941-951 Hoe Ave. Bronx, NY - Agorafy
941-951 Hoe Ave. Bronx, NY PRIME CORNER RETAIL & PARKING GARAGE CONDOMINIUM OPPORTUNITY ~9,205 SF Retail & ~55,800 SF Garage FOR SALE Property Features Location Block / Lot
Southwest corner of Hoe Avenue and Aldus Street 2742/1001 & 1002-1003
Square Footage Retail SF
9,205
(Approx.)
Garage SF
55,816
(Approx.)
Total Gross SF
65,021
(Approx.)
Parking Spaces Legal
250
Potential
300
Year Built
2007
Assessment (15/16)
$1,914,314
Tax Exemption (421a)
$204,527
Taxes (15/16)
$6,335
The retail and parking garage condominiums at 941-951 Hoe Avenue offer a unique opportunity to acquire stable income producing assets with significant upside potential. The property’s close proximity to the bustling Southern Boulevard retail corridor will continue to drive asking rents in the area and the garage component will benefit from the influx of local residents. Furthermore, the property is currently in year 9 of a 25year 421a Exemption allowing an investor to benefit from significant tax savings. Additionally, the property is served by a variety of transportation options including the subway line just a block to the south at Hunts Point Avenue, the & subway lines 3 blocks west at Simpson Street, as well as the Bx4, Bx4A Bx5, Bx11 Bx19, Bx27 and Bx35 bus lines.
1003
1001
SOUTHERN BLVD
The below grade parking garage condominium totals approximately 55,800 square feet and is leased to Little Man Parking through May of 2024. The garage features a licensed capacity of 250 vehicles and the main entrance is located on Aldus Street. Also included in the offering is a ground floor retail condominium, which totals approximately 9,205 square feet and features two retail units. The units are currently leased to a Laundromat and 99 Cent Store, which occupy approximately 4,500 and 4,705 square feet respectively. The Laundromat is currently in year 6 of a 15-year
lease at a rate of $17.48 per square foot and the 99 Cent Store is in year 3 of a 10-year lease at a rate of $14.22 per square foot. Retail rents in the area are averaging approximately $25 per square foot creating the ability to capitalize on future upside as leases begin to expire.
HOE AVE
Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of two separate retail and parking garage condominiums at 941-951 Hoe Avenue in the Longwood neighborhood of the Bronx. Situated on the southwest corner of Hoe Avenue and Aldus Street beneath The Northrose, a recently completed residential condominium building, the property benefits from tremendous visibility and an ideal location within a densely populated residential enclave of the Bronx.
1002
ALDUS ST
Property Description
BLOCK
2742
EAST 163rd ST
Asking Price: $5,395,000 For More Information, Please Contact: Robert Knakal
Nick Burns
Jonathan Hageman
Charlotte Myers
Chairman (212) 660 7777 [email protected]
Director (212) 660 7756 [email protected]
Director (212) 660 7773 [email protected]
Associate (212) 660 7749 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.
941-951 Hoe Avenue Bronx, NY
Revenue Unit
Tenant
Size (SF)
Exp. Date
RPSF
Monthly Rent
Annual Rent
Store 1
Laundromat
4,500
10/31/2024
$17.48
$6,556
$78,676
Store 2
99 Cent Store
4,705
12/31/2022
$14.22
$5,577
$66,926
Garage
Little Man Parking
55,816
5/31/2024
$13,260
$159,120
$25,393
$304,722
65,021
$15.85
Actual Revenue Commercial Potential Gross Income Reimbursement (RE Tax) Effective Gross Income:
$3,841 $308,563
N
D LV
$304,722
KN
UC
BR
B ER
Total Expenses
$4,994
Effective Gross Income
BLVD
$2,500
HERN
$2,494
Insurance
HOE AVE
Real Estate Taxes (15/16)
SOUT
Projected Expenses
$308,563
Total Expenses
$4,994
Net Operating Income
$303,569 ALDUS ST
941-951 HOE AVENUE
VE RA
TE ES
CH ST
WE
Asking Price: $5,395,000 For More Information, Please Contact: Robert Knakal
Nick Burns
Jonathan Hageman
Charlotte Myers
Chairman (212) 660 7777 [email protected]
Director (212) 660 7756 [email protected]
Director (212) 660 7773 [email protected]
Associate (212) 660 7749 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.
