455-467 E 155TH STREET 4-STORY CORNER BUILDING + PARKING Includes Garage with Drive-In Basement 455-467 EAST 155TH STREET - PROPERTY OVERVIEW

BRONX, NY

455-467 E 155TH STREET 4-STORY CORNER BUILDING + PARKING Includes Garage With Drive-in Basement 455-467 EAST 155TH STREET - PROPERTY OVERVIEW

Property Description: Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 455-467 East 155th Street, a 4-story building located on the North East corner of Elton Avenue and East 155th Street. Located in the Melrose neighborhood of the Bronx, the building is approximately 11,200 square feet with three massive 2,800 SF vacant floors on the 2nd through 4th floors. The second, third, and fourth floors have all been gutted with the second floor being completely renovated, providing new ownership with the ability to subdivide and create additional revenue. The sale also includes a garage located at 467 East 155th Street, which features a curb-cut and provides drive-in access to the basement of 455 East 155th Street.

The property is located just a few blocks from ‘The Hub,’ also known as the ‘Time Square of the Bronx,’ providing immediate access to many national retailers and the 3rd Ave – 149th Street subway station. Serviced by both the @ & % subway lines, the station provides commuters a 23-minute subway ride to Grand Central Terminal.

Offering a central location, flexibility of use, and significant upside, 455-467 East 155th Street stands out as an exceptional Bronx opportunity.

Highlights: • 3 out of 4 floors are vacant • Long term ownership • 2nd Floor completely renovated • The property has a certificate of occupancy for office, storage and garage. • Walking distance to ‘The Hub’ & 3rd Avenue – 149th Street Station serviced by the@ & % lines • 23-minute subway ride to Grand Central Terminal in Manhattan

Tax Map:

East 156th Street Third Avenue Third Elton Avenue Elton

East 155th Street

2 455-467 EAST 155TH STREET - PROPERTY FEATURES

ASKING PRICE: $2,500,000 PPSF: $217 CAP RATE: 6%

Property Features:

Location: The northeast corner of Elton Avenue and East 155th Street Block & Lot: 2377 - 41 & 160 Lot Dimensions: 50' x 100' Lot Square Footage: 5,000 SF (approx.) Building Dimensions: 28' x 100' Stories: 4 Total Gross SF: 11,517 SF (approx.) Zoning: C4-4 Commercial FAR (As-of-Right): 3.44 Community Facility FAR: 6.50 Total Buildable SF (As-of-Right): 17,200 SF (approx.) Less Existing Structure: (11,517) SF (approx.) Available Air Rights (As-of-Right): 5,683 SF (approx.) Assessment (20/21): $444,060 Annual Property Tax (20/21): $46,791

E 157th St W 151st St E 153rd St E 158th St Tax Rate: 10.5370% E 164th St Park Ave

5 Boston Rd

E 162nd St E 161st St Teasdale Pl Washington Ave E 163rd St Tax Class: Grand Concourse St 4

Washington Ave Concourse Vlg E E 160th St

Gerard Ave E 163rd St Elton Ave E 162nd St

3rd Ave E 156th St E 159th St E 158th St E 161st St Retail Map: E 156th St

Trinity Ave Park Ave

Washington Ave Cauldwell Ave

W 147th St E 161st St

E 151st St E 156th St

E 159th St

River Ave

Concourse Vlg W E 157th St E 153rd St

Melrose Ave Esplanade Gardens Plz E 158th St E 160th St

Esplanade Gardens Plz

R E 155th St l

a H E 158th St

W 145th St E 150th St E 157th St

E 153rd St TH Cedar Ln 455-467 E 155 STREET

145th St Brg E 154th St

E 149th St

Bronx e

N Grand Concourse

Trinity Ave Elton Ave

Jackson Ave 22 2 4 E 151st St 5 E 153rd St W 143rd St Forest Ave

Park Ave E 152nd St Harlem River

St Anns Ave

Hegney Pl

W 142nd St E 146th St 4 E 150th St Rae St Bergen Ave E 152nd St

Anthony J Grin Pl E 149th St Eagle Ave

Brook Ave

Grand Concourse St W 141st St 3rd Ave E 146th St E 148th St Westchester Ave

Harlem River Dr E 144th St 2 5 2 5 5th Ave Canal Pl E 152nd St

Harlem Dr W

College Ave

Willis Ave E 139th St E 146th St 3rd Ave Bergen Ave E 140th St E 150th St E 142nd St E 148th St E 141st St Courtlandt Ave Pontiac Pl E 151st St E 138th St

