304 Columbus Avenue

Upper West Side, New York, New York 10023

$9,950,000  

Listing ID Number

25485

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 304 Columbus Avenue, a 25’ wide, 5-story mixed-use property located between 74th and 75th Streets with spectacular retail frontage.

304 Columbus Avenue lies at the very heart of the Upper West Side and the high-end Columbus Avenue retail corridor between 68th and 78th Streets. Some of New York’s most iconic institutions, retailers, restaurants and transportation hubs literally surround the property including the American Museum of Natural History, Beacon Theater, Lincoln Center, and Central Park. Neighboring retailers include Swatch, Farrow & Ball, Starbucks, Chase, and Duane Reade.

The property consists of 13 apartments and 2 commercial units including prime, street-level retail currently leased to Jonathan Adler Home Décor on a long-term basis with 3% annual increases and an option to renew for five years; current rent is approximately $177 PSF. There is also an expansive 1,700 SF lower-level retail space with prominent street-level exposure and access. This space is currently owner-occupied and will be delivered vacant.

Of the residential units, two are owner-occupied, five are free market, five are rent stabilized, and one, a combined two-bedroom unit encompassing the rear of the 5th floor, is rent controlled paying $100 a month. The rear A and D lines on floors 2 through 4 are mirror layouts, some of which have been converted from studios to 1-bedrooms. The front B and C lines are studios which have been combined into one-bedroom units on floors 4 and 5. Residential rents including market projections for the owner-occupied units are $1,483 a month, over 40% below market.

The asking price for this spectacular property represents a 4.30% cap rate on existing income with reasonable market projections solely for the owner-occupied spaces.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Upper West Side

Documents

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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.