246-248 West 125th Street Setup - Massey Knakal
246-248 West 125th Street WEST HARLEM RETAIL/REDEVELOPMENT Prime Commercial Corridor FOR SALE
Asking Price: $19,500,000
BUILDING FEATURES
Location
On the south side of West 125th Street between Adam Clayton Powell Jr. Blvd & Frederick Douglass Blvd.
Block/Lot
1930 / 49
Lot Dimensions
50’ x 100.92’ (Approx.)
Lot Area
5,046 (Approx.)
Stories
1
Building Size
50’ x 100’ (Approx.)
Gross Square Footage
5,000 (Approx.)
Assessment (16/17)
$2,244,130
Taxes (16/17)
$239,134 (Tenant Pays)
ANNUAL GROSS RENT Harlem of Gold (Actual)
$202,584 | $202/SF (NNN) Zoning (C6-3/125)
The Children’s Place (Projected)
$700,000 | $175/SF (NNN)
Projected Gross Revenue
$902,584 | $180/SF (NNN)
Expenses
$6,250
NOI
$896,334
Property Highlights
DEVELOPMENT RIGHTS
Residential FAR
Commercial FAR
AS OF RIGHT FAR (BSF)
5.4 (27,248)
6.0 (30,276)
BONUS FAR (BSF)
7.2 (36,331)
8.0 (40,368)
Total BSF W/ Bonus
36,331
40,368
246-248 West 125th Street represents a unique investment/re-development opportunity along the main commercial corridor in Upper Manhattan. The property comprises approximately 5,000 SF of prime retail space with 50’ of frontage along the busiest block in Upper Manhattan, the 125th Street retail corridor. The building currently generates an in-place annual income of approximately $681,000 (or ~$136 sq. ft.) which is well below current market rents of approximately $175 sq. ft. The subject property is occupied by Children’s Place (4000 sq. ft.) and Gold of Harlem (1000 sq. ft.) both of which are obligated to pay rent through 2021 but at Landlord’s option can be terminated. Accordingly, future ownership can either position the asset as a premiere commercial building with the existing or new tenants or, alternatively, develop a ground up mixed-use asset. The C6-3/125 zoning designation allows for a total of 30,276 buildable sq. ft. as of right (or 40,368 sq. ft. with the bonus). Situated along the prime retail stretch of 125th Street where retail and residential rents are the highest, investors and developers are presented with a variety of attractive options to maximize the asset’s full value in the near term. The subject property is located across the street from the famous Apollo Theater and is surrounded increasingly by national tenants, such as The Gap, Red Lobster, Banana Republic, Duane Reade, Designer Shoe Warehouse and Joe’s Crab Shack. In addition, there are several new developments on the horizon that will further transform the area, including Whole Foods, the Taystee Project, the Corn Exchange Site, the Pathmark Supermarket and the legendary Victoria Theater. Furthermore, the property is within close proximity to Columbia University’s seven million sq. ft. expansion project, and is within walking distance to the A, B, C and D subway lines on 125th Street and St. Nicholas Avenue. For More Information, Please Contact: Josh Lipton Senior Director (212) 660 7779 [email protected]
Andrew Levine Associate (212) 589 5153 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
246-248 WEST 125TH STREET
RENT ROLL Projected Gross Revenue
$902,584
EXPENSES Actual
$239,134 (Tenant Pays)
Water & Sewer
Projected @ $0.25 / SF
Tenant Pays
Gas & Heat
Projected @ $0.25 / SF
Tenant Pays
Electric
Projected @ $0.25 / SF
Tenant pays
Insurance
Projected @ $1.25 / SF
$6,250
Repairs
Projected @ $0.50 / SF
Tenant Pays
Projected @ $200 Per Month
Tenant Pays
R. E. Taxes (16/17)
Cleaning & Maintenance Total Annual Expenses:
$6,250
TOTALS & METRICS Gross Annual Revenue:
$902,584
Less Annual Expenses:
$6,250
Net Operating Income:
$896,334
Projected CAP RATE:
4.60%
246-248
Victoria Theater Redevelopment
WEST 125TH STREET – DR. MARTIN LUTHER KING JR. BLVD
49
Adam Clayton Powell Jr. Boulevard
Frederick Douglass Boulevard
West 125th Street
1930 WEST 124TH STREET Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
246-248 WEST 125TH STREET The Children’s Place
Roof
The Gold of Harlem
Mechanicals
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Asking Price: $19,500,000
BUILDING FEATURES
Location
On the south side of West 125th Street between Adam Clayton Powell Jr. Blvd & Frederick Douglass Blvd.
