1674-1696 Richmond Rd Staten Island, NY 10304

Property Details for 1674-1696 Richmond Rd

Year built

1950

Property size

11,118 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional Staten Island retail property offers a compelling value-add opportunity. The 11,118 square foot shopping center, situated on a 27,000 square foot lot, boasts six tenant spaces, currently operating at 52% occupancy. Two contiguous vacant units totaling 5,300 square feet present significant upside potential for investors seeking to increase occupancy and rental income. Each tenant space includes additional functional space not reflected in the rentable square footage, offering flexibility and expansion opportunities. The property features 40 parking spaces, a key advantage in a high-traffic area. Located on Richmond Road, this property benefits from 200 feet of frontage, ensuring high visibility and accessibility. Its strategic location within the Dongan Hills and Todt Hills retail corridor provides excellent exposure to a strong customer base, complemented by proximity to I-278 and a public bus stop. The property is zoned R3-1/C1-2, and the current annual rent bumps provide a stable income stream. The existing NOI is $175,744, with a pro-forma NOI of $438,293 reflecting the potential for significant growth. This multi-tenant retail offering presents a rare opportunity in the Metro NYC market, combining strong existing income with substantial value-add potential. The asking price is $7,000,000, representing a current cap rate of 2.51% and a pro-forma cap rate of 6.26%. Built in 1950, this single-story building offers a solid foundation for future growth and profitability.

Location Insight

City

Staten Island

County

Richmond

State

New York

Longitude

-74.1015

Latitude

40.5889