151 Eighth Avenue Setup - Massey Knakal
151 Eighth Avenue
Prime Chelsea Mixed Use Building with Upside
FOR SALE
Asking: $19,500,000 Building Features
ROOFTOP VIEWS
Location:
The west side of Eighth Avenue between West 17th and West 18th Streets
Block / Lot:
741 / 34
Lot Size:
39.67’ x 100’
Lot Area:
3,485 (Approx.)
Building Size:
39.67’ x 100’ ( (Approx.)
Stories:
5
Building Gross SF:
16,332 (Approx.)
Residential Units:
16
Zoning:
C1-6A
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$2,065,060 (Combined)
Taxes (16/17):
$266,228 (Combined)
PROPERTY OVERVIEW
151-153 Eighth Avenue is a five-story, mixed-use, apartment building that contains 16 residential units, two retail units, and one additional cell tower. Of the 16 apartments, ten are free market, five are rent stabilized, and one is rent controlled. Overall, the rents average approx. $50/SF. The two retail spaces average $124/SF (approx.). In 2016 the building’s roof was redone, the parapet walls were rebuilt, and the skylights were all updated. Furthermore, the property benefits from a boiler that was updated in 2006. This is an excellent opportunity for an investor looking to purchase a mixed-use asset in a prime Chelsea location.
For More Information, Please Contact: Brock Emmetsberger Executive Director (212) 660 7776 [email protected]
Billy Simons Senior Associate (212) 660 7794 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd FL New York, NY 10016 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
151 Eighth Avenue
Prime Chelsea Mixed Use Building with Upside
Unit
Status
Unit Type
Bareburger*
6/1/2023
Retail
$
14,917 $
179,004
Flight 151**
1 Yr.
Retail
$
23,500 $
282,000
2A
VACANT
2BR
$
5,600
$
67,200
2B
RS
1BR
$
1,603
$
19,232
2C
FM
1BR
$
2,600
$
31,200
2D
FM
1BR
$
2,750
$
33,000
3A
FM
2BR
$
4,100
$
49,200
3B
RS
1BR
$
1,325
$
15,905
3C
FM
1BR
$
2,650
$
31,800
3D
RS
1BR
$
2,064
$
24,768
4A
FM
2BR
$
3,950
$
47,400
4B
FM
1BR
$
2,850
$
34,200
4C
FM
1BR
$
2,650
$
31,800
4D
FM
1BR
$
2,600
$
31,200
5A
RC
2BR
$
1,735
$
20,818
5B
FM
1BR
$
2,500
$
30,000
5C
RS
1BR
$
1,035
$
12,415
5D
FM
1BR
$
2,500
$
30,000
Sprint Tower
-
-
$
3,275
$
39,297
$
84,203
$
1,010,439
TOTAL
Monthly Rent
Annual Total
*Tenant pays annual increase of 3.5% **Owner occupied. Please inquire for further details. Projected Rent
Expenses (Estimated) Real Estate Taxes (16/17) Water/Sewer
Projected @ $1.00/SF
$
266,228
$
12,847
Insurance
Projected @ $1.25/SF
$
16,059
Fuel
Projected @ $1.00/SF
$
12,847
Electric (Common Areas)
Projected @ $0.25/SF
$
3,212
Repairs & Maintenance
Projected @ $500/Unit
$
8,000
Management
Projected @ 4% of EGI
$
39,205
$
358,398
Total: Net Operating Income:
$652,041
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Prime Chelsea Mixed Use Building with Upside
FOR SALE
Asking: $19,500,000 Building Features
ROOFTOP VIEWS
Location:
The west side of Eighth Avenue between West 17th and West 18th Streets
Block / Lot:
741 / 34
Lot Size:
39.67’ x 100’
Lot Area:
3,485 (Approx.)
Building Size:
39.67’ x 100’ ( (Approx.)
Stories:
5
Building Gross SF:
16,332 (Approx.)
Residential Units:
16
Zoning:
C1-6A
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$2,065,060 (Combined)
Taxes (16/17):
$266,228 (Combined)
PROPERTY OVERVIEW
151-153 Eighth Avenue is a five-story, mixed-use, apartment building that contains 16 residential units, two retail units, and one additional cell tower. Of the 16 apartments, ten are free market, five are rent stabilized, and one is rent controlled. Overall, the rents average approx. $50/SF. The two retail spaces average $124/SF (approx.). In 2016 the building’s roof was redone, the parapet walls were rebuilt, and the skylights were all updated. Furthermore, the property benefits from a boiler that was updated in 2006. This is an excellent opportunity for an investor looking to purchase a mixed-use asset in a prime Chelsea location.
For More Information, Please Contact: Brock Emmetsberger Executive Director (212) 660 7776 [email protected]
Billy Simons Senior Associate (212) 660 7794 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd FL New York, NY 10016 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
151 Eighth Avenue
Prime Chelsea Mixed Use Building with Upside
Unit
Status
Unit Type
Bareburger*
6/1/2023
Retail
$
14,917 $
179,004
Flight 151**
1 Yr.
Retail
$
23,500 $
282,000
2A
VACANT
2BR
$
5,600
$
67,200
2B
RS
1BR
$
1,603
$
19,232
2C
FM
1BR
$
2,600
$
31,200
2D
FM
1BR
$
2,750
$
33,000
3A
FM
2BR
$
4,100
$
49,200
3B
RS
1BR
$
1,325
$
15,905
3C
FM
1BR
$
2,650
$
31,800
3D
RS
1BR
$
2,064
$
24,768
4A
FM
2BR
$
3,950
$
47,400
4B
FM
1BR
$
2,850
$
34,200
4C
FM
1BR
$
2,650
$
31,800
4D
FM
1BR
$
2,600
$
31,200
5A
RC
2BR
$
1,735
$
20,818
5B
FM
1BR
$
2,500
$
30,000
5C
RS
1BR
$
1,035
$
12,415
5D
FM
1BR
$
2,500
$
30,000
Sprint Tower
-
-
$
3,275
$
39,297
$
84,203
$
1,010,439
TOTAL
Monthly Rent
Annual Total
*Tenant pays annual increase of 3.5% **Owner occupied. Please inquire for further details. Projected Rent
Expenses (Estimated) Real Estate Taxes (16/17) Water/Sewer
Projected @ $1.00/SF
$
266,228
$
12,847
Insurance
Projected @ $1.25/SF
$
16,059
Fuel
Projected @ $1.00/SF
$
12,847
Electric (Common Areas)
Projected @ $0.25/SF
$
3,212
Repairs & Maintenance
Projected @ $500/Unit
$
8,000
Management
Projected @ 4% of EGI
$
39,205
$
358,398
Total: Net Operating Income:
$652,041
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
