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JLL has been hired on an exclusive basis to arrange for the sale of 57-65 East Burnside Avenue, a well located, fully occupied retail property with significant future redevelopment potential in the Fordham Heights section of the Bronx. Located on the northeast corner of East Burnside and Walton Avenues, the expansive lot features over 300’ of wraparound frontage that provides significant exposure to the heavily trafficked corridor. The Burnside Ave train station is one block away and the Express and 1,2, 32, 40 & 42 bus routes service the block as well.
The building contains approximately 17,531 SF on the ground floor with a large basement component and is currently anchored by Rite Aid with the remaining space leased to Sagal Meat Market. These tenants provide long term commitments to the building through 2025 when both leases expire. Sagal Meat Market possesses a five year renewal option through October 2030. Majority of the real estate taxes and insurance expenses are reimbursed by the tenants and the property generates approximately $892,151 in annual net operating income.
57-65 East Burnside Avenue represents a future redevelopment scenario due to its positioning on a large, corner lot in a neighborhood with significant affordable and mixed-use housing potential. Favorable zoning in an R8 zoning district allows for the development of a residential, commercial and/or community facility building up to approximately 149,928 ZFA as-of-right. Furthermore, the property lies within the recently rezoned Jerome Avenue Neighborhood Plan which will bring thousands of new residential units, several schools, parks, business improvement initiatives and $190 million of NYC capital improvements to the area. As a result, 57-65 East Burnside Avenue offers a tremendous income-producing retail opportunity with the potential to unlock significant development upside in the future.