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3600-3610 Broadway Manhattan $15,500,000
  • 50,464
    SF
  • 46
    Units
  • 4.50%
    Cap Rate
  • 14.63
    GRM
3600-3610 Broadway 3600-3610 Broadway 3600-3610 Broadway 3600-3610 Broadway
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INVESTMENT HIGHLIGHTS

We are pleased to announce our sale of 3600-3610 Broadway are three adjacent walk-up mixed-use buildings located in Hamilton Heights that combine for 46 units and 50,464 square feet.  The properties boast 126 feet of retail frontage along Broadway starting at the southeast corner of West 148th Street.  This is a rare opportunity to acquire Broadway frontage and investors have the chance to capitalize on the emerging retail trend in the neighborhood which already includes a variety of national tenants and local hits such as The Grange, Harlem Public, Tonalli and the Chipped Cup.  

 

There is also plenty of upside in the buildings’ very large 35 residential units.  The properties consist of ten (10) 3-bedroom apartments with an average monthly rent of $1,340 (includes vacancy projections) which is only 43% of market rent in the neighborhood, and the twenty-five (25) 4-bedroom apartments average $1,564 (includes vacancy projections) which is only 42% of market rent.  The properties proximity to The City College of New York, Columbia University’s Manhattanville expansion, and Columbia Presbyterian Hospital coupled with easy access to the 1, A, B, C and D trains secures future tenant demand.  Access to the newly improved Riverbank State Park is only a few blocks away and offers tenants numerous outdoor and indoor athletic amenities.  All of the properties have been converted to gas.

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