5-Unit Retail in Staten Island

Investment Highlights

Port Richmond Staten Island retail 4 units 2/4 occupied w/ another renovated/move in ready. value add through renewals and lease up. current income 7,200/month. proforma on full occupancy 11k/month. On a corner lot 5,345 SF, 50x106, zoned C4-2 (R6 equiv) allowing 11,759 BSF residential or 20,845 BSF w/QA FAR. $108k NOI proforma (7.2% cap). Room to add 2 more units or redevelop. Price reduced owner asking $1.5m negotiable ($128psf)/($72psf)

There are two options here: 1) purchase the corner & value add through lease ups and upgrades.
or 2) an assemblage of 159 - 167 Port Richmond Ave

Tenants:
Check Cashing pays 5000 including expenses. has 2 yrs lease
Hair Salon operating for 25yrs. have 1 year lease
One store is already built out ready to lease
another two need work

Seller lives in NJ wants to sell this and buy something closer to him