Historical Retail Sale Listing - 6 Unit Mixed Use Gem on City Island

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6 Unit Mixed Use Gem on City Island

630-636 City Island Avenue, Bronx, NY 10464

N/A

8,600 SF | Retail

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Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
8,600 SF
Property Type:
Retail
Property Sub-type:
Neighborhood Center
Additional Sub-types:
Street Retail
Community Center
Strip Center
Property Use Type:
Investment
Commission Split:
2%
Cap Rate:
10.49%
No. Stories:
2
Tenancy:
Multiple
Year Built:
1931
Lot Size:
17,231 SF
APN / Parcel ID:
05636-0019
Listing ID
17567770
Last Updated
over 1 year ago

Highlights

  • Property Taxes, Insurance, PLP and Parking Lot maintenance Paid for proportionately by the retail tenants
  • Property Taxes $50,055 (proportionately paid for by retail tenants)

Description

4 retail spaces with 2 residential units on 2nd floor right at the start of City Island Avenue when you come over the bridge onto the Island. This property faces the water and has tremendous exposure to every car that comes into City Island. Current retail tenants include Dunkin Donuts/Baskin Robbins and a Bait and Tackle shop. 2 other retail units (3800 sq feet) kept vacant if new buyer is owner occupant. The vacant retail spaces need some finishing work and are raw. There used to be a restaurant in the vacant spaces. Both residential apartments are currently occupied and newly renovated. Parking lot for 25 cars included with the property. Current owner will consider holding a small note with a large downpayment. Please no low ball offers. Property is not distressed.

-About City Island-
City Island is a small island approximately 1.5 mi long by .5 mi wide. At one time attached to the town of Pelham, Westchester County, it is now part of the the Bronx.

City Island is located at the extreme western end of Long Island Sound, south of Pelham Bay and east of Eastchester Bay. The body of water between City Island and the even smaller (and uninhabited) Hart Island to the east is known as City Island Harbor. Stepping Stones Lighthouse, marking the main shipping channel into New York, is off the southern tip of the island, near the Long Island shore.

The island has the look and feel of a small New England fishing village, with no spot more than a few minutes' walking distance to the water. Most businesses are clustered along centrally-located City Island Avenue. There are two supermarkets, a gas station, a pharmacy, a bank, a hardware store, and many other small shops. The island is most famous for its numerous seafood restaurants and antique stores, which line both sides of the avenue.

The island is famous for its seafood restaurants, with lobster being a common specialty. Over thirty eating establishments compete for business.

Map of 630-636 City Island Avenue, Bronx, NY 10464 (Bronx County)

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Created 3/11/2012