,690 2/28/2017 TILDEN ST $459 $8,044 11/30/2024
Rent $3,825 $7,649 $18,576 $3,690 $7,586
8
4
OLINVILLE AV
($75,000)
D
1,770 1,488
7 ST
Current E 21
ARNOW AV
7
Tax Reimbursements
TER R
$20 $34
ADEE AV
9 8
BETH ABRAHAM HEALT SERVICES
($46,513)
OUR
13,500 7,760
Burke Av
5
ICIP (Taxes)
V ON A
$28
Location Map
3
% of SGI Cap Rate
WILS
1,638
2 5
1
5S $202,520 T
SEYM
Actual Actual
Office Actual RO/ SE 2nd Floor 1 Office Office Projected WOOD ST Monthly Rent SO AK Annual Rent DR # of Units
Subject Property
2
Real Estate Taxes (16/17)
CHES EAST
Actual
Laboratory Corp
8
18% 5.00%
E2
E 21
Unit 55 Actual / Sq. Ft. $/SF E 21 Type Projected (Approx.) 3 ST Retail Actual 2,730 $18 Retail Actual 5,432 $17 E 211 5 12,600 ST$18 2Actual Retail 39 Retail 1,000 $44 GunActual Hill Rd Retail Actual 3,500 $28
Allerton Glass Company Home Decore Inc. Corner Furniture Azz Santa Deli Appollo Medical Catholics Charities Community Services Inc. Retail Brightside Academy, Inc. Office SUNY (State of New York) Office
9 ST
BAR N
BRO NX BLV OLI D NVI LLE AV WIL LET T AV
METRO Schedule Income NORTH WILLIAMS Unit BRIDGE
E 21
$1,192,422 41 ($23,848) $1,168,574 ($219,750) $948,824
ING
Scheduled Gross Income: E2 16 Less Vacancy Rate Reserve (2.0%): ST Gross Operating Income: Less Expenses: Net Operating Income:
3 ST EXPENSES: (ESTIMATED)
PAU LD
219 St
Current Roll
BAKER AV
E 22
BRO NXW OO DA V
2 5
BRONX PARK
ST
10 Units
53,000
Gross SF
Commercial
Building Type
5.00%
Cap Rate
Allerton
Location
Ariel Property Advisors is pleased to present 2901-2915 White Plains Road, a commercial building with over 272’ of retail frontage plus office space located on the northwest corner of Arnow Avenue and White Plains Road, in the Allerton section of the Bronx. This fully occupied 53,000 square foot commercial assemblage is home to ten (10) commercial tenants. Anchored by Brightside Academy and SUNY (State of NY), the building consists of six (6) retail tenants and four (4) office tenants, which occupy the 2nd floor. The asset provides investor with a tremendous amount of upside and opportunity to increase current rents as majority of the retail/office tenants are operating well below market. In addition to the income generated from the existing tenants, R6 / C2-3 zoning allows for an additional 28,435 sq. ft. of air rights, providing the opportunity for future development. The total amount of buildable square feet is approximately 81,000 as-of-right. The property is just two blocks away from 2 and 5 trains at Allerton Avenue and White Plains Road, offering easy access throughout Manhattan and the outer boroughs. Surrounded by a healthy mix of residential and commercial blocks, 2901-2915 White Plains Road offers investors the opportunity to own a prime commercial asset generating tremendous cash flow with potential for future development as the Bronx continues to evolve and improve.
