424 Broadway , #3

Description

ICONIC SOHO FULL-FLOOR A rare opportunity to own an income-producing, full-floor commercial loft in the heart of Downtown Manhattan.Located near Broadway and Canal Street—where SoHo, Nolita, Tribeca, and Little Italy converge—this approximately 4,000-square-foot third-floor loft is currently occupied by an art gallery and offers an extraordinary combination of architectural character, natural light, flexible use, and investment potential.Oversized windows illuminate the expansive open interior, while approximately 10- to 12-foot ceilings, classic hardwood floors, exposed architectural details, and 24/7 elevator access create an impressive setting for a gallery, showroom, creative headquarters, design studio, fashion company, professional office, or owner-user.Property Highlights• Approximately 4,000 square feet • Currently leased to an art gallery • 24/7 elevator access • Oversized windows and excellent natural light • Approximately 10- to 12-foot ceilings • Expansive, flexible open layout • Classic hardwood flooring • Two private bathrooms • Lease expiration: April 30, 2027 Current Annual Income $202,464Projected Monthly Rent at $65/SF $21,666Projected Annual Income at $65/SF $259,992Annual Operating ExpensesExpense Annual AmountCommon Charges $22,000 per yearReal Estate Taxes $46,726 per yearInsurance $1,250 per yearTotal Annual Expenses $69,976Investment OverviewCurrent Net Operating Income: approximately $132,488 annuallyProjected Net Operating Income at $65/SF: approximately $190,016 annuallyCurrent Cap Rate at $3,750,000: approximately 3.53%Projected Cap Rate at $3,750,000: approximately 5.07%