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800 Saint Nicholas Ave 2,580 SF Retail Building New York, NY 10031 $6,100,000 ($2,364.34/SF) 5.01% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term NNN Lease.
- Convenience Store.
- First Sale in 40+ Years.
- 6 Fuel Pumps - 2 Garage Bays
- New Underground Tanks
- Development Upside
EXECUTIVE SUMMARY
CBRE, as an exclusive agent, is pleased to offer for sale 800 St. Nicholas Avenue(“The Property”), a NNN gas station located in Sugar Hill submarket of Harlem. Encompassing a full city block, bounded by St. Nicholas Avenue, St. Nicholas Place, West 150th Street and West 151st Street, The Property is accessible from all directions. The strategic location allows for less than a seven-minute drive to many major highways and parkways, including Harlem River Drive, Henry Hudson Parkway, Interstate-87 and Intersate-95.
The Property features a long-term, NNN lease with an experienced operator containing 2% annual rent escalations. The original term expires in March 2033 with four (4) 5- Year options extending until March 2055. The Property encompasses a fully operational gas station with six fuel pumps, a licensed auto repair workshop with two garage bays, and a convenience store.
Beyond its immediate income potential, 800 St. Nicholas Avenue has future development upside. The Property is zoned for residential (R7A) and is advantageously carved out of the Hamilton Heights / Sugar Hill Historic District, providing a future opportunity to capitalize on the growing housing demand within this supply constrained neighborhood. The property is zoned for approximately 25,012 ZFA (as-of-right) and 31,328 ZFA (Universal Affordability Preference). Additionally, the limited amount of developable land in the immediate area uniquely positions The Property as a receiving site for air rights from two landmarked buildings across the street.
The Property features a long-term, NNN lease with an experienced operator containing 2% annual rent escalations. The original term expires in March 2033 with four (4) 5- Year options extending until March 2055. The Property encompasses a fully operational gas station with six fuel pumps, a licensed auto repair workshop with two garage bays, and a convenience store.
Beyond its immediate income potential, 800 St. Nicholas Avenue has future development upside. The Property is zoned for residential (R7A) and is advantageously carved out of the Hamilton Heights / Sugar Hill Historic District, providing a future opportunity to capitalize on the growing housing demand within this supply constrained neighborhood. The property is zoned for approximately 25,012 ZFA (as-of-right) and 31,328 ZFA (Universal Affordability Preference). Additionally, the limited amount of developable land in the immediate area uniquely positions The Property as a receiving site for air rights from two landmarked buildings across the street.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,580 SF
Building Class
C
Year Built
1963
Price
$6,100,000
Price Per SF
$2,364.34
Cap Rate
5.01%
NOI
$305,628
Tenancy
Single
Building Height
1 Story
Building FAR
0.42
Lot Size
0.14 AC
Zoning
R7A - R7A
Frontage
204’ on Saint Nicholas Ave
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (82)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 2065-0036 | Improvements Assessment | $267,930 |
| Land Assessment | $140,850 | Total Assessment | $408,780 |
PROPERTY TAXES
Parcel Number
2065-0036
Land Assessment
$140,850
Improvements Assessment
$267,930
Total Assessment
$408,780
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800 Saint Nicholas Ave
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