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Development Site With Existing Income 1908-1914 Cross Bronx
3,250 SF 100% Leased Retail Building Bronx, NY 10472 $2,250,000 ($692/SF)
Investment Highlights
- Potential 22,000 square feet buildable development site currently producing income. There is an existing assumable mortgage on the property of $706K
Executive Summary
Property is located next to Hugh J. Grant Circle shopping and transit hub on the south side of East 177th Street between Newbold Avenue and Hugh J. Grant Circle with access to the 6 Subway line. It is a 1-story retail building with 3 units. The tenants are:
Pay-O-Matic Check Cashing - monthly rent of $6,192 with 3% annual escalations, lease expires on 11/13/2027 with a 5 year renewal option
VIP Barber Shop & Spa LLC - monthly rent is $2,654 with 2% annual escalations, lease expires on 06/30/2030
Manny's Unisex - monthly rent is $3,068 with 3% annual escalations, lease expires on 12/13/2024
Gross Annual Income: $144,849 + $2,124 Reimbursements / Gross Operating Expenses: ($38,564)
NOI: $108,409 Annually
Block & Lot: 03794-0120
Zoning: R6 / C1-2
Lot Dimensions: 50 x 149.54 (Irregular)
Lot Size: 6,750 Sq. Ft.
FAR: 3.9
Buildable: 26,325 Sq. Ft.
Existing Footage: 3,250
Air Rights: 23,075
Building Dimensions: 50 x 120 Ft.
Building Size: 3,250 Sq. Ft.
Stories: 1
Units: 3
Financial Summary (Actual - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$142,969
|
$43.99
|
| Other Income |
$2,124
|
$0.65
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$145,093
|
$44.64
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$38,564
|
$11.87
|
| Net Operating Income |
$106,529
|
$32.78
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $142,969 |
| Annual Per SF | $43.99 |
| Other Income | |
|---|---|
| Annual | $2,124 |
| Annual Per SF | $0.65 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $145,093 |
| Annual Per SF | $44.64 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $38,564 |
| Annual Per SF | $11.87 |
| Net Operating Income | |
|---|---|
| Annual | $106,529 |
| Annual Per SF | $32.78 |
Property Facts
Amenities
- Bus Line
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
-
- Finance and Insurance
- -
- -
- -
PAYOMATIC has been in business since the 1950s and has grown to become New York’s largest provider of check cashing and financial services handling more than 19 million transactions annually. PAYOMATIC has nearly 150 stores in neighborhoods throughout the Bronx, Brooklyn, Manhattan, Queens, Long Island and the NYC area. Many stores are open 24/7. PAYOMATIC offers a variety of store services that make life easier for our customers. If you need cash or want to send cash – PAYOMATIC is here for you! A neighborhood financial services provider and a proud member of the community. PAYOMATIC stores offer Check Cashing, Western Union® Money Transfers, Money Orders, inPOWER Card (with direct deposit options), Bill Payment (many same-day payment options), Prepaid Mobile Services, and many other services. PAYOMATIC also offers customized services for business owners including the ability to cash checks payable to your business.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
|
|
Finance and Insurance | - | - | - |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 03794-0120 | Improvements Assessment | $252,720 (2024) |
| Land Assessment | $51,030 (2024) | Total Assessment | $303,750 (2024) |
PROPERTY TAXES
Presented by
Development Site With Existing Income | 1908-1914 Cross Bronx
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