powerpoint presentation · dylan walsh. tel: (212) 430-5120. dimitrios kapelonis. tel: (718)...

16TOTAL UNITS

$590PRICE /SF

4.6%CAP RATE

40’FRONTAGE 25TH AVENUE

14,400TOTAL SQUARE FEET

$99,597PROJECTED TAXES

15.1GRM

90’FRONTAGE

44TH STREET

Peter Von Der AheTel: (212) 430-5114 [email protected]

Shaun RineyTel: (718) [email protected]

Dylan WalshTel: (212) [email protected]

Dimitrios KapelonisTel: (718) [email protected]

Andrew Dansker | Financing InquiriesTel: (212) [email protected]

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

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

THE OPPORTUNITY

Fully Renovated UnitsAll free market units have been newly renovated

with excellent craftsmanship and attention to detail.They feature hardwood floors and stone countertopsjustifying top-of-the-market rents. This asset is a rarecombination of a pre-war exterior with a beautifullyupdated interior.

Large + Market Rate UnitsAll residential units have been fully gut renovated

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

INVESTMENT OVERVIEW

Rare OpportunityThis 16-unit mixed use building allows investors to gainan immediate footprint in the Astoria market, whereinventory is historically scarce and is rapidlyappreciating. This building is located blocks from boththe “N” & “W” train at 30th Avenue and “R” & “M” train atSteinway Street. This asset is also walking distance toboth Steinway Street and 30th Avenue, two of the mostpopular destinations in Astoria.

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

for an appreciated value once the final 3 units areconverted to free market or possibly convert thebuilding to condominiums. An additional option toincrease value will be to potentially condo out the retailportion of the building to be sold separately.

Peter Von Der AheTel: (212) 430-5114

Andrew DanskerTel: (212) 430-5168

Financing Inquiries:

Shaun RineyTel: (718) 475-4369

Dylan WalshTel: (212) 430-5120

Dimitrios KapelonisTel: (718) 475-4331

F I NANCIAL OVERVI EW

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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 accuracyof 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 FORMAGross Potential Residential Rent $451,776 $453,674Gross Potential Commercial Rent $107,400 $107,400Gross 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 $3,000TOTAL SQUARE FEET 14,400 Effective Gross Income $545,401 $547,242TOTAL UNITS 16 Average Residential Rent/Month/Unit $2,689 $2,700CURRENT CAP RATE 4.6%CURRENT GRM 15.1 EXPENSESPRO FORMA CAP RATE 4.6% Property Taxes Tax Class: 2 $99,597 $99,597PRO FORMA GRM 15.1 Fuel - Oil #2 $13,050 $13,050

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

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

UNIT BREAKDOWN TOTAL % OF TOTAL RENTUPSIDE ANALYSIS Studio 0 0% $0

1 Bedroom 1 7% $2,1002 Bedroom 7 50% $2,5533 Bedroom 6 43% $2,9464 Bedroom 0 0% $05 Bedroom 0 0% $06 Bedroom 0 0% $0SRO 0 0% $0

$/SF

$8,500,000OFFERING PRICE

GROSS TOTAL SFCAP 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 1Bedroom

2Bedroom

3Bedroom

4Bedroom

5Bedroom

6Bedroom

SRO

Current Avg RS UnitsMarket RentsCurrent 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 accuracyof 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







UNIT TENANT NAME NOTES LEASE EXP ACTUAL PRO FORMA

1 25 JJ Laundromat3% Annual Increases, Tenant Pays Utilities

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

2 Organic Bakery3% Annual Increases, Tenant Pays Utilities

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

$8,950 $8,950

RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS ACTUAL PRO FORMA

1 FM 2 Bedroom 4 $2,300 $2,3002 FM 1 Bedroom 3 $2,100 $2,1003 FM 2 Bedroom 4 $2,750 $2,7504 FM 2 Bedroom 4 $2,700 $2,7005 RC 3 Bedroom 5 $1,249 $1,2496 RS 3 Bedroom 5 $3,300 $3,4587 FM 2 Bedroom 4 $2,725 $2,7258 V Vacant - Under Renovation 2 Bedroom 4 $2,800 $2,8009 FM 3 Bedroom 5 $3,350 $3,35010 FM 3 Bedroom 5 $3,275 $3,27511 RS 2 Bedroom 4 $1,899 $1,89912 FM 2 Bedroom 4 $2,700 $2,70014 FM 3 Bedroom 5 $3,250 $3,25015 FM 3 Bedroom 5 $3,250 $3,250MONTHLY RESIDENTIAL REVENUE 33 61 $37,648 $37,806

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

ACTUAL PRO FORMATOTAL ANNUAL REVENUE $559,176 $561,074There 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

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PROPERTY DESCR I PT ION







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 usedherein 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 ofMarcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap



*Financing Inquiries:



Dimitrios Kapelonis

Tel: (718) 475-4331

www.newyorkmultifamily.com 212 430 5114







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