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- LoopNet Team
124 W 24th St
New York, NY 10011
Multifamily Property For Sale
·
1 Unit
Investment Highlights
- 100% Occupied Retail Condo
- National Retailer With Lease Thru 2026 - 3% Annual Increases
- 50 Feet of Retail Frontage
- 6.25% CAP on Existing Income
Executive Summary
The subject offering is a 10,245 square foot retail condo located on 24th Street between Sixth Avenue and Seventh Avenue in Manhattan's Chelsea neighborhood. The property is 100% occupied by Salons by JC, a national chain of hair and beauty salons that was founded in 2000, and currently has 128 locations nationally. The tenant has a lease that runs through the end of January 2026, with 3% annual increases. The tenant is responsible for paying $15,000 per year of reimbursements towards the Condo Maintenance Fees. They are also responsible for paying all the real estate taxes above their base-year of 2016/2017 (base year taxes were $122,168). The condo features 5,123 square feet of on-grade retail space plus a 5,122 square foot lower-level that has a C of O for retail/beauty parlor. The space had a $1M+ build out when the tenant moved into the space in 2016. The property features 57 feet of retail frontage along 24th Street. The retail condo is located at the base of a six-story, 20-unit boutique loft condo building.
Property Facts
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Views
Site Amenities
- 24 Hour Access
- Controlled Access
- Roof Terrace
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | - |
