264 WEST 124TH ST
TEAM SHAPIRO
264 WEST 124TH ST RETAIL CONDOMINIUM, HARLEM NY
1
CUSHMAN & WAKEFIELD
264 WEST 124TH STREET - PROPERTY OVERVIEW Property Description Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 30’ wide retail condominium at 264 West 124th Street. The property is situated just off of Harlem’s world famous 125th Street between Frederick Douglass and Adam Clayton Powell Jr. Boulevards. The property is within block of major retailers such as Whole Foods, Burlington Coat Factory, Bed Bath & Beyond, Victoria’s Secret and more. The property 1,635 SF condominium is currently occupied by a Nail salon paying about $40 per square foot. The offering of 264 West 125th Street presents investors with the opportunity to own a two story retail property in a thriving neighborhood covered with new development, retailers and more.
Highlights • Steps from 125th Street & Frederick Douglass Blvd. major retail intersection • Two blocks from the A C B D , & three blocks from the 2 3 125th Street Subways • Retail store front is surrounded by high-end new construction condos & rentals • Low maintenance commercial condo • Conveniently located near Columbia University’s Manhattanville campus
Retail Map
A C B D
2 3
264 WEST 124TH STREET CUSHMAN & WAKEFIELD
2
264 WEST 124TH STREET - PROPERTY FEATURES ASKING PRICE: $1,100,000
PPSF: $673
CAP RATE: 4.91%
Property Features: Location:
Located on the south side of West 124th Street between Frederick Douglass and Adam Clayton Powell Boulevards.
Block & Lot:
1929-1201
Lot Dimensions:
30' x 60.92' (irregular)
Lot Square Footage:
1,298 sq ft (approx.)
Condominium SF:
1,635 sq ft (approx.)
Zoning:
C4-4D
Assessment (17/18):
$42,612
Taxes (17/18):
$8,519
Financial Summary: GROSS ANNUAL REVENUE:
$60,979
PRICE PER SQUARE FOOT:
$673
VACANCY LOSS & EXPENSES:
($6,962)
CAPITALIZATION RATE:
4.91%
NET OPERATING INCOME:
$54,017
Tax Map West 124th Street
Frederick Douglass Blvd.
Adam Clayton Powell Jr. Blvd.
West 123rd Street
CUSHMAN & WAKEFIELD
3
264 WEST 124TH STREET - TRANSPORTATION 1 A C B D
2 3
COLUMBIA UNIVERSITY
M N R
4 5 6
264 WEST 124TH STREET
125th Street Travel Times: 15
to Grand Central via
10
to Grand Central via Metro North
20
to Times Square via
16
to Bryant Park via
min
min 96TH STREET
min
min
4
1
5
2
6
3
A C B D
86TH STREET
72ND STREET
COLUMBUS CIRCLE
TIMES SQUARE
59TH STREET
20
10
min
BRYANT PARK
16
min
min
GRAND CENTRAL
15
min
CUSHMAN & WAKEFIELD
4
264 WEST 124TH STREET - INCOME & EXPENSES COMMERCIAL REVENUE
EXP.
SF
RPSF
ANNUAL RENT
Nail Salon
2023
1,635
$39.26
$64,188
Gross Annual Commercial Revenue
$64,188
Vacancy Allowance @ 10% of Gross Annual Revenue
($3,209)
Effective Gross Annual Commercial Revenue
$60,979
EXPENSES (ESTIMATED) Taxes (17/18)
Actual
$8,519
Tax Reimbursement
Actual
($3,574)
Water/Sewer
Tenant Pays
Additional Insurance
@ $0.50 / GSF
$818
Fuel
Tenant Pays
-
Electric
Tenant Pays
-
@ $100 / Month
$1,200
Repairs & Maintenance Total Expenses:
$6,962
Effective Gross Annual Commercial Revenue
$60,979
Less Expenses:
($6,962)
Net Operating Income:
$54,017
CUSHMAN & WAKEFIELD
5
264 WEST TH 124 STREET For more information contact: Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Eric Roth
Senior Associate (212) 660 7757 [email protected]
Jonathan Squires
Director (212) 307 8173 [email protected]
Cushman & Wakefield Copyright 2017. 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.
