Exclusively Listed by LLC Page 1 of 13 FOR SALE AN ALMOST FULL BLOCK OF RETAIL/OFFICE IN PELHAM BAY, BX 2925 & 2931 Westchester Ave, Bronx, NY 10461 (Parcel #: 4164-5,1) 6 Asking $9,000,000 7.3% Pro Forma Cap Rate $303 /sq. ft. Low Average Rents @ $13 /retail SF/YR Major Upside Air Rights Build In the Future Prime Pelham Bay, BX Neighborhood Retail 29.7K Total Building SF & 74K - 103K Buildable SF Development Potential in R7-1 / C2-2 Mixed Use Zone 2,998 Avg. Annual Daily Riders @ Buhre Train Station in 2017* ~9,000 Avg. Annual Daily Traffic On Westchester Avenue** See Images & More Online @ http://bit.ly/2921westchester * ** SUMMARY Benefit from substantial upside potential and build in the future in a prime Pelham Bay, Bronx location. The subject property consists of almost an entire full block of retail and office and is located in front of the MTA #6 Train Buhre Avenue Station at the intersection of Westchester Avenue, Buhre Avenue and Crosby Avenue. These multiple buildings total 29,700 square feet and sit in an R7-1 / C2-2 zone which may allow for the construction of a 103K square feet mixed use property (with a community facility). Own a high traffic neighborhood retail hub with an average of 2,998 subway riders* and 9,000 plus drivers** traversing on a daily basis. Ridership Statistics @ http://web.mta.info/nyct/facts/ridership/ridership_sub_annual.htm Source Data Included in Diligence Package CONTACT EXCLUSIVE AGENTS Marco Lala David Scotto 914.380.3806 914.363.7904 mlala@rmfriedland.com dscotto@rmfriedland.com RMFriedland
Exclusively Listed by LLC FINANCIAL SUMMARY 2925 & 2931 Westchester Ave, Bronx, NY 10461 (Parcel #: 4164-5,1) Page 2 of 13 7.3% Pro Forma Cap Rate 1.6% Going in Cap Rate $303 /sq. ft. Asking $9,000,000 9 Total Units $657k Pro Forma NOI $142k Going In NOI 29,700 Square Feet BUILDING DETAILS BUILDING SF (Estimate) 9 Total Units 29,700 Gross Sqft No Residential Apts, 9 Commercial Spaces Dimensions: irregular #N/A Multi-Story Retail Building, (2 or More), (K2) PARCEL SIZE 29,700 Retail Sqft #DIV/0! est. 12% common area loss ZONING 21,543 Square Feet R7-1, C2-2 Zone irregular 3.44-4.80 Max FAR 74,108-103,406 Buildable SF Mixed Use Zoning INCOME Pro Forma Current Gross Scheduled Income (GSI) 942,613 384,000 less 5% Vacancy Allowance (47,131) (19,200) Gross Operating Income (GOI) 895,482 364,800 less expenses (238,709) (222,789) Net Operating Income 656,772 142,011 Cap Rate 7.30% 1.58% Low Average Rents @ ESTIMATED ANNUALIZED EXPENSES Pro Forma Current $13 /retail SF/YR RE Tax* (169,248) (169,248) Water & Sewer - - Insurance (22,275) (22,275) FINANCING SCENARIO Rear View Year 1 Fuel Tenants Have Individual Systems - - *illustration only, without appreciation Utilities (7,425) (7,425) Interest Rate 4.50% Repairs and Maint. (7,425) (7,425) Amortization 30 years Payroll - - 75.0% Down Payment $6,750,000 Legal, Reserves & Misc. (5,472) (5,472) 25.0% Loan