166 & 168 west 107th street activity id 0330994 › listing... · 166 & 168 west 107th...

Activity ID: Z0330994

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New York, New York 10025166 & 168 West 107th Street


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2018 Marcus & Millichap. All rights reserved.

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CONFIDENTIALITY & DISCLAIMER | 166 & 168 West 107th Street

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT FOR MORE DETAILS.

TABLE OF CONTENTS | 166 & 168 West 107th Street

Section 1: Property OverviewSection 2: Pricing and Financial Overview



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PROPERTY OVERVIEW



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PROPERTY OVERVIEW | 166 & 168 West 107th Street

INVESTMENT HIGHLIGHTS

• Two Contiguous Buildings on the Upper West Side• There are 50 Feet of Frontage on West 107th Street• The Buildings Contain 40 One-Bedroom Apartments –

All Rent Stabilized• There Has Been Continuous Ownership since the 1980s• The Buildings Share One Boiler

Marcus & Millichap is the exclusive sales broker for 166 & 168 West 107th Street, two contiguous five-story walk-up apartment buildings between Columbus and Amsterdam Avenues on the northern Upper West Side. The subject properties have been managed by the same ownership for almost forty years. New ownership will be able to increase under-market rents and improve building operations.

The subject properties measure approximately 50 feet by 86 feet totaling approximately 19,270 square feet and sits on a 50-foot by 100.92-foot R8B-zoned lot. The subject properties contain forty one-bedroom rent stabilized apartments.

The buildings are located on the northern Upper West Side near the 103rd Street subway stations which are four blocks and seven blocks away, respectively. The buildings are six blocks from Columbia University which provides a steady flow of tenants.

PROPERTY OVERVIEW


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Property Address

Block & Lot Zoning Maximum Allowed FAR FAR as Built


PROPERTY SUMMARY

Number of Residential UnitsNumber of StoriesYear Built (est.) Gross Square Feet Building SizeLot Size Type of Ownership

THE OFFERING SITE DESCRIPTION

TAX LOT MAP

405

191019,270

50 ft x 86 ft50 ft x 100.92 ft

Fee Simple

166 & 168 West 107th Street New York, NY 10025

1861-57, 1861-58 R8B

43.82

166 West 107th St.

CERTIFICATE OF OCCUPANCY

168 West 107th St.


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PROPERTY PHOTOS


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RESIDENTIAL PHOTOS


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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LOCAL & REGIONAL MAPS


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AERIAL MAP

SUBJECT PROPERTY


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212 W 95th Street

285 W 110th Street

707-711 West End Ave

PROPERTY OVERVIEW | Upper West Side

RECENT & FUTURE DEVELOPMENTS

952 Columbus Avenue

SUBJECT PROPERTY

262 W 96th StreetExtell Development

814 Amsterdam Ave

92 Riverside Ave


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PRICING & FINANCIAL ANALYSIS



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PRICING AND FINANCIAL ANALYSIS | 166 & 168 West 107th Street

OFFERING SUMMARY

PROPERTY VITAL DATA

PricePrice/UnitPrice/SF Number of Residential Units Gross Square Feet Building SizeLot Size

CAP Rate - CurrentGRM - CurrentNet Operating Income - CurrentNet Cash Flow After Debt Service - CurrentTotal Return - CurrentCAP Rate - Pro FormaGRM - Pro FormaNet Operating Income - Pro FormaNet Cash Flow After Debt Service - Pro FormaTotal Return - Pro Forma

3.48%17.98

$416,273 $158,468 $237,715

3.82%16.58

$456,626 $114,319 $219,541

$11,950,000$298,750

$62040

19,27050 ft x 86 ft

50 ft x 100.92 ft


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RENT ROLL

Unit # Unit Type

Legal Status

Unit Size (SF)