E 138th St E 143rd St Park Ave Madison Ave Brg Cauldwell Ave Madison Ave Brg j Madison Ave Brg CUSHMAN & WAKEFIELD 3 E 138th St E 147th St Concord Ave Walton Ave E 140th St Trinity Ave Rider Ave Morris Ave E 150th St E 146th St

Grand Concourse

Madison Ave E 142nd St Madison Ave

Park Ave E 146th St

E 139th St E 145th St Jackson Ave Park Ave

Willis Ave E 144th St Wales Ave E 138th St E 141st St Trinity Ave E 140th St Alexander Ave j Tinton Ave 20 Major William F Deegan Blvd E 142nd St Union Ave Canal St W E 139th St 3rd Ave E 147th St 3 Canal Pl E 137th St E 135th St Southern Blvd E 137th St 137th E E 138th St New York Metro Trans Authority 1:1,650 00 mi E 147th St 0.05 km 0 E 145th St NYC OpenData, State of New Jersey, Esri, HERE, Garmin, INCREMENT P, USGS, EPA, USDA |HERE, Esri

Harlem River Dr Lincoln Ave St Anns Ave Timpson Pl 455-467 EAST 155TH STREET - REVENUE

Commercial Revenue:

LEASE BASE SHARE OF TAX TOTAL ANNUAL UNIT TENANT SF $ / SF $ / SF EXP. RENT TAXES CONTRIB. REVENUE

Retail Pharmacy 2,800 Jul-24 $53,244 $19.02 45.00% $21,056 $74,300 $26.54

(w/ ramp Garage 317 $12,000 $37.85 $12,000 $37.85 to cellar)

Gross Annual Revenue: 3,117 $65,244 $20.93 $21,056 $86,300 $27.69

Projected Loft Revenue:

LEASE BASE SHARE OF TAX TOTAL ANNUAL UNIT TENANT SF $ / SF $ / SF EXP. RENT TAXES CONTRIB. REVENUE

1 2,500 Vacant $47,000 $18.80 $47,000 $18.80

2 2,500 Vacant $47,000 $18.80 $47,000 $18.80

3 2,500 Vacant $47,000 $18.80 $47,000 $18.80

Gross Annual Revenue: 7,500 $141,000 $18.80 $141,000 $18.80

Combined Revenue:

Gross Annual Revenue: 10,617 $206,244 $19.43 $21,056 $227,300 $21.41

4 455-467 EAST 155TH STREET - INCOME & EXPENSES

Commercial Revenue: NSF $ / SF Annual Income

GROSS ANNUAL COMMERCIAL INCOME: 3,117 $20.93 $65,244

TAX CONTRIBUTION: $6.76 $21,056

LESS COMMERCIAL VACANCY ALLOWANCE (5.0%): ($1.38) ($4,315)

EFFECTIVE GROSS ANNUAL COMMERCIAL INCOME: $26.30 $81,985

Projected Loft Revenue: SF $ / SF Annual Income

GROSS ANNUAL RESIDENTIAL INCOME: 7,500 $18.80 $141,000

LESS RESIDENTIAL VACANCY ALLOWANCE (5.0%): ($0.94) ($7,050)

EFFECTIVE GROSS ANNUAL RESIDENTIAL INCOME: $17.86 $133,950

TOTAL GROSS ANNUAL REVENUE: $215,935

Expenses:

TYPE PROJECTION % OF EGI $ / SF PROJECTED

Property Taxes 20/21 Actual 21.67% $4.06 $46,791

Water and Sewer Tenants Pay 0.00% $0.00 -

Additional Insurance $0.28 / GSF 1.49% $0.28 $3,225

Fuel Tenants Pay 0.00% $0.00 -

Electric (Common Areas) Tenants Pay 0.00% $0.00 -

Reserves & Replacements $1.00 / GSF 5.33% $1.00 $11,517

Management Fee 2.0% / EGI 2.00% $0.37 $4,319

TOTAL EXPENSES: 30.50% $5.72 $65,851

NET OPERATING INCOME: $150,084

CUSHMAN & WAKEFIELD 5 455-467 EAST 155TH STREET

For more information contact:

Addison Berniker (212) 841 5099 [email protected]

Michael Fioravanti (212) 589 5119 [email protected]

Jonathan Squires (212) 660 7775 [email protected]

Josh Neustadter (212) 660 7739 [email protected]

Cushman & Wakefield Copyright 2020. 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.