6050 Riverdale Ave 4,500 SF 100% Leased Retail Building Bronx, NY 10471 $5,418,957 CAD ($1,204.21 CAD/SF) 6.25% Cap Rate

The subject offering is a 4,500-square-foot
newly renovated retail strip on the corner of
Riverdale Avenue and 261st Street in the
Riverdale section of the Bronx. The
property consists of seven stores, and it is
100% occupied. All seven tenants have 3%
annual increases. The property underwent a
substantial renovation in 2021, including
new electric and gas meters (and panels)
for all seven stores, a new roof, and full
façade repairs for four stores on 261st
Street. In addition, every store here has its
own basement. Ownership did all new
concrete floors here in those basements.
The property benefits from staggered
leases and strong annual increases. An
opportunity to acquire a corner multi-tenant
retail property in Riverdale, one of the city's
most highly desirable residential
neighborhoods. The property sits directly
across the street from the entrance to the
College of Mount Saint Vincent, a private
university with 1,800 students. The site is
surrounded by thousands of housing units
and a mix of local and national retailers.