Lease End Notes Legal Rent Current Rent/SF Current Rent Pro Forma

Rent/SFPro Forma

Rent

1A 1BR TE 450 Super 57.33$ 2,150.00$ 57.33$ 2,150.00$1B 1BR RS 450 4/1/2019 Pref. Rent $ 2,065.00 44.56$ 1,671.00$ 55.89$ 2,095.98$1C 1BR RS 450 11/1/2018 Pref. Rent $ 1,872.00 45.33$ 1,700.00$ 50.67$ 1,900.08$1D 1BR RS 450 8/1/2019 $ 802.80 21.41$ 802.80$ 21.73$ 814.84$2A 1BR RS 450 8/1/2019 Pref. Rent $ 2,354.00 50.67$ 1,900.00$ 63.71$ 2,389.31$2B 1BR RS 450 9/1/2019 $ 974.25 25.98$ 974.25$ 26.37$ 988.86$2C 1BR RS 450 4/1/2019 Pref. Rent $ 1,921.00 47.25$ 1,771.87$ 52.00$ 1,949.82$2D 1BR RS 450 7/1/2019 $ 1,939.00 51.71$ 1,939.00$ 52.48$ 1,968.09$3A 1BR RS 450 3/1/2019 $ 778.08 20.75$ 778.08$ 21.06$ 789.75$3B 1BR RS 450 10/1/2018 Pref. Rent $ 2,265.75 49.33$ 1,850.00$ 61.33$ 2,299.74$3C 1BR RS 450 1/1/2019 $ 863.17 23.02$ 863.17$ 23.36$ 876.12$3D 1BR RS 450 3/1/2019 $ 742.64 19.80$ 742.64$ 20.10$ 753.78$4A 1BR RS 450 6/1/2019 $ 1,300.97 34.69$ 1,300.97$ 35.21$ 1,320.48$4B 1BR RS 450 2/1/2019 $ 1,606.64 42.84$ 1,606.64$ 43.49$ 1,630.74$4C 1BR RS 450 2/1/2019 $ 1,366.62 36.44$ 1,366.62$ 36.99$ 1,387.12$4D 1BR RS 450 5/1/2019 $ 1,800.00 48.00$ 1,800.00$ 48.72$ 1,827.00$5A 1BR RS 450 2/1/2019 $ 854.16 22.78$ 854.16$ 23.12$ 866.97$5B 1BR RS 450 2/1/2019 $ 1,744.56 46.52$ 1,744.56$ 47.22$ 1,770.73$5C 1BR RS 450 4/1/2020 $ 862.73 23.01$ 862.73$ 23.35$ 875.67$5D 1BR RS 450 3/1/2020 $ 607.95 16.21$ 607.95$ 16.46$ 617.07$20 27,286.44$ 29,272.14$

327,437.28$ 351,265.68$

166 West 107th Street

Total Monthly Residential RentTotal Annual Residential Rent

Rent Roll continued on next page.


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RENT ROLL

Unit # Unit Type

Legal Status

Unit Size (SF)

Lease End Notes Legal Rent Current Rent/SF Current Rent Pro Forma

Rent/SFPro Forma

Rent

1A 1BR RS 450 3/1/2019 $ 1,569.38 41.85$ 1,569.38$ 42.48$ 1,592.92$1B 1BR RS 450 5/1/2019 Pref. Rent $ 2,235.00 50.00$ 1,875.00$ 60.49$ 2,268.53$1C 1BR RS 450 1/1/2019 $ 1,312.72 35.01$ 1,312.72$ 35.53$ 1,332.41$1D 1BR RS 450 3/1/2019 $ 1,063.88 28.37$ 1,063.88$ 28.80$ 1,079.84$2A 1BR RS 450 4/1/2019 $ 1,267.09 33.79$ 1,267.09$ 34.30$ 1,286.10$2B 1BR RS 450 1/1/2019 Pref. Rent $ 1,916.00 49.33$ 1,850.00$ 51.86$ 1,944.74$2C 1BR RS 450 5/1/2019 $ 1,034.64 27.59$ 1,034.64$ 28.00$ 1,050.16$2D 1BR RS 450 5/1/2019 $ 1,958.00 52.21$ 1,958.00$ 53.00$ 1,987.37$3A 1BR RS 450 4/1/2019 Pref. Rent $ 1,923.75 50.67$ 1,900.00$ 52.07$ 1,952.61$3B 1BR RS 450 5/1/2019 Pref. Rent $ 2,312.00 53.20$ 1,995.00$ 62.58$ 2,346.68$3C 1BR RS 450 7/1/2019 $ 1,825.00 48.67$ 1,825.00$ 49.40$ 1,852.38$3D 1BR RS 450 3/1/2019 $ 827.86 22.08$ 827.86$ 22.41$ 840.28$4A 1BR RS 450 4/1/2019 Pref. Rent $ 2,424.00 54.21$ 2,033.00$ 65.61$ 2,460.36$4B 1BR RS 450 3/1/2020 SCRIE $ 653.50 11.63$ 436.22$ 17.69$ 663.30$4C 1BR RS 450 7/1/2019 Pref. Rent $ 2,301.00 56.00$ 2,100.00$ 62.28$ 2,335.52$4D 1BR RS 450 7/1/2019 $ 851.48 22.71$ 851.48$ 23.05$ 864.25$5A 1BR RS 450 9/1/2018 SCRIE $ 754.61 13.59$ 509.73$ 20.42$ 765.93$5B 1BR RS 450 8/1/2020 $ 639.29 17.05$ 639.29$ 17.47$ 655.27$5C 1BR RS 450 7/1/2019 $ 1,358.07 36.22$ 1,358.07$ 36.76$ 1,378.44$5D 1BR RS 450 4/1/2019 Pref. Rent $ 2,111.00 45.33$ 1,700.00$ 57.14$ 2,142.67$20 28,106.36$ 30,799.74$

