Investment Unit CAP RATE OF 4.9%!
Attractive space available in a luxurious condo building: Edgecombe Parc in Washington Heights. 860 sqft space situated just a few blocks from the A, C and 1 trains. Offers easy access to anywhere in the city; less than 20 minutes to Times Square. Also near to other medical facilities, including Columbia University Medical Center and New York Presbyterian Hospital. Easy access to GWB and Cross-Bronx Expressway makes it easy for clients/patients coming from NJ or LI.
The current lease is at $3,399/month, increasing 3% annually for 4 years with an option to renew for another 5 years.
Landlord pays common charges of $588 per month, and annual taxes of $2,186.
Tenant is responsible for all other expenses, utilities, etc.
Total free cash flow is over $31k annually.
* Cap rate of 4.9%.