Office & Retail Building in New York, Lower Manhattan, for Sale, Lease Agreement Ends 2029
Property type: office and retail building
Purchase of established rental business
Location: Lower Manhattan, New York, USA
Construction year: 1890
Latest renovation: 2013
Lettable area: ca. 1,540 m2
Occupancy: 80%
Vacant commercial space: ca. 300 m2
Main tenant: regional bank
Other tenants: marketing agency, fabric store, clothing store, residential units
Lease Agreements:
• Main tenant: 2029 (+ renewal options 2x5 years)
• Other tenants: 2019 - 2028
• Possibility of renewal: YES
• Rent Review: YES
Purchase price: 28,000,000 USD
(+ closing costs)
Net Operating Income: 1,466,100 USD per annum
(+ indexation linked to inflation)
Yield: 5.2%
Extra opportunities:
• There is a possibility to increase yield in case of renting out vacant commercial spaces.
• Potential yield (at 100% occupancy): 6.2%.
