148 West 127th Street - Agorafy
FOUR FAMILY BROWNSTONE IN THE HEART OF CENTRAL HARLEM FOR SALE 148 West 127th Street New York, NY 10027 LOCATION:
South side of West 127th Street between Adam C. Powell, Jr. Boulevard and Lenox Avenue
BLOCK/LOT: LOT DIMENSIONS: LOT AREA:
1911 / 54 15.5’ x 99.92’ 1,549 sq. ft.
BUILDING DIMENSIONS: STORIES: EXISTING GROSS SF:
15.5’ x 58’ 4 3,596 sq. ft.
ZONING: MAX FAR: BUILDABLE SF: ADDITIONAL AIR RIGHTS:
R7-2 3.44 5,328 sq. ft. 1,732 sq. ft.
ASSESSMENT (14/15): TAX RATE: R.E. TAXES (14/15):
$69,766 13.1450% $9,171
(approx.) (approx.)
(approx.)
(approx.)
Massey Knakal Realty Services is pleased to present 148 West 127th Street for sale. This 3,596 square foot brownstone measures 15.5 feet by 58 feet and is located on the south side of West 127 th Street between Adam C. Powell, Jr. Boulevard and Lenox Avenue. The building contains four renovated free-market, one-bedroom units. Currently, the building is rented at an average of $31 per square foot, well below market in the area, which provides the opportunity to re-lease units at current market rates. Additionally, each unit is individually metered and has a totally separate boiler and hot water heater which will allow new ownership to convert the building into condominiums. 148 West 127th Street is located in the heart of Central Harlem, one of Manhattan’s most in-demand neighborhoods, steps from Northern Manhattan’s most popular restaurants including the Red Rooster, Corner Social and Lenox Coffee as well the famous Apollo Theater and the future site of Whole Foods. Public transportation is easily accessible by the 2/3 subway line stop at West 125th Street and Lenox Avenue. Additionally, the A/C and B/D subway line stop at West 125th Street and St. Nicholas Avenue is only a short walk away. For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
FOUR FAMILY BROWNSTONE IN THE HEART OF CENTRAL HARLEM FOR SALE 148 West 127th Street New York, NY 10027 REVENUE UNIT #
STATUS
TYPE
LXP
SQ.FT.*
$/SQ. FT.
MONTHLY RENT
1
FM
1 BED
6/30/2015
765
$39
$2,500
2
FM
1 BED
8/31/2014
765
$24
$1,500
3
FM
1 BED
11/30/2015
765
$35
$2,200
4
FM
1 BED
9/30/2015
765
$25
$1,675
Monthly Revenue:
$7,875
Gross Annual Income:
$94,500
*Estimated with a 15% loss factor ESTIMATED EXPENSES Real Estate Taxes
Actual
$9,171
$700 Per Unit
$2,800
$1.00 Per Sq. Ft.
$3,596
Tenant Responsibility
N/A
Electric
$0.15 Per Sq. Ft.
$539
Repairs & Maintenance
$200 Per Month
$2,400
Tenant Responsibility*
N/A
Water & Sewer Insurance Heat
Management
Total Expenses:
$18,506
*Tenant in unit # 2 manages the building in exchange for reduced rent FINANCIAL SUMMARY Gross Annual Income:
$94,500
Less Expenses:
$18,506
Net Operating Income:
$75,994
3
Cap Rate:
4.47%
Price Per Sq. Ft.
$473
For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
FOUR FAMILY BROWNSTONE IN THE HEART OF CENTRAL HARLEM FOR SALE 148 West 127th Street New York, NY 10027
Typical Bedroom
Typical Kitchen
Backyard
Boilers
For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
South side of West 127th Street between Adam C. Powell, Jr. Boulevard and Lenox Avenue
BLOCK/LOT: LOT DIMENSIONS: LOT AREA:
1911 / 54 15.5’ x 99.92’ 1,549 sq. ft.
BUILDING DIMENSIONS: STORIES: EXISTING GROSS SF:
15.5’ x 58’ 4 3,596 sq. ft.
ZONING: MAX FAR: BUILDABLE SF: ADDITIONAL AIR RIGHTS:
R7-2 3.44 5,328 sq. ft. 1,732 sq. ft.
ASSESSMENT (14/15): TAX RATE: R.E. TAXES (14/15):
$69,766 13.1450% $9,171
(approx.) (approx.)
(approx.)
(approx.)
Massey Knakal Realty Services is pleased to present 148 West 127th Street for sale. This 3,596 square foot brownstone measures 15.5 feet by 58 feet and is located on the south side of West 127 th Street between Adam C. Powell, Jr. Boulevard and Lenox Avenue. The building contains four renovated free-market, one-bedroom units. Currently, the building is rented at an average of $31 per square foot, well below market in the area, which provides the opportunity to re-lease units at current market rates. Additionally, each unit is individually metered and has a totally separate boiler and hot water heater which will allow new ownership to convert the building into condominiums. 148 West 127th Street is located in the heart of Central Harlem, one of Manhattan’s most in-demand neighborhoods, steps from Northern Manhattan’s most popular restaurants including the Red Rooster, Corner Social and Lenox Coffee as well the famous Apollo Theater and the future site of Whole Foods. Public transportation is easily accessible by the 2/3 subway line stop at West 125th Street and Lenox Avenue. Additionally, the A/C and B/D subway line stop at West 125th Street and St. Nicholas Avenue is only a short walk away. For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
FOUR FAMILY BROWNSTONE IN THE HEART OF CENTRAL HARLEM FOR SALE 148 West 127th Street New York, NY 10027 REVENUE UNIT #
STATUS
TYPE
LXP
SQ.FT.*
$/SQ. FT.
MONTHLY RENT
1
FM
1 BED
6/30/2015
765
$39
$2,500
2
FM
1 BED
8/31/2014
765
$24
$1,500
3
FM
1 BED
11/30/2015
765
$35
$2,200
4
FM
1 BED
9/30/2015
765
$25
$1,675
Monthly Revenue:
$7,875
Gross Annual Income:
$94,500
*Estimated with a 15% loss factor ESTIMATED EXPENSES Real Estate Taxes
Actual
$9,171
$700 Per Unit
$2,800
$1.00 Per Sq. Ft.
$3,596
Tenant Responsibility
N/A
Electric
$0.15 Per Sq. Ft.
$539
Repairs & Maintenance
$200 Per Month
$2,400
Tenant Responsibility*
N/A
Water & Sewer Insurance Heat
Management
Total Expenses:
$18,506
*Tenant in unit # 2 manages the building in exchange for reduced rent FINANCIAL SUMMARY Gross Annual Income:
$94,500
Less Expenses:
$18,506
Net Operating Income:
$75,994
3
Cap Rate:
4.47%
Price Per Sq. Ft.
$473
For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
FOUR FAMILY BROWNSTONE IN THE HEART OF CENTRAL HARLEM FOR SALE 148 West 127th Street New York, NY 10027
Typical Bedroom
Typical Kitchen
Backyard
Boilers
For further information or to schedule a property inspection, please contact Exclusive Agents:
Lev Kimyagarov
Jack Fornaciari
Director of Sales [email protected] (212) 660-7729
Associate [email protected] (212) 660-7757
ASKING PRICE:
$1,700,000
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 verified. 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 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