Block/Lot
1930 / 49
Lot Dimensions
50’ x 100.92’ (Approx.)
Lot Area
5,046 (Approx.)
Stories
1
Building Size
50’ x 100’ (Approx.)
Gross Square Footage
5,000 (Approx.)
Assessment (16/17)
$2,244,130
Taxes (16/17)
$239,134 (Tenant Pays)
ANNUAL GROSS RENT Harlem of Gold (Actual)
$202,584 | $202/SF (NNN) Zoning (C6-3/125)
The Children’s Place (Projected)
$700,000 | $175/SF (NNN)
Projected Gross Revenue
$902,584 | $180/SF (NNN)
Expenses
$6,250
NOI
$896,334
Property Highlights
DEVELOPMENT RIGHTS
Residential FAR
Commercial FAR
AS OF RIGHT FAR (BSF)
5.4 (27,248)
6.0 (30,276)
BONUS FAR (BSF)
7.2 (36,331)
8.0 (40,368)
Total BSF W/ Bonus
36,331
40,368
246-248 West 125th Street represents a unique investment/re-development opportunity along the main commercial corridor in Upper Manhattan. The property comprises approximately 5,000 SF of prime retail space with 50’ of frontage along the busiest block in Upper Manhattan, the 125th Street retail corridor. The building currently generates an in-place annual income of approximately $681,000 (or ~$136 sq. ft.) which is well below current market rents of approximately $175 sq. ft. The subject property is occupied by Children’s Place (4000 sq. ft.) and Gold of Harlem (1000 sq. ft.) both of which are obligated to pay rent through 2021 but at Landlord’s option can be terminated. Accordingly, future ownership can either position the asset as a premiere commercial building with the existing or new tenants or, alternatively, develop a ground up mixed-use asset. The C6-3/125 zoning designation allows for a total of 30,276 buildable sq. ft. as of right (or 40,368 sq. ft. with the bonus). Situated along the prime retail stretch of 125th Street where retail and residential rents are the highest, investors and developers are presented with a variety of attractive options to maximize the asset’s full value in the near term. The subject property is located across the street from the famous Apollo Theater and is surrounded increasingly by national tenants, such as The Gap, Red Lobster, Banana Republic, Duane Reade, Designer Shoe Warehouse and Joe’s Crab Shack. In addition, there are several new developments on the horizon that will further transform the area, including Whole Foods, the Taystee Project, the Corn Exchange Site, the Pathmark Supermarket and the legendary Victoria Theater. Furthermore, the property is within close proximity to Columbia University’s seven million sq. ft. expansion project, and is within walking distance to the A, B, C and D subway lines on 125th Street and St. Nicholas Avenue. For More Information, Please Contact: Josh Lipton Senior Director (212) 660 7779 [email protected]
Andrew Levine Associate (212) 589 5153 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
246-248 WEST 125TH STREET
RENT ROLL Projected Gross Revenue
$902,584
EXPENSES Actual
$239,134 (Tenant Pays)
Water & Sewer
Projected @ $0.25 / SF
Tenant Pays
Gas & Heat
Projected @ $0.25 / SF
Tenant Pays
Electric
Projected @ $0.25 / SF
Tenant pays
Insurance
Projected @ $1.25 / SF
$6,250
Repairs
Projected @ $0.50 / SF
Tenant Pays
Projected @ $200 Per Month
Tenant Pays
R. E. Taxes (16/17)
Cleaning & Maintenance Total Annual Expenses:
$6,250
TOTALS & METRICS Gross Annual Revenue:
$902,584
Less Annual Expenses:
$6,250
Net Operating Income:
$896,334
Projected CAP RATE:
4.60%
246-248
Victoria Theater Redevelopment
WEST 125TH STREET – DR. MARTIN LUTHER KING JR. BLVD
49
Adam Clayton Powell Jr. Boulevard
Frederick Douglass Boulevard
West 125th Street
1930 WEST 124TH STREET Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
246-248 WEST 125TH STREET The Children’s Place
Roof
The Gold of Harlem
Mechanicals
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
