941-951 hoe avenue

EXCLUSIVE
OFFERING MEMORANDUM
941-951 HOE AVENUE
BRONX, NY 10459
Corner Retail & Parking Garage | Condominium Opportunity
9,205 SF Retail | 55,800 SF Garage│65,005 TSF
PRIME CORNER RETAIL & PARKING GARAGE
CONDOMINIUM OPPORTUNITY
CONFIDENTIALITY AND CONDITIONS
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser
of the following property: 941-951 Hoe Avenue, Bronx, NY 10459 and is not to be used for any other purpose or made available to any
other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information
supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of
documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein.
No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to
the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective
purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their
own independent due diligence, including inspections.
This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the
information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are
subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to
the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An
opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport
to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such
documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors,
omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of
the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of
purchasing the Property described herein.
Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to
purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal
commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written
agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s
obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or
agreements on behalf of Owner.
This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The
Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates
immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will
be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone
without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.
For further information, please contact exclusive listing agents:
Matthew Garcia
Director
(646) 472-8741
[email protected]
Richard Torres
Director
(646) 424-5370
[email protected]
941-951 Hoe Avenue, Bronx, NY 10459 | 2
EXECUTIVE SUMMARY
Besen & Associates, Inc. has been retained on an exclusive basis to sell the retail condominium properties at
941-951 Hoe Avenue, Bronx, NY 10459 in the Longwood neighborhood of the Bronx. Built in 2005, these three
retail condominiums feature a combined total of 65,021 SF consisting of two retail condominiums and
subterranean parking garage condominium which is located on the southwest corner of Hoe Avenue and Aldus
Street beneath The Northrose, a residential building.
The retail condominiums have approximately 9,205 SF within two stores, and the parking garage has
approximately 55,816 SF for 250 licensed parking spaces with the main entrance of the garage located on
Aldus Street. The retail units are leased to a Laundromat and 99 cent store, occupying 4,500 and 4,705 square
feet. The Laundromat is in year 6 of a 15-year lease with a rate of $18.01 per SF. The 99 Cent Store is in year
4 of a 10- year lease with a rate of $14.79 per SF. Retail rents average approximately $25 per square foot in
this area of the Bronx providing for stabilized cash flow through the existing tenancy and allows for future rental
growth.
The retail and parking garage condominiums at 941- 951 Hoe Avenue are a unique opportunity to acquire
stable income producing assets with steady annual increases throughout the duration of the leases.
Furthermore, the retail rents comfortably allow for gradual rent increases and future upside potential. The
property is walking distance from Southern Boulevard, a retail corridor that will strengthen asking rents in the
area. The parking garage component will benefit from the rise of local residents. The property has an
abundance of transportation options including the subway line one block to the south at Hunts Point Avenue.
There are subway lines 3 blocks west at Simpson Street and bus line access.
Asking Price: $5,395,000
941-951 Hoe Avenue, Bronx, NY 10459 | 3
EXECUTIVE SUMMARY
STREET MAP
941-951 Hoe Avenue, Bronx, NY 10459 | 4
PROPERTY OVERVIEW
941-951 Hoe Avenue, Bronx, NY 10459
Built in 2005, this retail condominium and subterranean parking garage condominium have approximately 65,021
SF sitting on the ground floor of a residential building, The Northrose. The retail condominiums have
approximately 9,205 SF within two stores, and the parking garage has approximately 55,816 SF for 250 licensed
parking spaces.
PROPERTY DETAILS
Neighborhood
Block/Lot
Stories
Total Stores
Foxhurst
2742/1001, 1002, & 1003
1 + subterranean levels
2
941-951 Hoe Avenue, Bronx, NY 10459 | 5
PROPERTY OVERVIEW
941-951 Hoe Avenue, Bronx, NY 10459
941-951 Hoe Avenue
941-951 Hoe Avenue, Bronx, NY 10459 | 6
FINANCIALS
FINANCIALS
ACTUAL REVENUE
Commercial Gross Income
Reimbursement (RE Tax)
Gross Income
$304,722
$3,841
$308,563
PROJECTED EXPENSES
Real Estate Taxes (16/17)*
$2,494
Insurance
$2,500
Total Expenses
$4,994
Effective Gross Income
Total Expenses
Net Operating Income
$308,563
$4,994
$303,569
* 421a tax abatement through 2032.
941-951 Hoe Avenue, Bronx, NY 10459 | 7
FINANCIALS
RENT ROLL
UNIT#
TENANT
RENT/MONTH
Store 1
Laundromat
$6,753.00
Store 2
99 Cent Store
Garage
Little Man
Parking
SQ. FT.
