924-928 W. 35th Pl.
Welcome to the recently renovated and versatile industrial/office/flex building complex at 924-928 W 38th Place. This property has been thoughtfully developed to preserve an industrial charm; featuring exposed brick, air ducts, and large windows. Mixed studio and office spaces have been renovated to house a variety of creative tenants. Two drive-in doors cater to the larger tenant spaces at the front, along with public bathrooms conveniently located in the common hallway.
- Sale Price: $4,750,000
- Property Tax: $96,002
- Annual Net Op. Income: $443,278
- MLS: 11937980
- Building Type: Commercial, Industrial, Retail, Office, Other
- Building Square Feet: 46,000
- Zoning: M1-2
Property Details
Highlights:
- Potential Full NOI: $495,178
- Total Rental Income: $626,520
- Buildings built in 1935 and renovated in 2017
- There is a 5% escalation clause for tenant rental agreements.
- Spaces can be leased for warehouse, office, retail or industrial use.
- Current Tenants include HVAC, Photography, Beauty & Wellness businesses.
- Potential to add value through leasing of parking spaces.
- 924 38th Pl. has a current occupancy of 97.2% with 2 total vacancies.
- 928 38th Pl. has a current occupancy of 90.3%. Floors 1 and 2 boast 0 vacancies. 5 total vacancies are located in the newly constructed basement level.