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CAPITAL ONE RETAIL CONDO

New York, New York

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The subject investment is the opportunity to acquire a newly constructed modern block-through retail condominium leased to an investment grade tenant. The asset is 100% leased to Capital One with approximately 7 years remaining on the initial term of the lease. The condominium provides an investor with a prime New York City asset in the heart of SoHo with extremely minimal landlord responsibilities. The asset offers the owner an opportunity to purchase a best of class location generational asset with a credit tenant.

Investment Overview

The subject investment is the opportunity to acquire a newly constructed modern block-through retail condominium leased to an investment grade tenant. The asset is 100% leased to Capital One with approximately 7 years remaining on the initial term of the lease. The condominium provides an investor with a prime New York City asset in the heart of SoHo with extremely minimal landlord responsibilities. The asset offers the owner an opportunity to purchase a best of class location generational asset with a credit tenant. The ground floor condominium features 3,659 square feet, 4,694 square feet of lower level space and 682 square feet of additional space. The annual rent is $2,541,000 annually ($211,750 monthly) and features ten percent (10%) rental increases every three years. The asset is conveniently located on Broadway which experiences unrivaled foot traffic coupled with exceptional subway access in one of the most profound retail arteries in the world. The strategic positioning of this property resulted in deposits of over $119 Million at this location.

Location Overview

The Capital One property is located at 501 Broadway in the heart of SoHo in Lower Manhattan. SoHo refers to the region being south of Houston Street; the neighborhood is well-regarded for its rich architecture and a vibrant avant-garde art scene. The subject property is strategically positioned on Broadway benefiting from the abundance of major retailers, high-end boutiques, luxury hotels, and world renowned restaurants in the area. Retailers have opened many new flagship stores including: Nike, Adidas, Zara, Dolce & Gabbana, and Tory Burch. Various major retailers in the area include: Bloomingdales, H&M, Forever 21, MAC, Madewell, Prada, Lululemon, Kate Spade, Balenciaga, Vince Camuto, AllSaints, as well as many others. SoHo has 51,240 individuals residing in the neighborhood, with a total of 26,527 households. The average household income in the neighborhood is $143,313 representing a 7% increase since 2010. The average household net worth is $1,108,237 and the median home sale price in the neighborhood exceeds $2,381,250. Pedestrian activity on Broadway is ranked as the highest in the entire New York City area, comparing to Times Square and Fifth Avenue.     Broker of Record: John Krueger  License #10311205789

Key Details

Price:
$39,000,000
Cap Rate:
6.26%
Annual Rent:
$2,541,000
Address:
501 Broadway, New York, New York 10012 United States
Lease Type:
Modified Triple Net (NNN)

Lease Term Remaining:
7+ Years
Rental Increases:
10% Every Three Years
Building Size:
9,035 SF
Tenant:
CAPITAL ONE RETAIL CONDO

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