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143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
ANDREW ROTHLicensed Associate BrokerOffice: 212.825.1300Mobile: [email protected]
29 APARTMENTS + 2 STORES
143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
EXECUTIVE SUMMARY
Somerset has been retained as the Owner’s exclusive representative to offer for sale a 100% fee
interest in 143 Lincoln Avenue (“143 Lincoln” or the “Property”). 143 Lincoln is being offered to
a select group of qualified investors on an “As Is” basis only. All inquiries should be directed to
Somerset.
143 Lincoln Ave is a 23,800 Sq. Ft. 29-unit, 2-store mixed-use building. It is within the South Bronx
opportunity zone and one block north of Brookfield Property Partners’ six-acre, 1,300 residential
unit development site (detailed here). Sitting along the Lincoln Ave corridor between the waterfront
and the subway, 143 Lincoln is right in the heart of the new South Bronx.
143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
DEVELOPMENT HIGHLIGHTS
143 Lincoln allows for 100% lot coverage of the ground floor for commercial use. That translates to a
potential 13,973 SF retail presence, which at market-rate $40 psf, has potential to achieve $558,920
per annum from the commercial/retail tenant alone.
With the influx of residential development, demand for big-box retail will trend upwards, and is
predisposed to attract Triple A retail tenants due to its prime location.
Using the apartments as stable cash flow, a developer can maximize the value of this property by
vacating the four remaining ground floor apartments, and converting them as well as the adjoining
as-of-right developable lot into retail.
23,800 SQ. FT. BUILDING
DEVELOPABLE 8,023 SQ. FT.
LOT
143 LINCOLN AVE
Ghetto Film School
iNINE Bistro McDonald’s
Bricks & Hops
Made In Puerto Rico
Famous NobodysNobodys Pizza
Ceetay
Don Pancho’s
Empanology
Mott Haven Bar & Grill
Double Dutch Espresso
Charlies Bar & KitchenJimbo’s Hamburgers
Santa Clarita Taco Veloz VIP
Dunkin’ Donuts
Chase Bank
Gun Hill TavernTwo Sha’s
Angies Cafe & Pizza
Bagel & Barista Cafe138th Street
4 5
6
3rd Ave - 138th Street
143 Lincoln Ave
TRANSPORTATION
2 Min Walk at 3 Ave - 138th St
5 Min Walk at 138th St
4 5
6
2401 THIRD AVE 430 APTS.,
319,000 NSF OF RESIDENTIAL
Est. Completion Date: 2021
198 EAST 135TH 465 APTS.,
346,000 NSF OF RESIDENTIAL
Est. Completion Date: 2020
SOUTH BRONX NEW DEVELOPMENT
NEIGHBORHOOD TENANTS
143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
101 LINCOLN AVE 851 APTS., 662,000 NSF OF RESIDENTIALEst. Completion Date: 2022
ANDREW ROTHLicensed Associate BrokerOffice: 212.825.1300Mobile: [email protected]
143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
Building Apt. Lease Status Bedrooms Actual Pro Forma* Development Pro Forma**
143 Lincoln Ave 1A RS 2 Beds $1,144.47 $1,167.36 $-
143 Lincoln Ave 2A RS 2 Beds $1,200.00 $1,224.00 $1,224.00
143 Lincoln Ave 2B RS 1 Bed $838.00 $1,600.00 $1,600.00
143 Lincoln Ave 2C RS 1 Bed $1,240.31 $1,265.12 $1,265.12
143 Lincoln Ave 3A RS 2 Beds $1,275.00 $1,300.50 $1,300.50
143 Lincoln Ave 3B RS 1 Bed $1,600.00 $1,632.00 $1,632.00
143 Lincoln Ave 3C RS 1 Bed $1,300.00 $1,326.00 $1,326.00
143 Lincoln Ave 4A RS 2 Beds $1,316.25 $1,342.58 $1,342.58
143 Lincoln Ave 4B RS 1 Bed $1,290.94 $1,600.00 $1,600.00
143 Lincoln Ave 4C RS 1 Bed $1,500.00 $1,530.00 $1,530.00
143 Lincoln Ave C1 FM Comm. $3,300.00 $5,300.00 $46,576.67
147 Lincoln Ave 1A RS 2 Beds $1,336.20 $1,362.92 $-
147 Lincoln Ave 1B RS 2 Beds $1,275.00 $1,300.50 $-
147 Lincoln Ave 2A RS 2 Beds $898.50 $916.47 $916.47
147 Lincoln Ave 2B RS 2 Beds $1,300.00 $1,326.00 $1,326.00
147 Lincoln Ave 3A RS 2 Beds $1,253.47 $1,278.54 $1,278.54
147 Lincoln Ave 3B RS 2 Beds $1,224.00 $1,248.48 $1,248.48
147 Lincoln Ave 4A RS 2 Beds $1,260.96 $1,286.18 $1,286.18
147 Lincoln Ave 4B RS 2 Beds $1,800.00 $1,836.00 $1,836.00
151 Lincoln Ave 1A RS 2 Beds $1,400.00 $1,428.00 $-
151 Lincoln Ave 1B RS 2 Beds Vacant $2,000.00 $-
151 Lincoln Ave 2A RS 2 Beds $1,800.00 $1,836.00 $1,836.00
151 Lincoln Ave 2B RS 2 Beds $1,515.00 $1,800.00 $1,800.00
151 Lincoln Ave 3A RS 2 Beds $1,260.72 $1,285.93 $1,285.93
151 Lincoln Ave 3B RS 2 Beds $1,397.66 $1,425.61 $1,425.61
151 Lincoln Ave 4A RS 2 Beds $1,351.50 $1,378.53 $1,378.53
151 Lincoln Ave 4B RS 2 Beds Vacant $2,000.00 $2,000.00
153 Lincoln Ave 2A RS 2 Beds $1,336.26 $1,362.99 $1,362.99
153 Lincoln Ave 3A RS 2 Beds $1,340.00 $1,366.80 $1,366.80
153 Lincoln Ave 4A RS 2 Beds $1,185.29 $1,800.00 $1,800.00
153 Lincoln Ave C2 FM Comm. $2,200.00 $3,500.00 $-
Monthly Revenue $41,139.53 $51,026.51 $81,544.39
Annual Revenue $493,674.36 $612,318.07 $978,532.67
Expenses
Taxes $83,017 Repairs & Maintenance $10,000 Insurance $15,000 Oil Supply $18,000 Water $12,000
Total $138,017
NOI $355,657.36 $474,301.07 $840,515.67
RENT ROLL
ASKING PRICE: UPON REQUEST * Pro Forma represents Year 2 annual rent growth and market value for upcoming vacancies
** Development Pro Forma represents development of 100% commercial lot coverage of the ground floor allowing for 13,973 gross commercial leasable SF
143 Lincoln Avenue, Bronx, NY
SOUTH BRONX OPPORTUNITY ZONE ACQUISITION
ANDREW ROTHLicensed Associate BrokerOffice: 212.825.1300Mobile: [email protected]