A retail property at 33 Main Street, located at the intersection of Main Street and Columbus Avenue in the Village of Tuckahoe, New York, was sold in an all cash transaction valued at $3,050,000.
The single-story, 10,500 square foot property is fully leased with two retail tenants on the ground floor and one tenant on the lower level of the building. Current tenants include the United States Post Office and a gourmet deli and local retailer. The property, which is in excellent condition, benefits from being located on a highly visible corner and directly across the street from the Metro-North Train Station. The transaction occurred at a capitalization rate of 5.7% and sold for $290 per square foot
The property was owned by a local family partnership for 29 years and was sold to MAGJ Realty LLC who was represented by Mark Fonte of Tri-Font Realty.
“There was a lot of interest in the property and multiple offers were received from investors as well as developers,” said Massey Knakal First Vice President of Sales John Barrett who exclusively represented the seller. “The price is a reflection of today’s marketplace. The fact is there is exceptionally strong demand for well located, income producing properties. Retail or multifamily properties located along any of the three Metro-North rail lines will benefit and perform better than the market as a whole. Over the last three years I have sold properties at or near the Hartsdale, Fleetwood and now Tuckahoe train stations, all of which have received superior interest in the marketplace,” added Barrett.
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Neighborhoods: Westchester County