Ariel Property Advisors has been retained on an exclusive basis to arrange for the sale of 5723 5th Avenue, a fully renovated 3-story mixed-use building located on the NE corner of 5th Avenue and 58th Street in Sunset Park. The subject property totals 7,681 square feet and consists of 2 commercial units and 8 one-bedroom residential units, all of which are rent-stabilized. The corner pharmacy has a lease in place through 2022, with 4% annual escalations and a 5-year renewal option. The second commercial unit, which was formerly a doctors office, is currently vacant. The property also benefits from being in the protected 2B tax class, which caps the amount taxes can be increased annually.
5723 5th Avenue is located on a prime retail corridor, with nearby tenants such as Sprint, T-Mobile, GameStop, Subway, Papa Johns and Carvel. The property is conveniently 0.2 miles from the 59th Street N/R subway station, and is located directly on the B63 bus line that runs up and down 5th Avenue.
5723 5th Avenue represents an opportunity for an investor to acquire a fully renovated turn-key asset with strong cash flow on a busy retail thoroughfare in Sunset Park. Please contact our office for additional information.