Investment Opportunity: 3 Retail Stores – Cash-Flowing Property with ROI (East 177th St, Bronx)

Block &; Lot: 03794-0120

Zoning: R6 / C1-2

Lot Dimensions: 50 x 149.54

(Irregular)

Lot Size: 6,750 Sq. Ft.

FAR: 3.0

Buildable: 20,250 Sq. Ft.

Existing Footage: 3,250

Air Rights: 17,000

Building Dimensions: 50 x 120

Ft.

Building Size: 3,250 Sq. Ft.

Stories: 1

Units: 3

Taxes (22/23): $31,187

Located on the south side of East 177th Street, between Newbold Avenue and Hugh J. Grant Circle, with convenient access to the 6 train subway line.

This one-story retail building, originally built in 1925, is fully occupied with three tenants:

Property Financials:

Assumable Mortgage: $706,000

Interest Rate: 4%

Term: 30 years

Lender: Flushing Bank

Maturity: December 2024

Renewal Option: Extend for 5 years at prevailing rates (currently ~6.5%–7%)

Tenants & Lease Info:

Pay-O-Matic

Monthly Rent: $6,192

Annual Rent: $74,305

Lease Expires: 11/13/2027

Renewal Option: 5 years

Manny’s Unisex

Monthly Rent: $3,039

Annual Rent: $36,466

Lease Expires: 12/13/2024

Renewal Option: 5 years

Financial Summary:

Gross Annual Income: $142,619

Additional Reimbursements: $2,124

Total Operating Expenses: ($38,564)

Net Operating Income (NOI): $106,179 annually

Contact: 917-284-5920