264 WEST 124TH ST RETAIL CONDOMINIUM, HARLEM NY
1
CUSHMAN & WAKEFIELD
264 WEST 124TH STREET - PROPERTY OVERVIEW Property Description Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 30’ wide retail condominium at 264 West 124th Street. The property is situated just off of Harlem’s world famous 125th Street between Frederick Douglass and Adam Clayton Powell Jr. Boulevards. The property is within block of major retailers such as Whole Foods, Burlington Coat Factory, Bed Bath & Beyond, Victoria’s Secret and more. The property 1,635 SF condominium is currently occupied by a Nail salon paying about $40 per square foot. The offering of 264 West 125th Street presents investors with the opportunity to own a two story retail property in a thriving neighborhood covered with new development, retailers and more.
Highlights • Steps from 125th Street & Frederick Douglass Blvd. major retail intersection • Two blocks from the A C B D , & three blocks from the 2 3 125th Street Subways • Retail store front is surrounded by high-end new construction condos & rentals • Low maintenance commercial condo • Conveniently located near Columbia University’s Manhattanville campus
Retail Map
A C B D
2 3
264 WEST 124TH STREET CUSHMAN & WAKEFIELD
2
264 WEST 124TH STREET - PROPERTY FEATURES ASKING PRICE: $1,100,000
PPSF: $673
CAP RATE: 4.91%
Property Features: Location:
Located on the south side of West 124th Street between Frederick Douglass and Adam Clayton Powell Boulevards.
Block & Lot:
1929-1201
Lot Dimensions:
30' x 60.92' (irregular)
Lot Square Footage:
1,298 sq ft (approx.)
Condominium SF:
1,635 sq ft (approx.)
Zoning:
C4-4D
Assessment (17/18):
$42,612
Taxes (17/18):
$8,519
Financial Summary: GROSS ANNUAL REVENUE:
$60,979
PRICE PER SQUARE FOOT:
$673
VACANCY LOSS & EXPENSES:
($6,962)
CAPITALIZATION RATE:
4.91%
NET OPERATING INCOME:
$54,017
Tax Map West 124th Street
Frederick Douglass Blvd.
Adam Clayton Powell Jr. Blvd.
West 123rd Street
CUSHMAN & WAKEFIELD
3
264 WEST 124TH STREET - TRANSPORTATION 1 A C B D
2 3
COLUMBIA UNIVERSITY
M N R
4 5 6
264 WEST 124TH STREET
125th Street Travel Times: 15
to Grand Central via
10
to Grand Central via Metro North
20
to Times Square via
16
to Bryant Park via
min
min 96TH STREET
min
min
4
1
5
2
6
3
A C B D
86TH STREET
72ND STREET
COLUMBUS CIRCLE
TIMES SQUARE
59TH STREET
20
10
min
BRYANT PARK
16
min
min
GRAND CENTRAL
15
min
CUSHMAN & WAKEFIELD
4
264 WEST 124TH STREET - INCOME & EXPENSES COMMERCIAL REVENUE
EXP.
SF
RPSF
ANNUAL RENT
Nail Salon
2023
1,635
$39.26
$64,188
Gross Annual Commercial Revenue
$64,188
Vacancy Allowance @ 10% of Gross Annual Revenue
($3,209)
Effective Gross Annual Commercial Revenue
$60,979
EXPENSES (ESTIMATED) Taxes (17/18)
Actual
$8,519
Tax Reimbursement
Actual
($3,574)
Water/Sewer
Tenant Pays
Additional Insurance
@ $0.50 / GSF
$818
Fuel
Tenant Pays
-
Electric
Tenant Pays
-
@ $100 / Month
$1,200
Repairs & Maintenance Total Expenses:
$6,962
Effective Gross Annual Commercial Revenue
$60,979
Less Expenses:
($6,962)
Net Operating Income:
$54,017
CUSHMAN & WAKEFIELD
5
264 WEST TH 124 STREET For more information contact: Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Eric Roth
Senior Associate (212) 660 7757 [email protected]
Jonathan Squires
Director (212) 307 8173 [email protected]
Cushman & Wakefield Copyright 2017. 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.
