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  • 16 TOTAL UNITS

    $590 PRICE /SF

    4.6% CAP RATE

    40’ FRONTAGE 25TH AVENUE

    14,400 TOTAL SQUARE FEET

    $99,597 PROJECTED TAXES

    15.1 GRM

    90’ FRONTAGE

    44TH STREET

    Peter Von Der Ahe Tel: (212) 430-5114 pvonderahe@mmreis.com

    Shaun Riney Tel: (718) 475-4369 sriney@ipausa.com

    Dylan Walsh Tel: (212) 430-5120 dylan.walsh@mmreis.com

    Dimitrios Kapelonis Tel: (718) 475-4331 dimitrios.kapelonis@mmreis.com

    Andrew Dansker | Financing Inquiries Tel: (212) 430-5168 adansker@marcusmillichap.com

    L I S T I N G M E T R I C S

    43-18 25th Avenue Is being offered at $8,500,000

  • THE OPPORTUNITY

    Fully Renovated Units All free market units have been newly renovated

    with excellent craftsmanship and attention to detail. They feature hardwood floors and stone countertops justifying top-of-the-market rents. This asset is a rare combination of a pre-war exterior with a beautifully updated interior.

    Large + Market Rate Units All residential units have been fully gut renovated

    and are achieving market rents with the exception of apartment 5 & 11, allowing the owner to instantly capitalize on Astoria’s projected rent growth. This building features a diverse and attractive mix consisting of 7 two-bedrooms ($2,293/avg), 6 three- bedrooms ($2,933/avg), and 1 one-bedroom ($2,100/avg). The building is operating very efficiently, with strong and consistent cashflow.

    INVESTMENT OVERVIEW

    Rare Opportunity This 16-unit mixed use building allows investors to gain an immediate footprint in the Astoria market, where inventory is historically scarce and is rapidly appreciating. This building is located blocks from both the “N” & “W” train at 30th Avenue and “R” & “M” train at Steinway Street. This asset is also walking distance to both Steinway Street and 30th Avenue, two of the most popular destinations in Astoria.

    Multiple Exit Strategies Ultimately, a new buyer will be able to sell the asset

    for an appreciated value once the final 3 units are converted to free market or possibly convert the building to condominiums. An additional option to increase value will be to potentially condo out the retail portion of the building to be sold separately.

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios Kapelonis Tel: (718) 475-4331

  • F I NANCIAL OVERVI EW

    4 3 - 1 8 2 5 t h A v e n u e _

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios Kapelonis Tel: (718) 475-4331

    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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

    INCOME CURRENT PRO FORMA Gross Potential Residential Rent $451,776 $453,674 Gross Potential Commercial Rent $107,400 $107,400 Gross Income $559,176 $561,074

    PRICE PER SQUARE FOOT $590 Vacancy/Collection Loss ($16,775) ($16,832) PRICE PER UNIT $531,250 Other Income $3,000 $3,000 TOTAL SQUARE FEET 14,400 Effective Gross Income $545,401 $547,242 TOTAL UNITS 16 Average Residential Rent/Month/Unit $2,689 $2,700 CURRENT CAP RATE 4.6% CURRENT GRM 15.1 EXPENSES PRO FORMA CAP RATE 4.6% Property Taxes Tax Class: 2 $99,597 $99,597 PRO FORMA GRM 15.1 Fuel - Oil #2 $13,050 $13,050

    Insurance $8,300 $8,300 Water and Sewer $9,100 $9,100 Repairs and Maintenance $3,200 $3,200

    PROPOSED DEBT Common Electric (PPSF) $780 $780 Loan Amount $5,000,000 Super Salary $4,800 $4,800 Interest Rate 4.50% Management Fee $16,362 $16,417 Amortization 30 Total Expenses $155,189 $155,244 Annual Debt Service ($306,958) Net Operating Income $390,212 $391,997 Debt Coverage Ratio 1.27 Net Cash Flow After Debt Service $85,040 SCHEDULE OF INCOME

    UNIT BREAKDOWN TOTAL % OF TOTAL RENT UPSIDE ANALYSIS Studio 0 0% $0

    1 Bedroom 1 7% $2,100 2 Bedroom 7 50% $2,553 3 Bedroom 6 43% $2,946 4 Bedroom 0 0% $0 5 Bedroom 0 0% $0 6 Bedroom 0 0% $0 SRO 0 0% $0

