Fully Occupied Retail Property For Sale in Manhattan

Description:

Located at the intersection of John and Nassau Streets, 25 John Street stands in the heart of the Financial District. This 4,649-square-foot multi-tenant retail asset comprises 10 small-format spaces with 969 SF in the lower level and 3,680 SF across the ground and mezzanine floors—a good fit for service oriented and specialty operators. Many tenants have occupied their spaces for over a decade, representing the property’s role as a neighborhood fixture and the high demand for its prime location. Surrounded by landmark office towers, high-density residential buildings, and world-class attractions, the property enjoys a high constant pedestrian flow from professionals, residents, and tourists alike. With a full occupancy, 25 John Street delivers stable and diversified income. The unit mix allows for flexibility in tenanting, while its high visibility ensures sustained market appeal.
Fully occupied with 10 retail tenants.
There is a 6 month landlord cancellation clause in the lease.
Present rent is below market value.
Major Value Add for the property

Property Info:
Address: 25 John Street, New York NY
Block & Lot 79 / 1101
Cross Streets: Corner of John Street and Nassau Street
Wraparound Frontage Approx. 153'
Stories 16
Building Dimensions (51.08' x 101.58')
Gross SF 4,649
Retail Units 10
Zoning C5-5 (R10)
Lot Dimensions (51.08' x 101.58')
Lot Size 5,035 SF
Tax Class 4
RE Tax Assessment (25/26) $2,104,812
Tax Rate (25/26) 10.762%
RE Taxes (26/27) $243,113

Rent Roll
Unit Tenant Square Footage Monthly Rent Annual Rent
101 Omusubi Gonbei Ground Level 844 $13,500 $162,000
102 Power Bowls Ground Level 596 $8,275 $99,300
103 Neighborhood Coffee Ground Level 458 $6,500 $78,000 (lease out)
104 My Convenience Ground Level 280 $9,253 $111,036
105 Sakura of Japan Ground Level 98 $3,460.59 $41,527.08
106 Tacos Hermanos, Ground Level 888 $14,935 $179,220
Lower Level 490 sq ft plus 398 sq ft. Ground Level Total 888 square feet
107 D'Elici Ground Level 762 $12,500 $150,000
108 Beard Papa's Ground Level 244 $5,834.95 $70,019.40
B1 JP Spa Lower Level 537 $3,278.18 $39,338.16
B2 Mike's Barber Shop Lower Level 432 $3,500.00 $42,000
Property Total: 5,146 square feet $81,036.72 $972,440.64

Tax/CAM Reimbursements: $39,423
Gross Income: $1,011,863.64
Expenses:
RE Taxes (26/27) ($243,133)
CAM Charges (owner provided): ($44,676)
Insurance (owner provided): ($6,696)
Total Expenses: $294,505
Annual NOI: $717,358.64

All tenants have 3% annual escalations
There is major value add for some of the units as the tenants are currently paying below market value rents.

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