Property Information Block / Lot Stories Total Number of Units Zoning (FAR) Lot Dimensions Lot Size Building Dimensions Building Size Buildable Area Air Rights Assesment (16/17) Taxes (16/17)
3D Map / Tax Map 4542 / 1 2 10 R6 / C2-3 272.42' x 100' 27,145 272' x 100' 53,000 81,435 28,435 $1,900,530 $202,520
Northwest corner of White Plains Road and Arnow Avenue
N S
(3.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
1
Lot
4542 Block
asking Price: $19,000,000 For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc
For Financing Info
Jason M. Gold x22
Paul McCormick x45
[email protected]
Marko Agbaba x32
[email protected]
Christopher Gillis x1045 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. March 16, 2017 3:34 PM
IA A V
E 22
E 22
SR D
LAC ON
7 ST
5 ST
2901-2915 White Plains Road, Bronx, NY 10467 PLA IN
OLINVILLE
E2
29
S
E 2building fully occupied 53,000 square foot commercial | FOR SALE 22
WH I TE
AV IA A V
LAC ON
BOUCK AV
MACE AV
MORGAN AV
DE NA
LA
Christopher Gillis x1045
PaulING McCormick x45 WARN AV
[email protected]
[email protected]
NY INSTITUTION FOR THE BLIND
For Financing Info
ASTOR AV
YMOUR AV
[email protected]
ESP
Marko Agbaba x32
PELHAM GARDEN
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. March 16, 2017 3:34 PM
2 5
Pelham Pkwy
TCHESTER RD
E RD
BRONXWOOD
9
FENTON AV
8
asking Price: $19,000,000
[email protected]
6
YOUNG AV
LACONIA
For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc Jason M. Gold x22
Gun Hill Rd
WILSON AV
7
RIDG
BRONXWOOD AV
BO
5
THROOP AV
5
3
PEARSALL AV
TENBROECK AV
HERING AV
LURTING AV
4
2
YATES AV
HONE AV 62
$219,750
28
LACONIA AV
COLDEN AV
BRONXWOOD AV
Gross Operating Expenses
$35,057
FISH AV
ES A V
PAULDING AV
B-L
$11,686
25 26
MS B
CRUGER AV
Management
RD IA WILL
ON ST
2/1/2022 -
$5,000
AV
B-L B-L
60 61
ON R BOST
62 30
V ON A FENT
1
D
B-L
Legal/Miscellaneous
BURKE AV
2 5 Allerton Av 6 2
5/14/2018
$22,826 12/31/2019 $21,917 10/31/2019
$4,944 $3,720 $99,369 DUNCAN ST $1,192,422 10
RADCLIFF AV
E AV
AV
WALLA C
30 28 $4,425 $519 $3,720 -
RD
B-L B-L
AV
BARNE S
ND AV
HOLLA
$22,826E G UN H $20,370 $1,547ILL
$38,000
60 61
AV
WHITE PLAINS RD
$3,862
$21,000
Repairs, Cleaning & Maintenance Elevator
ST
$28,000
Y ST KLE A O V MA Electric HA D E NE ST KS HIC
FISH
9
$137
23
A CORS
$34 $30
Insurance
WILLIAMSBRIDGE
$3,726
E2
31
Total Lease 5 ST CAM Monthly Rent Expiration $215 $4,040 1/31/2023 $100 $7,749 1/31/2021 $18,576 8/31/2022 $3,690 2/28/2017 TILDEN ST $459 $8,044 11/30/2024
Rent $3,825 $7,649 $18,576 $3,690 $7,586
8
4
OLINVILLE AV
($75,000)
D
1,770 1,488
7 ST
Current E 21
ARNOW AV
7
Tax Reimbursements
TER R
$20 $34
ADEE AV
9 8
BETH ABRAHAM HEALT SERVICES
($46,513)
OUR
13,500 7,760
Burke Av
5
ICIP (Taxes)
V ON A
$28
Location Map
3
% of SGI Cap Rate
WILS
1,638
2 5
1
5S $202,520 T
SEYM
Actual Actual
Office Actual RO/ SE 2nd Floor 1 Office Office Projected WOOD ST Monthly Rent SO AK Annual Rent DR # of Units
Subject Property
2
Real Estate Taxes (16/17)
CHES EAST
Actual
Laboratory Corp
8
18% 5.00%
E2
E 21
Unit 55 Actual / Sq. Ft. $/SF E 21 Type Projected (Approx.) 3 ST Retail Actual 2,730 $18 Retail Actual 5,432 $17 E 211 5 12,600 ST$18 2Actual Retail 39 Retail 1,000 $44 GunActual Hill Rd Retail Actual 3,500 $28
Allerton Glass Company Home Decore Inc. Corner Furniture Azz Santa Deli Appollo Medical Catholics Charities Community Services Inc. Retail Brightside Academy, Inc. Office SUNY (State of New York) Office
9 ST
BAR N
BRO NX BLV OLI D NVI LLE AV WIL LET T AV
METRO Schedule Income NORTH WILLIAMS Unit BRIDGE
E 21
$1,192,422 41 ($23,848) $1,168,574 ($219,750) $948,824
ING
Scheduled Gross Income: E2 16 Less Vacancy Rate Reserve (2.0%): ST Gross Operating Income: Less Expenses: Net Operating Income:
3 ST EXPENSES: (ESTIMATED)
PAU LD
219 St
Current Roll
BAKER AV
E 22
BRO NXW OO DA V
2 5
BRONX PARK
ST
