three washington heights multifamily … · three washington heights multifamily buildings for sale...
TRANSCRIPT
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
PROPERTY DESCRIPTION: The subject Property includes three adjacent mixed-use walk-up apartment buildings located along Amsterdam Avenue between West 177th and West 178th Street. The three buildings are heated by one boiler located in 2374 which currently burns #4 oil. Recent capital improvements include roof work, pointing and a are security system which monitors all three buildings. Currently, there is a pending MCI for the roof and pointing work totaling $27,714. The combined 57 residential apartments feature effi cient layouts and many enjoy sweeping park views. Ten of the units are one-bedroom, 31 are two-bedroom and 16 are three-bedroom apartments. The units average approximately 526 net square feet with below market rents of only $21.52 per net square foot in a market that can easily achieve $35. There are 8 commercial spaces renting at approximately $33.48 per square foot. Tenants benefi t from the Property’s close proximity to Highbridge Park which offers many walking and biking trails, ball parks and a swimming pool. The Property is also nearby the Broadway and West 181st Street retail corridors and many other neighborhood attractions such as Yeshiva University, the Palace Theatre and the Cloisters Museum. The George Washington Bridge Bus Station which is located along West 179th Street is currently under renovation. The city plans to quadruple the size of the current complex to approximately 120,000 square feet with plans to revitalize the retail to include an array of national and local tenants. Public transportation is easily accessible via the 1 train stop at St. Nicholas Avenue and West 181st Street, the A express train stop at Fort Washington Avenue and West 175th Street and the numerous bus routes that cover the neighborhood.
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
2372-2376 Amsterdam Avenue Overview Financial Summary
Location: Th e subject Property is located along Amsterdam Avenue between West 177th and West 178th Street. Asking Price: $10,000,000
Address: 2372 Amst. Ave 2374 Amst. Ave 2376 Amst. Ave Total/AverageBlock/Lot: 2132/40 2132/38 2132/37 Gross Revenue: $848,404 Zoning/FAR: R7-2/4.00 R7-2/4.00 R7-2/4.00 Expenses: $427,297 Lot Dimensions: 40.33' x 100' 40.33' x 100' 25' x 100' NOI: $421,106 Lot Area: 4,033 4,033 2,500 10,566Stories: 5 5 6Building Dimensions: 40' x 85' 40' x 86' 25' x 97' Cap Rate: 4.2%Gross Square Footage*: 14,729 14,729 11,895 41,353 GRM: 11.8Residential Units: 19 18 20 57 Average Rent Per Unit: $944Average Net Unit Size: 558 589 441 526 Price Per Square Foot: $242Commercial Units: 2 3 3 8 Price Per Unit: $153,846Assessment (13/14): $351,450 $383,760 $327,690 $1,062,900 Taxes (13/14): $46,325 $50,583 $43,193 $140,101 *Please independently verify square footage
ta
bp
t
GW Bridge Bus Station
Pawt
Pawt
Yeshiva University
p pYeshiva Universi179th Street is cufeet with plans totrain stop at St. N
pY
ft
HighbridgePark
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK 2372 AMSTERDAM AVENUE RESIDENTIAL REVENUE
UNIT BEDROOMS STATUS EXPIRATION TOTAL
1 2 RS 3/31/2014 $1,400 2 2 RS 11/14/2013 $719 21 2 RS 10/31/2013 $886 22 2 RS 9/14/2013 $720 23 3 RS 8/31/2013 $1,069 24 3 RS 6/30/2014 $747 31 2 RS 5/31/2015 $801 32 2 RS 7/31/2014 $722 33 3 RS 6/30/2014 $951 34 3 RS 9/30/2014 $1,027 41 2 RS 1/31/2014 $802 42 2 RS 4/30/2014 $743 43 3 RS 8/31/2014 $815 44 3 RS 6/30/2014 $799 51 2 RS 6/14/2014 $802 52 2 RS 5/14/2014 $857 53 3 RS 11/14/2013 $962 54 3 RS 3/14/2014 $764 B1 2 FM 9/30/2013 $1,200