Amount $2,250,000 Management @ 3.00% (26,864) (10,944) Annual Debt Service ($136,805) Total Expenses (238,709) (222,789) DSCR 1.04 Cash Flow $5,206 Principal Recapture $36,298 UNIT MIX MONTHLY INCOME TYPE COUNT /ROOM /UNIT MIN MAX TOTAL CASH ON CASH RETURN Year 1 Typical Return 0.08% retail/office 9 3,556 1,450 8,500 32,000 Self Mgmt. & 100% Occupied 0.52% TOTAL RETURN Year 1 Typical Return 0.61% Self Mgmt. & 100% Occupied 1.06% Total Units 9 Total Monthly Income: 32,000 CONTACT EXCLUSIVE AGENTS Marco Lala David Scotto 914.380.3806 914.363.7904 mlala@rmfriedland.com dscotto@rmfriedland.com RMFriedland
Rent Roll Unit Name Package 2931 2nd Tenant, Type & Unit Count Madison Security Office - 2nd Floor 1 unit Pro Forma $ 11,333.33 Rentable Sq. Ft. 6,800 SF 20 /sf/yr Collected C Projected P $6,200.00 C Rentable Sq. Ft. 6,800 SF 11 /sf/yr Expiration, Notes (Debits, Credits) month-to-month Index 2 2941 Pilgrim Pharmacy Retail - Ground 1 unit $ 9,166.67 2,200 SF 50 /sf/yr $5,000.00 C 2,200 SF 27 /sf/yr Exp: Oct-2024 $5,200 on 11/1/2020 $5,400 on 11/1/2022 3 2937 Pruzzo's Superette Retail - Ground 1 unit $ 15,000.00 4,000 SF 45 /sf/yr $7,500.00 C $200.00 P 4,000 SF 23 /sf/yr Exp: Mar-2027 Current Rent = $7,500 $7,700 begins 4/1/2019 Then $250 Annual Increases 4 2935 Lehigh Liquors* Retail - Ground 1 unit $ 2,400.00 600 SF 48 /sf/yr $1,500.00 C 600 SF 30 /sf/yr Exp: Apr-2021 $1,550 on 5/1/2019 $1,650 on 5/1/2020 5 2923 Buhre Link (Boost) Retail - Ground 1 unit $ 2,000.00 500 SF 48 /sf/yr $1,450.00 C 500 SF 35 /sf/yr Exp: Aug-2019 6 2913 Barber Shop Retail - Ground 1 unit $ 1,800.00 450 SF 48 /sf/yr $1,650.00 C 450 SF 44 /sf/yr month-to-month 7 2925 (A,B,C) Tri-State Cabinet Retail & Office 3 units $ 36,851.04 15,050 SF 29 /sf/yr $8,000.00 C $500.00 P 15,050 SF 7 /sf/yr Exp: Mar-2027 5 Year Option Current Rent = $8,000 $8,500 Begins 4/1/2019 $500 Increase on 4/1/22 $500 Increase on 4/1/24 2 Sub Leases More Than A Tutor Yoga/Zumba 8 Summary 9 Units $ 78,551.04 29,600 SF 32 /sf/yr $31,300.00 C $700.00 P 29,600 SF $13/yr Gross Potential Income 32,000 /mo 384,000 /yr Projected @ 2.2% Tri-State Proforma Pro Forma Est. Sq. Ft. 2925 A 2925 B Prime Retail Pro Forma Rear Space Pro Forma $ 15,000.00 $ 16,517.71 4,000 SF 45 /sf/yr 7,850 SF 25 /sf/yr Blended Ground Floor $32/SF/YR Westchester Ave Retail Tutor & Tri-State Former Theater 24 ft Ceilings 11 12 2925 C 2nd Floor Pro Forma $ 5,333.33 3,200 SF 20 /sf/yr Zumba & Tri-State 13 Page 3 of 13
Neighborhood Businesses Page 4 of 13
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Approximate Ground Floor Layout Pharmacy Tri State 24' Ceiling Superette *Note: All Measurements Are Approximate Page 6 of 13
Approximate Second Floor Layout Madison Security No Second Floor Liquor Store Not Included Tri State Shop & Sublease to Yoga/Zumba *Note: All Measurements Are Approximate Page 7 of 13
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