Ariel Property Advisors presents 109 Audubon Avenue, a mixed-use building located on the southeast corner of Audubon Avenue and West 171st Street in Washington Heights. The subject property is a three (3) story walk-up building that spans 7,617 gross square feet. The current configuration includes a ground floor retail space (currently occupied by LabCorp) and two (2) floor through, two-bedroom apartments on the second and third floors. All units are currently occupied at rents below market, providing investors with an opportunity to capitalize on rental upside in a growing market. The retail tenant has one (1) option to renew their lease for two (2) years at a 3% increase. Additionally, the residential units can be reconfigured to increase unit/bedroom counts and unlock additional value. Washington Heights is a rapidly expanding area with several area draws. Within a short walking distance from the subject property is the New York Presbyterian-Columbia University Hospital campus. Other notable community developments in the area include Columbia University’s New Medical and Graduate Education Facility, which opened August 2016. Residential and commercial developments underway include 655 West 187th Street – a 48 unit, 75,000 square foot rental project being developed by HAP Investments and 2420 Amsterdam Avenue – a new development project by Youngwoo & Associates, which will include a hotel as well as office space. The location of the subject property also facilitates easy access to key transportation options, with the 1, A, and C subway lines all situated four blocks away. 109 Audubon Avenue presents prospective investors and users with a cash flowing investment opportunity with inherent value-add/ conversion potential.
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