BSMT Super $- MCI* $829
TOTAL RESIDENTIAL REVENUE:MONTHLY RESIDENTIAL REVENUE: $17,613
GROSS ANNUAL RESIDENTIAL REVENUE: $211,360 AVERAGE RENT PER UNIT: $927
AVERAGE RENT PER NET SQUARE FOOT: $19.95
2372 AMSTERDAM AVENUE COMMERCIAL REVENUEUNIT SQ. FT. TENANT EXPIRATION RPSF RENTST1 793 J Automatic Appliance 2/28/2015 $27.03 $1,787ST2 1,473 VACANT $24.44 $3,000
TOTAL RESIDENTIAL REVENUE:MONTHLY COMMERCIAL REVENUE: $4,787
GROSS ANNUAL COMMERCIAL REVENUE: $57,438 AVERAGE RENT PER UNIT: $2,393
AVERAGE RENT PER SQUARE FOOT: $25.35
2372 AMSTERDAM AVENUE COMBINED REVENUE:MONTHLY COMBINED REVENUE: $22,400
GROSS ANNUAL COMBINED REVENUE: $268,798
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
*Pending MCI for New Roof and Pointing ($9.87 per room per month)
Unit Breakdown
Super (1)
5%
Commercial (2)
9%
Two-Bedroom (11)
50%Th ree-Bedroom (11)
36%
Unit Status
RS (18)
95%
FM (1)
5%
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
2374 AMSTERDAM AVENUE RESIDENTIAL REVENUE
UNIT BEDROOMS STATUS EXPIRATION TOTAL
A 2 RS 6/14/2014 $758
B 2 RC $428
C 3 RS 3/31/2014 $783
D 3 RS 9/30/2013 $813
E 2 RS 8/14/2014 $1,056
F 2 RS 4/30/2014 $762
G 3 RS 10/31/2013 $973
H 3 RS 5/31/2015 $806
I 2 RS 10/31/2013 $885
J 2 RS 9/30/2013 $743
K 3 RS 3/31/2015 $687
L 3 RS 4/30/2014 $1,126
M 2 RS 11/30/2014 $1,196
N 2 RS 12/31/2013 $1,253
O 3 RS 5/31/2014 $587
P 3 RS 5/31/2014 $588
Q 2 RS 4/30/2015 $991
R 2 RS 6/14/2014 $932
MCI* $790
TOTAL RESIDENTIAL REVENUE:
MONTHLY RESIDENTIAL REVENUE: $16,158
GROSS ANNUAL RESIDENTIAL REVENUE: $193,896
AVERAGE RENT PER UNIT: $898
AVERAGE RENT PER NET SQUARE FOOT: $18.30
2374 AMSTERDAM AVENUE COMMERCIAL REVENUE
UNIT SQ. FT. TENANT EXPIRATION RPSF RENT
ST41 755 Ely's Barbershop** MTM $28.98 $1,823
ST42 755 Marte Deli 9/30/2015 $27.02 $1,700
ST43 755 Juan Paredes Salon 9/31/2015 $26.79 $1,686
TOTAL RESIDENTIAL REVENUE:
MONTHLY COMMERCIAL REVENUE: $5,209
GROSS ANNUAL COMMERCIAL REVENUE: $62,506
AVERAGE RENT PER UNIT: $1,736
AVERAGE RENT PER SQUARE FOOT: $27.60
2374 AMSTERDAM AVENUE COMBINED REVENUE:
MONTHLY COMBINED REVENUE: $21,367
GROSS ANNUAL COMBINED REVENUE: $256,402
*Pending MCI for New Roof and Pointing ($9.87 per room per month) **Assumed MTM
Unit Breakdown
Commercial (3)
14%
Two-Bedroom (10)
48%Th ree-Bedroom (8)
38%
Unit Status
RS (17)
94%
RC (1)
6%
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
2376 AMSTERDAM AVENUE RESIDENTIAL REVENUEUNIT BEDROOMS STATUS EXPIRATION TOTAL
1A 2 RS 8/31/2014 $1,230 1B 2 RS 9/30/2013 $1,300 1C 2 RS 3/31/2012 $816 1D 2 RS 2/28/2015 $970 1E 2 RS 1/31/2015 $1,100 2A 1 RS 8/31/2013 $757 2B 1 RS 11/30/2014 $841 2C 1 RS 9/30/2013 $915 2D 1 RS 5/14/2014 $842 2E 1 RS 2/28/2014 $1,024 3A 1 RS 2/28/2014 $999 3B 1 RS 2/28/2014 $831 3C 1 RS 9/30/2013 $825 3D 1 RS 4/30/2014 $1,000 3E 1 RS 8/31/2013 $677 4A 2 RS 8/14/2013 $953 4B 2 RS 7/31/2013 $1,118 4C 2 RS 2/28/2014 $1,300 4D 2 RS 5/31/2014 $1,014 4E 2 RS 5/14/2014 $817
MCI* $691 TOTAL RESIDENTIAL REVENUE:
MONTHLY RESIDENTIAL REVENUE: $20,021 GROSS ANNUAL RESIDENTIAL REVENUE: $240,254
AVERAGE RENT PER UNIT: $1,001 AVERAGE RENT PER NET SQUARE FOOT: $27.27
2376 AMSTERDAM AVENUE COMMERCIAL REVENUEUNIT SQ. FT. TENANT EXPIRATION RPSF RENT
S1 1,020 Th omas Montalvo MTM $44.56 $3,787 S2A 170 Molina Juice Bar 1/1/2018 $74.12 $1,050 S2B 340 Deli Billiard LLC 2/31/2017 $73.24 $2,075
TOTAL RESIDENTIAL REVENUE:MONTHLY COMMERCIAL REVENUE: $6,912
GROSS ANNUAL COMMERCIAL REVENUE: $82,949 AVERAGE RENT PER UNIT: $2,304
AVERAGE RENT PER SQUARE FOOT: $54.22
2376 AMSTERDAM AVENUE COMBINED REVENUE:MONTHLY COMBINED REVENUE: $26,934
GROSS ANNUAL COMBINED REVENUE: $323,204
*Pending MCI for New Roof and Pointing ($9.87 per room per month)
