3084-3090 White Plains Road
Bronx, NY
Retail for Sale - $990,000 - 4,400 Sq. Ft. on 5000 acres
Property Info
CIMLS# | 556023 |
Location 3084-3090 White Plains Road Bronx NY 10467 | |
Updated | December 17th, 2012 |
Type | Retail |
Price | $990,000 |
Building | 4,400 Sq. Ft. |
Land | 5000 acres |
Property Description
Three stores: a fish store, a vacant store (formerly a deli), and a tax prep store. Two rented to good tenants.Fish and tax prep store leases expired 9/30/2012 and they are now month-to-month. Zoned R6, C1-3, which indicates that a potential investor could build a multistory apartment building or commercial building or community structure. Ideal for Medical Building, Church, Apartment or Condo Complex, and more.
Bronx, NY. There is a new CVS across the street. Our property abuts the Mount Carnel Pentecostal Church. Our three stores each have basements with extensive additional square footage of space for offices, storage, and commercial use. The vacant deli recently underwent a $60,000 renovation, improving the first floor as well as the basement. We have had a master plumber bring the boiler up to code and install a backflow device. In addition to the 4,400 sq. ft. (which is comprised of the 3 stores) you also get a back yard of 600 sq. feet, that can be used to build a park or plaza, or for other uses.
One of the most unique features of this property is that the basement area in each store is extensive and essentially doubles your square footage. The fish store (at 3090 White Plains Road, which really encompasses 3088 and 3090 White Plains Road) is the largest of the three stores. It is approximately twice as large as the other two stores. The middle store, the deli at 3086 White Plains Road, has the largest and most modern basement. It was renovated last year (2011). The vacant deli also has a few beautiful floors in the basement, made of stone, together with a brand new bathroom. The walk-in freezer is in working condition. This address has historically been used as a bakery for many years, back to the 1940s. At that time it was known as Castellucci Bakery and Frank's Modern Bakery. The tax prep store (at 3084 White Plains Road) has office and storage space in the basement.
Financials
Note: This property is poised for sale to investors, hence the financial income is largely irrelevant. The two existing tenants are month-to-month, the third store is vacant.
THREE STORES / INCOME
3090 - Fish store, rent $2,630/mo (month-to-month tenant)
3086 - Vacant deli (was paying $3,000/month)
3084 - Tax prep store (month-to-month tenant) rent $2,375/month.
CAP RATE
6.062 percent, which can be raised rather promptly to 11 percent by renting the vacant deli for $3,000/month and raising the rent on the other two month-to-month tenants.
EXPENSES
Taxes: 16,643
Insurance: 6,280
Heat, water - tenants pay these charges
Block 04568
Lot 0024
[Note buildings dept has wrong lot number for 3084 White Plains Road
http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet ?boro=2&houseno=3084&street=white%20plains%20road&requestid=0&s=A03C41 B885B461E4F46BD08866A7430E
Buildings dept for 3086:
http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServle t?boro=2&houseno=3086%20&street=white%20plains%20rd&requestid=0&s=A03C 41B885B461E4F46BD08866A7430E