Multi-Unit Retail Property For Sale

Highlights:

• Bond-Like Income With Real Estate Ownership: Chipotle’s long-term lease provides approximately 16 years of remaining contractual term, combining investment-grade corporate credit with scheduled rent growth. The result is a predictable income stream with characteristics similar to a long-duration corporate bond, coupled with the underlying benefits of direct real estate ownership.
• Long-Duration Corporate-Backed Contractual Cash Flow: A durable income stream supported by long-term contractual leases, including Chipotle Mexican Grill (NYSE: CMG; S&P: BBB) through March 2043 with 10% contractual rent increases every five years. Three of the property’s four tenants have lease expirations extending beyond 2036, including Venture House through 2055.
• NOI Growth Without Repositioning: Contractual rent increases drive annual base rent from approximately $2.21 million to $2.68 million over the first ten years, while projected NOI increases from approximately $2.00 million to $2.47 million—approximately 23.6% growth without reliance on repositioning or lease-up.
• Diversified Tenant Roster: The property’s tenancy spans national retail, healthcare, nonprofit and education/childcare uses, reducing reliance on any single operating category.
• Irreplaceable Fordham Road Location: Prominent corner location at East Fordham Road and Marion Avenue with convenient access to subway, MetroNorth and bus service, as well as Fordham University and the broader Fordham Road retail district.

Description:

KSR is pleased to present 350 East Fordham Road / 2511 Marion Avenue, a 42,161 SF retail and commercial asset at the corner of East Fordham Road and Marion Avenue in the Bronx’s Fordham neighborhood.

The property is 100% leased to four tenants spanning national retail, healthcare, nonprofit, and education/childcare uses, producing ~ $2.2M in current annual base rent and ~ $2.M in NOI.

The property is established as an R0 – Special Condominium Billing Lot with the City of New York and is divided into six individual tax lots/condominium units. This structure provides flexibility for the separate sale of individual condominium units, while also allowing for organized, unit-specific real estate tax billing to tenants.

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