Unit Breakdown
Commercial (3)
13%
One-Bedroom (10)
43%Two-Bedroom (101)
43%
Unit Status
RS (20)
100%
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
GROSS ANNUAL REVENUEGross Annual Residential Revenue: $645,511
Gross Annual Commercial Revenue: $202,893Combined Gross Annual Revenue: $848,404
ESTIMATED EXPENSESTaxes (13/14) $140,101 RE Tax Reimbursement* Actual $127 Res. Vacancy & Credit Loss** @ 3%/ GAI $19,365 Comm. Vacancy & Credit Loss @ 5%/ GAI $10,145 Water/Sewer @ $945 / Res. Unit $75,981 W&S Commerical Reimbursement Actual $21,556 Insurance @ $400 / Res. Unit $26,000 Gas/Oil @ $1.50 / Sq. Ft. $62,030 Electric @ $0.15 / Sq. Ft. $6,203 Repairs @ $550 / Res. Unit $31,350 Cleaning & Maintenance @ $400/ Mo. $4,800 General & Administrative @ $250/ Res. Unit $16,250 Super @ $2,000 / Mo. $24,000 Management @ 4%/ GAI $32,756 Total: $427,297
Expenses Per Unit: $6,574
Gross Annual Revenue: $848,404 Less Expenses: $(427,297)
Net Operating Income: $421,106 * Tax Reimbursement for 2376 Amsterdam Ave Deli ** Includes projected MCI revenue
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
Unit Breakdown
Super (1)
2% Commercial (8)
12%
Two-Bedroom (31)
48%Th ree-Bedroom (16)
25%One-Bedroom (10)
15%
One-Bedroom Two-Bedroom Th ree-Bedroom
$500
$1500
$1000
$2000
$2500
$871 $869 $844
62%107%
137%
UpsideAverage Rent
Residential Upside
Unit Status
RS (55)
94%
RC (1)
2% FM (1)
2%
Super (1)
2%
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
Lobby New Pointing
New Roof
View of Highbridge Park from the building
Boiler (#4 oil)
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
THREE WASHINGTON HEIGHTS MULTIFAMILY BUILDINGS FOR SALE
2372, 2374 & 2376 Amsterdam AvenueNew York, NY 10033
3 MIXED-USE BUILDINGS, 65 UNITS, ACROSS FROM HIGHBRIDGE PARK
To r e c i e v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s :
ROBERT M. SHAPIROFirst Vice President of Sales
JIM YETTERSenior Associate212.660.7745
DANIEL MAURERAssociate
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
Th e High Bridge which spans from the Bronx to Washington Heights is New York City’s oldest remaining bridge. Th e bridge, which is more than 1,200 feel long, was origi-nally and aqueduct used to transport fresh water from Westchester County to Washing-ton Heights during the expansion of Northern Manhattan. Built in 1848 and closed to the public in 1970, the bridge is scheduled to be re-opened in 2014.
Th rough the vision of Mayor Michael Bloomberg coupled with the Parks & Recreation Commission, PlaNYC was launched. Th e restoration of the High Bridge is one of the many projects included in the plan. Th e $61 million rehabilitation will reopen the bridge to pedestrians and bicyclists, and provide the essential link for a greener form of trans-portation between the Bronx and Northern Manhattan.
Yeshiva University is the largest and oldest American University under Jewish Sponsor-ship. Th e Wilf Campus which is located at the corner of West 185th Street and Am-sterdam Avenue in Washington Heights has more than 6,400 full time undergraduate students and 3,500 graduate students making it an economic anchor of the neighbor-hood. Yeshiva University has been recognized as one of the most prestigious universi-ties in the area. In 2011, U.S. News and World Report’s ranked Yeshiva the 45th best national University, it was also ranked the 41st “Best Value.”
Th e location of the campus benefi ts from its close proximity to the 1 train stop at the corner of West 181st Street and Saint Nicholas Place. Students and faculty also benefi t from numerous bus routes that service Northern Manhattan and West Harlem.