    $/SF

    $8,500,000 OFFERING PRICE

    GROSS TOTAL SF CAP RATEGRM

    15.1214,400 $590 4.6% SQUARE FEET

    $0

    $500

    $1,000

    $1,500

    $2,000

    $2,500

    $3,000

    $3,500

    $4,000

    Studio 1 Bedroom

    2 Bedroom

    3 Bedroom

    4 Bedroom

    5 Bedroom

    6 Bedroom

    SRO

    Current Avg RS Units Market Rents Current Avg FM Rents

  • RENT ROLL

    4 3 - 1 8 2 5 t h A v e n u e _

    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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios Kapelonis Tel: (718) 475-4331

    UNIT TENANT NAME NOTES LEASE EXP ACTUAL PRO FORMA

    1 25 JJ Laundromat 3% Annual Increases, Tenant Pays Utilities

    2/28/2028 $4,900 $4,900

    2 Organic Bakery 3% Annual Increases, Tenant Pays Utilities

    12/14/2028 $4,050 $4,050

    $8,950 $8,950

    RESIDENTIAL RENT UNIT# LEASE STATUS NOTES BEDROOMS ROOMS ACTUAL PRO FORMA

    1 FM 2 Bedroom 4 $2,300 $2,300 2 FM 1 Bedroom 3 $2,100 $2,100 3 FM 2 Bedroom 4 $2,750 $2,750 4 FM 2 Bedroom 4 $2,700 $2,700 5 RC 3 Bedroom 5 $1,249 $1,249 6 RS 3 Bedroom 5 $3,300 $3,458 7 FM 2 Bedroom 4 $2,725 $2,725 8 V Vacant - Under Renovation 2 Bedroom 4 $2,800 $2,800 9 FM 3 Bedroom 5 $3,350 $3,350 10 FM 3 Bedroom 5 $3,275 $3,275 11 RS 2 Bedroom 4 $1,899 $1,899 12 FM 2 Bedroom 4 $2,700 $2,700 14 FM 3 Bedroom 5 $3,250 $3,250 15 FM 3 Bedroom 5 $3,250 $3,250 MONTHLY RESIDENTIAL REVENUE 33 61 $37,648 $37,806

    ANNUAL RESIDENTIAL REVENUE $451,776 $453,674 ANNUAL COMMERCIAL REVENUE $107,400 $107,400

    ACTUAL PRO FORMA TOTAL ANNUAL REVENUE $559,176 $561,074 There is currently 1 vacant unit in the building. The super lives off site. There are 16 total units. ***All Units Have Been Fully Gut-Renovated to Condo-End Finishes With the Exception Of Apt. 5 & 11

    MONTHLY COMMERCIAL REVENUE

    COMMERCIAL RENT

  • CITY: Queensi

    STATE: NYi

    BLOCK & LOT: 702 / 47i

    LOT DIMENSIONS: 40 ft X 100 fti

    LOT SF: 4,000i

    BUILDING DIMENSIONS: 40 ft X 90 fti

    BUILDING SF: 14,400i

    ZONING: R5i

    MAX FAR: 1.25i

    AVAILABLE AIR RIGHTS: 0i

    LANDMARK DISTRICT: Nonei

    HISTORIC DISTRICT: Nonei

    ANNUAL TAX BILL: $99,596i

    TAX CLASS: 2i

    4 3 - 1 8 2 5 t h A v e n u e _

    PROPERTY DESCR I PT ION

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios Kapelonis Tel: (718) 475-4331

  • P R I C I N G & F I N A N C I A L A N A LY S I S

    I NTER IOR PHOTOS

    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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    *Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios KapelonisTel: (718) 475-4331

  • www.newyorkmultifamily.com 212 430 5114

    Peter Von Der Ahe Tel: (212) 430-5114

    Andrew Dansker Tel: (212) 430-5168

    Financing Inquiries:

    Shaun Riney Tel: (718) 475-4369

    Dylan Walsh Tel: (212) 430-5120

    Dimitrios Kapelonis Tel: (718) 475-4331

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