B R G O F F E R I N G M E M O R A N D U M | E X C L U S I V E L I S T I N G 302 Canal St
3 0 2 C A N A L S T R E E T , N E W Y O R K , N Y 1 0 0 1 3 F o r S a l e : $ 7 , 7 5 0 , 0 0 0
W W W . B R G - C R E . C O M | 7 1 8 . 3 6 0 . 8 8 0 1 C O N F I D E N T I A L I T Y & D I S C L A I M E R
The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses or any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including, but not limited to, income, vacancy rates, expense estimates, tax brackets and general market assumption, all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer(s) should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 P R I C I N G A N A L Y S I S
Listing Metrics
5,670 2 Apts, 1 Office & 1 Store OFFERING PRICE Approx. SF # of Units
4.68% $1,367 $7,750,000 Current Cap Rate Price/SF
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 F I N A N C I A L O V E R V I E W
302 Canal Street- Rent roll
Unit Type Approx. SF Rent Rent/SF Comments
2 FL Loft Office 1,124 $5,500 $59 1 Year Option through June 2020 3 FL Loft 1 BR 1,124 $6,500 $69 Vacant 4/5 FL Duplex 3 BR 2,248 $9,500 $51 Vacant GNC Retail 1,124 $18,510 $198 Exp Dec 2022; 3% Ann. Increase
Monthly: $40,010 Annually: $480,120
Expenses
Gross Operating Income: $ 480,120 Vacancy/Collection Loss (0%): $ - Effective Gross Income: $ 480,120
Real Estate Taxes (Tax Class 4): $ (86,363) Tax Reimbursement: $ 7,700 Fuel: $ - Water & Sewer: $ (2,000) Insurance: $ (10,000) Common Area Electric: $ - Repairs & Maintenance: $ (10,000) Payroll: $ (2,400) Management (3%): $ (14,404) Total Expenses: $ (117,467)
Net Operating Income: $ 362,653
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 P R O P E R T Y D E S C R I P T I O N
Bestreich Realty Group (BRG) has been exclusively retained to sell 302 Canal Street (Block: 00210, Lot: 0019), located between Broadway and Church Street in the Tribeca section of Manhattan. The block-through property is built 18 ft x 63 ft, offering approximately 5,670 square feet. It sits on a 18.67 ft x 62.5 ft lot and is zoned C6-2A, TMU. The building features a ground floor retail unit, a commercial office on the 2nd floor, a large one-bedroom loft on the 3rd floor and a three-bedroom duplex on the 4th and 5th floors.
The ground floor is occupied by GNC, with a corporate guarantee on the lease. The tenant has 3.5 years remaining on a 10 year lease, with an option to extend through 2027 with annual 3% increases. The residential units have been recently renovated and offer upside in the rental income. The entrance for GNC is on Canal Street, while the entrance for the residential units is on Lispenard Street.
Situated right off Broadway and on the border between Tribeca and Soho, 302 Canal Street is centrally located and benefits from its close proximity some of NYC's most popular stores, restaurants, bars and cafes. This asset offers perspective investors the rare opportunity to purchase a renovated building on Canal Street featuring two separate entrances, a national retail tenant, and value-add potential.
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 N E I G H B O R H O O D
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 F L O O R P L A N S
2 N D & 3 R D F L O O R
4 T H / 5 T H F L O O R D U P L E X
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 P R O P E R T Y P H O T O S
Z a c h a r y Z i s k i n A d a m L o b e l J u s t i n Z e i t c h i k E t h a n F r a n k 7 1 8 . 3 6 0 . 0 9 6 9 7 1 8 . 3 6 0 . 8 8 1 5 7 1 8 . 3 6 0 . 8 8 2 7 7 1 8 . 3 6 0 . 8 8 5 7 E X C L U S I V E L I S T I N G T E A M
Zachary Ziskin Adam Lobel Director Partner, Managing Director O: 718.360.0969 O: 718.360.8815 C: 646.872.0121 C: 314.920.8639 [email protected] [email protected]
Justin Zeitchik Ethan Frank Vice President Associate O: 718.360.8827 O: 718.360.8857 C: 630.391.1414 C: 404.786.1355 [email protected] [email protected]
Bestreich Realty Group, LLC | 225 Broadway, Suite 860, New York, NY 10007