337,276.32$ 369,596.84$

55,392.80$ 60,071.88$664,713.60$ 720,862.52$

Total Monthly Gross RentTotal Annual Gross Rent

168 West 107th Street

Total Monthly Residential RentTotal Annual Residential Rent


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INCOME & EXPENSESCurrent Per Unit Pro Forma Per Unit

IncomeGROSS POTENTIAL INCOME $664,714 $16,618 $720,863 $18,022Vacancy (1.5%) Deductions $9,971 $249 $10,813 $270EFFECTIVE GROSS INCOME $654,743 $16,369 $710,050 $17,751

ExpensesReal Estate Taxes $108,828 $2,721 $118,622 $2,966Insurance $18,000 $450 $18,000 $450Water & Sewer $25,000 $625 $26,750 $669Gas/Oil $25,000 $625 $26,750 $669On-Site Payroll $12,000 $300 $12,000 $300Management Fee (4%) $19,642 $491 $21,301 $533Repairs & Maintenance $20,000 $500 $20,000 $500Reserves & Replacements $10,000 $250 $10,000 $250TOTAL EXPENSES $238,470 $5,962 $253,423 $6,336 Expenses per SF $12.38 $13.15 % of EGI 36.42% 35.69%

NET OPERATING INCOME $416,273 $10,407 $456,626 $11,416


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OPERATING DATA FINANCING

Income Current Pro FormaGross Potential Rent $664,714 $720,863Gross Potential Income $664,714 $720,863Vacancy (1.5%) Deductions $9,971 $10,813Effective Gross Income $654,743 $710,050Less: Expenses $238,470 $253,423Net Operating Income $416,273 $456,626Net Cash Flow Before Debt Service $416,273 $456,626Debt Service $257,804 $342,307Debt Coverage Ratio 1.61 1.33Net Cash Flow After Debt Service $158,468 $114,319Principal Reduction $79,247 $105,222Total Return $237,715 $219,541Total Return % 3.40% 3.14%

Expenses Current Pro FormaReal Estate Taxes $108,828 $118,622Insurance $18,000 $18,000Water & Sewer $25,000 $26,750Heat $25,000 $26,750On-Site Payroll $12,000 $12,000Management Fee (3%) $19,642 $21,301Repairs & Maintenance $20,000 $20,000Reserves & Replacements $10,000 $10,000TOTAL EXPENSES $238,470 $253,423 Expenses/Unit $5,962 $6,336 Expenses/SF $12.38 $13.15 % of EGI 36.42% 35.69%

Loan Program 5 Year Fixed – Current

5 Year Fixed – Pro Forma

Loan Amount Min $4,300,000 $5,750,000Loan Amount Max $4,700,000 $6,200,000Interest Rate Min 3.750% 3.750%Interest Rate Max 4.250% 4.250%Fixed Term 5 (&5) Years 5 (&5) YearsAmortization (Years) 30 30

Please note that rates and terms are subject to market fluctuations. For updated financing information, please contact:

Kyle YoungMarcus & Millichap Capital Corporation(212) 430-5217

166 & 168 west 107th street activity id 0330994 › listing... · 166 & 168 west 107th...

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