Bronx Bank of America & Citibank — Sale in Bronx, NY
- Price: Contact for price
- Listing type: For sale
- Asset type: Retail Business
- Location: Bronx, NY 10467
Photos
Investment Figures
- Cap rate
- 5.75%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to offer 700 – 706 Allerton Avenue, a 10,411 square foot retail building on the corner of Allerton Avenue and White Plains Road in the Bronx. The property is fully occupied across three storefronts and anchored by Bank of America and Citibank, both on corporate leases that together account for nearly 90% of the space. Bank of America's renewal options carry 12.0% rent increases in 2028 and again in 2033, and Allerton Eye Care, a long-standing neighborhood optical retailer, escalates annually through 2032. An ICAP abatement runs through 2034, keeping the expense load low. Offered at $12,795,000 and a 5.75% cap rate, the building gives an investor stabilized national credit income on a corner where the 2 and 5 platform staircase lands at the storefronts. Investment Highlights: • Prime corner location featuring Bank of America and Citibank • The Allerton Avenue subway station for the 2 and 5 lines is steps away from the property • Hard corner of Allerton Avenue and White Plains Road with 110 feet of frontage • Two Citibank branches operate in the surrounding Zip Code. This location holds $260 million in deposits; the Jerome Avenue location holds $139 million • This location is the only Bank of America branch in the surrounding Zip Code, holding $112 million in deposits
Market Context
This retail in Bronx, NY is listed for sale. It is offered at an approximate 5.8% capitalization rate, a key benchmark for income-producing retail assets. Compare it against other retail listings for sale in Bronx, NY — view the full market.
Estimated Price per SF
$155.58/SF – $1,132/SF
Mid: $471.46/SF
About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.
Contact
- Michael Kook
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