800 St. Nicholas Avenue
NNN Gas Station in Manhattan - Long Term Lease - 800 St. Nicholas Avenue
Marketing description
CBRE, as an exclusive agent, is pleased to offer for sale 800 St. Nicholas Avenue (“The Property”), a NNN gas station located in Sugar Hill submarket of Harlem. Encompassing a full city block, bounded by St. Nicholas Avenue, St. Nicholas Place, West 150 th Street and West 151 st Street, The Property is accessible from all directions. The strategic location allows for less than a seven-minute drive to many major highways and parkways, including Harlem River Drive, Henry Hudson Parkway, Interstate-87 and Intersate-95.
The Property features a long-term, NNN lease with an experienced operator containing 2% annual rent escalations. The original term expires in March 2033 with four (4) 5- Year options extending until March 2055. The Property encompasses a fully operational gas station with six fuel pumps, a licensed auto repair workshop with two garage bays, and a convenience store.
Beyond its immediate income potential, 800 St. Nicholas Avenue has future development upside. The Property is zoned for residential (R7A) and is advantageously carved out of the Hamilton Heights / Sugar Hill Historic District, providing a future opportunity to capitalize on the growing housing demand within this supply constrained neighborhood. The property is zoned for approximately 25,012 ZFA (as-of-right) and 31,328 ZFA (Universal Affordability Preference). Additionally, the limited amount of developable land in the immediate area uniquely positions The Property as a receiving site for air rights from two landmarked buildings across the street.
Investment highlights
6 FUEL PUMPS
2 GARAGE BAYS
CONVENIENCE STORE
NEW UNDERGROUND TANKS
FIRST SALE IN 40+ YERARS
LONG-TERM NNN LEASE
NNN leased to until 2033 with options extending until 2053 and 2% annual rent escalations
EXCEPTIONAL ACCESSIBILITY
Located on a full city block with 467 feet of wraparound frontage between two, two-way streets, The Property is easily accessible from all directions. The strategic location allows easy access to major highways and parkways including, Harlem River Drive, Henry Hudson Parkway, Interstate-87 and Intersate-95.
LIMITED SUPPLY
One of only five gas stations within a mile radius offers a opportunity to own a rare Manhattan asset class in a high-demand area.
DEVELOPMENT UPSIDE
The property is residentially zoned (R7A) for approximately 25,012 ZFA (as-of-right) and 31,328 ZFA (Universal Affordability Preference).
TRANSIT ACCESSIBILITY
Located only three streets north of the 145th Street subway entrance for the ABCD trains, allowing for a 20-minute ride to midtown Manhattan.
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