3289 Westchester Avenue
Retail | 7.00% CAP | 4,535 SqFt
Marketing description
Kassin Sabbagh Realty (Ksr) is Pleased to Present 3289 Westchester Avenue, a Turnkey, 100%-leased, Popeyes-anchored Retail Strip on a Prime Hard Corner in the Pelham Bay Section of the Bronx Directly Across From the 6 Train at the Pelham Bay Park Station and Just Off I-95. Newly Constructed and Comprising Approximately 4,535 Sf Across Three Commercial Units, the Property Offers Investors Durable, Brand-anchored Income With Minimal Landlord Responsibility. It is Structured as a Predominantly Triple-net (Nnn) Asset — the Popeyes Anchor and the Convenience Store Are on Full Nnn Leases, While the Third Tenant Operates on a Near-net (Nn) Structure That Still Reimburses Insurance, Water/Sewer, and Electric. With All Three Tenants Secured on Long-term Leases Through 2033–2036, Contractual Annual Rent Increases, and Embedded Upside From a Pending Icap Tax Abatement, 3289 Westchester Delivers a Rare Combination of Stability and Growth in One of the Northeast Bronx's Most Established, Transit-rich Retail Corridors.
Investment highlights
- Turnkey Asset — Recently Gut-renovated With New Building Systems and Minimal Near-term Capital Needs.
- Popeyes-anchored — National-brand Tenant Providing Stable, Credit-backed Cash Flow.
- Long-term Income — Fully Leased Through 2033–2036 With Built-in Annual Rent Increases.
- Predominantly Nnn — Limited Landlord Responsibilities With Tenants Covering Most Operating Expenses.
- Prime Transit Location — Directly Across From the Pelham Bay 6 Train Terminal With Immediate Access to I-95.
- Tax Abatement Upside — Pending Icap Approval Expected to Reduce Real Estate Taxes.
- Strong Market Fundamentals — Located in the Affluent and Highly Accessible Pelham Bay Submarket.
- Future Growth & Upside
- Built-in Rent Growth — Annual Contractual Escalations Across All Leases.
- Additional Noi Potential — Expected Icap Tax Savings Provide Further Income Growth.
- Mark-to-market Opportunity — Future Upside Upon Lease Renewals in a High-demand Retail Corridor.
- Development Potential — Zoning May Allow for Future Redevelopment or Unused Air Rights Opportunities.
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