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977 2nd Ave | Mixed-Use | Licensed Cannabis 977 2nd Ave 4,460 SF 100% Leased Retail Building New York, NY 10022 $4,800,000 ($1,076.23/SF) 5.41% Cap Rate
Investment Highlights
- Premium mixed-use building.
- 3 residential units + 1 commercial unit.
- Protected tax class 2A.
- Fully leased 100% free-market.
- Licensed cannabis dispensary tenant.
- Significant in-place income.
Executive Summary
Avison Young has been exclusively retained by ownership to sell 977 Second Avenue (the "Property"). The Property is a premium mixed-use asset in the heart of Midtown East, Manhattan. The Property features three free-market residential apartments, a retail store on the ground floor leased to a licensed cannabis dispensary, and a full basement. The Property offers significant in-place cash-flow for investors, upside in the residential units, and potential long-term development potential as part of an assemblage (air rights previously transferred).
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
4,460 SF
Building Class
C
Year Built/Renovated
1900/2022
Price
$4,800,000
Price Per SF
$1,076.23
Cap Rate
5.41%
NOI
$259,687
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
3.41
Lot Size
0.03 AC
Zoning
C1-9 / R10 - C1-9 / R10 Equivalent
Frontage
20’ on Second Avenue
Amenities
- Controlled Access
- Signage
- Storage Space
- Air Conditioning
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Urban Leaf
- -
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Urban Leaf | - | - | $9.99 | Lorem Ipsum | Jan 0000 |
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1325-0030 | Improvements Assessment | $771,620 |
| Land Assessment | $463,500 | Total Assessment | $1,235,120 |
Property Taxes
Parcel Number
1325-0030
Land Assessment
$463,500
Improvements Assessment
$771,620
Total Assessment
$1,235,120
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977 2nd Ave | Mixed-Use | Licensed Cannabis | 977 2nd Ave
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