Southwest corner of Hoe Avenue and Aldus Street 2742/1001 & 1002-1003
Square Footage Retail SF
9,205
(Approx.)
Garage SF
55,816
(Approx.)
Total Gross SF
65,021
(Approx.)
Parking Spaces Legal
250
Potential
300
Year Built
2007
Assessment (15/16)
$1,914,314
Tax Exemption (421a)
$204,527
Taxes (15/16)
$6,335
The retail and parking garage condominiums at 941-951 Hoe Avenue offer a unique opportunity to acquire stable income producing assets with significant upside potential. The property’s close proximity to the bustling Southern Boulevard retail corridor will continue to drive asking rents in the area and the garage component will benefit from the influx of local residents. Furthermore, the property is currently in year 9 of a 25year 421a Exemption allowing an investor to benefit from significant tax savings. Additionally, the property is served by a variety of transportation options including the subway line just a block to the south at Hunts Point Avenue, the & subway lines 3 blocks west at Simpson Street, as well as the Bx4, Bx4A Bx5, Bx11 Bx19, Bx27 and Bx35 bus lines.
1003
1001
SOUTHERN BLVD
The below grade parking garage condominium totals approximately 55,800 square feet and is leased to Little Man Parking through May of 2024. The garage features a licensed capacity of 250 vehicles and the main entrance is located on Aldus Street. Also included in the offering is a ground floor retail condominium, which totals approximately 9,205 square feet and features two retail units. The units are currently leased to a Laundromat and 99 Cent Store, which occupy approximately 4,500 and 4,705 square feet respectively. The Laundromat is currently in year 6 of a 15-year
lease at a rate of $17.48 per square foot and the 99 Cent Store is in year 3 of a 10-year lease at a rate of $14.22 per square foot. Retail rents in the area are averaging approximately $25 per square foot creating the ability to capitalize on future upside as leases begin to expire.
HOE AVE
Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of two separate retail and parking garage condominiums at 941-951 Hoe Avenue in the Longwood neighborhood of the Bronx. Situated on the southwest corner of Hoe Avenue and Aldus Street beneath The Northrose, a recently completed residential condominium building, the property benefits from tremendous visibility and an ideal location within a densely populated residential enclave of the Bronx.
1002
ALDUS ST
Property Description
BLOCK
2742
EAST 163rd ST
Asking Price: $5,395,000 For More Information, Please Contact: Robert Knakal
Nick Burns
Jonathan Hageman
Charlotte Myers
Chairman (212) 660 7777 [email protected]
Director (212) 660 7756 [email protected]
Director (212) 660 7773 [email protected]
Associate (212) 660 7749 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.
941-951 Hoe Avenue Bronx, NY
Revenue Unit
Tenant
Size (SF)
Exp. Date
RPSF
Monthly Rent
Annual Rent
Store 1
Laundromat
4,500
10/31/2024
$17.48
$6,556
$78,676
Store 2
99 Cent Store
4,705
12/31/2022
$14.22
$5,577
$66,926
Garage
Little Man Parking
55,816
5/31/2024
$13,260
$159,120
$25,393
$304,722
65,021
$15.85
Actual Revenue Commercial Potential Gross Income Reimbursement (RE Tax) Effective Gross Income:
$3,841 $308,563
N
D LV
$304,722
KN
UC
BR
B ER
Total Expenses
$4,994
Effective Gross Income
BLVD
$2,500
HERN
$2,494
Insurance
HOE AVE
Real Estate Taxes (15/16)
SOUT
Projected Expenses
$308,563
Total Expenses
$4,994
Net Operating Income
$303,569 ALDUS ST
941-951 HOE AVENUE
VE RA
TE ES
CH ST
WE
Asking Price: $5,395,000 For More Information, Please Contact: Robert Knakal
Nick Burns
Jonathan Hageman
Charlotte Myers
Chairman (212) 660 7777 [email protected]
Director (212) 660 7756 [email protected]
Director (212) 660 7773 [email protected]
Associate (212) 660 7749 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.
