midtown mixed use building for sale - $10.2 million …...cord realty group - 817 broadway, 4th...

Cord Realty Group - 817 Broadway, 4th

Floor -New York, NY 10003

Leo Silvia - [email protected] - mobile 917-440-1825

MIDTOWN MIXED USE BUILDING FOR SALE - $10.2 million 214 E 49TH STREET, NY, NY 10017

Location Located on the south side of e 49th St. between 2nd and 3rd Avenues.

Block/Lot 1322/43 Zoning (FAR) R8B(4.0)

Lot Dimensions 20’ x 100.42’

Lot Area 2008 Sq Ft (Approx)

Building Dimensions 20’ x 74’ (1-4)

Building Area 6,960 Sq Ft (Approx)

Gross Buildable SF 8,074 Sq Ft (Approx)

Remaining Air Rights 1,114 Sq Ft (As-of-Right)

Taxes (03/18) $151,286 * *Retail tenant pays 50% of real estate taxes Investment Highlights: 214 e 49th st is zoned r8 and has approximately 6960 existing sq ft and approx 1114 sq ft in air rights. Building is fully leased at market rents to long term quality tenants. Also, apartments have been renovated and the building is in great shape so this is a perfect situation for someone that wants instant income without any hassle. All current tenants have rent increases of 3% annually and the retail tenant has an option to extend for 10 years when the current lease expires. If they decide to renew, their rent will have an initial escalation of 10% followed by annual increases of 3%. Gross income $468,024 Annualized expenses $111,000 (including RE taxes, gas and electric, fuel, repairs and maintenance, super, management, and insurance) Net income $357,024 (cap rate at the ask of $10.2 million is 3.5%)




Scheduled Income:

Income Use status Lease Expiration Actual Rent

Ground restaurant FM 12/31/2021 $19,802

2nd

Floor commercial FM 8/31/2020 $6,400

3rd

Floor Residential – 4br FM 8/31/2020 $6,400

4th Floor Residential – 4br FM 8/31/2020 $6,400

Actual Monthly Income: $39,002 Actual Yearly Income: $468,024 Annual Expenses: $111,000 Cap Rate: 3.5%

Here are some sample pictures from one of the apartments. As mentioned all units were

recently renovated and are in great shape.

midtown mixed use building for sale - $10.2 million …...cord realty group - 817 broadway, 4th...

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