2157 First Avenue
Covered Land | 18,000 Buildable SF | 6.5% CAP
Marketing description
CBRE, as exclusive agent, is pleased to offer for sale 2157 First Avenue (the "Property"), a fully occupied three story office and retail building located along First Avenue between East 111th and East 112th Streets in East Harlem, New York. In addition to stable in place cash flow, the Property benefits from approximately 18,000 buildable square feet, positioning the asset as a compelling covered land opportunity with long term redevelopment potential.
The 7,500 square foot Property comprises approximately 5,000 rentable square feet of office space across two full floors, in addition to a 2,500 square foot ground floor retail unit. The office component is currently leased to three tenants. One tenant occupies the entire third floor on a month to month basis at below market rents, providing an opportunity to re tenant the space at prevailing market rates and enhance office revenue. The second floor is occupied by two tenants paying an average rent of approximately $24 per rentable square foot, with near term lease expirations offering additional opportunities for immediate value creation.
The ground floor retail space is leased to a beauty salon and benefits from over 25 feet of frontage along a highly trafficked First Avenue corridor, supporting strong visibility and consistent pedestrian traffic. The retail lease includes real estate tax reimbursement provisions, resulting in total effective revenue of approximately $31 per square foot.
The Property is located within a ten minute walk of the 110th Street subway station (6- train) along Lexington Avenue, providing convenient access to Manhattan and the Bronx. The combination of diversified in place income, near term leasing upside, and meaningful development optionality positions the Property as a compelling mixed use investment offering durable cash flow with long term growth potential.
Investment highlights
- OPPORTUNITY ZONE LOCATION ENHANCES AFTER TAX RETURNS - The Property is located within a designated Qualified Opportunity Zone, providing investors the potential to defer and eliminate capital gains taxes, enhancing after tax returns and supporting long term value creation.
- COVERED LAND OPPORTUNITY WITH LONG TERM ASSEMBLAGE POTENTIAL - With approximately 18,000 buildable square feet and full in place occupancy, the Property functions as a covered land investment, allowing investors to generate stable cash flow while preserving long term flexibility for assemblage or redevelopment as market conditions evolve.
- FULLY LEASED ASSET WITH DIVERSIFIED INCOME STREAMS - The Property is fully occupied with a diversified tenant mix across office and retail uses, providing stable in place cash flow while limiting reliance on a single income source.
- NEAR TERM OFFICE LEASING UPSIDE - Below market office rents and near term lease expirations create a clear opportunity to re tenant space at prevailing market rates, supporting immediate NOI growth without capital intensive repositioning.
- HIGH VISIBILITY RETAIL WITH EXPENSE REIMBURSEMENT - The ground floor retail space benefits from over 25 feet of frontage along First Avenue and includes real estate tax reimbursement provisions, resulting in enhanced effective rents and durable net cash flow.
- TRANSIT ORIENTED LOCATION SUPPORTS LONG TERM DEMAND - Located within a 10 minute walk of the 110th Street subway station (6-train), the Property offers strong connectivity to Manhattan (20-min from Grand Central) and the Bronx, reinforcing sustained tenant demand across both office and retail components.
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