RENT/PSF
10/31/2024
4,500
$18.01
$5,800.22
12/31/2022
4,705
$14.79
$13,260.00
5/31/2024
55,816
$2.85
Commercial Monthly Total
$25,813.22
Commercial Annual Total
$309,758.64
LXP
941-951 Hoe Avenue, Bronx, NY 10459 | 8
PROPERTY PHOTOS
PARKING GARAGE
941-951 Hoe Avenue, Bronx, NY 10459 | 9
PROPERTY PHOTOS
RETAIL STORES
941-951 Hoe Avenue, Bronx, NY 10459 | 10
NEIGHBORHOOD
THE BRONX
The Bronx, the northernmost of the five boroughs (counties) of New York City in the state of New York, lies south
of Westchester County. Many bridges and tunnels link the Bronx to the island and borough of Manhattan to the west over and
under the narrow Harlem River, as well as three longer bridges south over the East River to the borough of Queens. Of the five
boroughs, the Bronx is the only one on the U.S. mainland and, with a land area of 42 square miles (109 km2) and a population
of 1,455,444 in 2015, has the fourth largest land area, the fourth highest population, and the third-highest population density.
The Bronx is divided by the Bronx River into a hillier section in the west, closer to Manhattan, and a flatter eastern section,
closer to Long Island. East and west street addresses are divided by Jerome Avenue—the continuation of Manhattan's Fifth
Avenue. The West Bronx was annexed to New York City in 1874, and the areas east of the Bronx River in 1895. Bronx County
was separated from New York County in 1914.
Although the Bronx is the third most densely populated county in the United States, about a quarter of its area is open
space, including Woodlawn Cemetery, Van Cortlandt Park, Pelham Bay Park, the New York Botanical Garden and the Bronx
Zoo in the borough's north and center, on land deliberately reserved in the late 19th century as urban development progressed
northwards and eastwards from Manhattan with the building of roads, bridges and railways.
The name "Bronx" originated with Jonas Bronck, who established the first settlement in the area as part of the New
Netherland colony in 1639. The native Lenape were displaced after 1643 by settlers. In the 19th and 20th centuries, the Bronx
received many immigrant groups as it was transformed into an urban community, first from various European countries
(particularly Ireland, Germany and Italy) and later from the Caribbean region (particularly Puerto Rico, Jamaica and
the Dominican Republic), as well as African American migrants from the American South. This cultural mix has made the
Bronx a wellspring of both Latin music and hip hop.
941-951 Hoe Avenue, Bronx, NY 10459 | 11
NEIGHBORHOOD
South Bronx shopping center in the works
A rendering of the Crossings
A two-level shopping center is in the works for the Hunts Point neighborhood
in the South Bronx, according to the New York Post. Construction on the $35
million project is set to begin on the mall, known as the Crossings, at the
intersection of Hunts Point Avenue, Southern Avenue and Bruckner
Boulevard midway through 2011, according to the project’s developer, the
Prusik Group. The 250,000-square-foot development will include “mid-box”
stores like Old Navy on its second level, developers say, and smaller stores
on the outdoor retail area, in order to preserve the neighborhood’s smallbusiness feel. Although plans haven’t been finalized yet, the Crossings may
also include some housing units — roughly 138 — some of which may be
designated under “some sort of affordable program,” said Rohan Mehra, a
member of the development team. While community advocates were initially
skeptical of the plan, Media Sadiq, executive director of the Southern
Boulevard Business Improvement District, said that the project team has
collaborated well with the neighborhood. “I’m hoping [the mall] attracts
people from all parts of the borough,” Sadiq said. “We are very excited about
this, and hope it does happen.” If approved by the city council, the project
should open in 2013.
941-951 Hoe Avenue, Bronx, NY 10459 | 12
CONFIDENTIALITY
PRINCIPAL CONFIDENTIALITY AGREEMENT
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser
of the following property: 2809 Third Avenue and is not to be used for any other purpose or made available to any other person without
the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the
Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not
intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or
representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or
completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make
their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due
diligence, including inspections.
This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the
information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are
subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating
to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An
opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport
to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such
documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors,
omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of
the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of
purchasing the Property described herein.
Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers
to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal
commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written
agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s
obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or
agreements on behalf of Owner. In addition, Purchaser agrees to waive the right to any claim against or payment by Besen and Owner
for a brokerage commission for the sale of the Property.
This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The
Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates
immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will
be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone
without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.
Questions and requests for additional information should be directed to the exclusive agents:
Matthew Garcia
Director
(646) 472-8741
[email protected]
Richard Torres
Director
(646) 424-5370
[email protected]
________________________________________________________
Authorized Signature
Print Name:
______________________________________
Company Name:
______________________________________
Email:
______________________________________
Phone Number:
______________________________________
__________________
Date
2809 Third Avenue, Bronx, NY 10455 | 13
EXCLUSIVE
OFFERING MEMORANDUM
941-951 HOE AVENUE
BRONX, NY 10459
Presented by:
Matthew Garcia
Director
(646) 472-8741
[email protected]
Richard Torres
Director
(646) 424-5370
[email protected]
BESEN & ASSOCIATES INC.
381 Park Avenue South
New York, NY 10016
212 689 8488 Tel
212 689 9518 Fax
www.besenassociates.com
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied
as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No
warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials
is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.
941-951 Hoe Avenue, Bronx, NY 10459 | 14