4230 Broadway is located in the Washington Heights neighborhood of Northern Manhattan. Located on Broadway between 179th and 180th Street, we are offering a prime piece of real estate one block from the 181st street corridor. The subject property is built 26 by 82 feet and totals 5,457 square feet. 4230 Broadway is a three story, mixed-use building with four apartments and two stores and is zoned C1-4/R7-2 and is under Tax Class 2A. There are multiple ways for a buyer to add value and reposition this asset. The retail spaces can be re-tenanted or combined to make space for a larger national chain. The residential units are all deregulated and significantly under market. With 1,820 square feet of additional air rights a buyer can add a pop up for additional rental income. The building is comprised of four free market apartments with an average rent roughly 40% below market. The two retails tenants are currently paying $70 per square foot, while the market can command close to $100 to $125 per square foot. This will provide an investor the opportunity to realize significant rental upside in the commercial rent. The George Washington Bridge Marketplace, slated for a Fall 2015 completion, will boast nationally recognized brands such as Marshalls, Gap, Buffalo Wild Wings and Fine Fare. This will create a much needed retail district in a heavily populated neighborhood which has been historically underserved by retail. The property is located across the street from the newly renovated George Washington Bus Station, and near neighborhood anchors such as Yeshiva University and New York Presbyterian, as well as the A and 1 subway lines. Investment Highlights * Irreplaceable Location on Broadway Off West 181st Street * Tax Class 2A - Taxes Cannot Increase More Than 8% Per Year Or 30% Over 5 Years * Free Market Apartment Building With Rents 40% Below Market * Untouched Asset With Long Term Ownership * 1,820 Square Feet Of Untapped Air Rights
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