1520-1526 St. Nicholas Avenue Washington Heights
1520-1526 St. Nicholas Avenue, New York, NY 10033 TWO ADJACENT MIXED-USE BUILDINGS FOR SALE 42 RESIDENTIAL APARTMENTS AND 6 COMMERICAL UNITS
Asking Price: $18,000,000
FOR SALE Building Features
1520-1524
1526
Location: Northeast corner of St. Nicholas Avenue and West 186th Street. Block / Lot: 2157 / 67
2157 / 70
Total
Lot Size: 58’ x 100’
42’ x 100’
100’ x 100’
Lot Area: 5,800
4,200
10,000
42’ x 87’
98’ x 87’
5
5
16,452
39,832 (approx.)
1,600
3,900 (approx.)
Gross Residential SF: 21,080
14,852
35,932 (approx.)
Net Residential SF: 17,918
12,624
30,542 (15% Loss Factor)
664
727
19
42
3
6
$711,984
$555,120
$1,267,104
$91,725
$71,516
$163,241
Building Size: 56’ x 87’ Stories: 5 Building Gross SF: 23,380 Commercial SF: 2,300
Average Net Unit Size: 779 Residential Units: 23
Gross Annual Revenue:
$1,171,068
Expenses & Vacancy Loss:
$419,372
NOI:
$751,695
PPU: $375,000
Commercial Units: 3 Zoning/FAR:
PPSF: $452 Cap Rate: 4.18%
Assessment (16/17):
GRM: 15.37
Taxes (16/17):
C1-4/R7-2 / 4.00
Property Description 1520-1526 St. Nicholas Avenue are two adjacent, pre-war, mixed-use buildings that cover 98’ of avenue frontage on the corner of St. Nicholas and West 186th Street. The buildings total approximately 39,832 gross square feet and contains 42 residential apartments and 6 commercial stores. The residential unit mix is comprised of 1 three-room, 19 four-room, 20 five-room and 2 six-room apartments. The average apartment is 727 square feet and rents at just $25.06 per net square foot in a market that can achieve $40. Recent major capital improvements include a new roof and boiler, remodeled lobbies and hallways, newly installed front doors and intercom system and pointing. Tenants benefit from the property’s close proximity to the Broadway and West 181st Street retail corridors, which hosts a variety of nationally recognized and local tenants. These retail stores include Starbucks, Dunkin’ Donuts, Burger Heights, Subway, McDonald’s, Domino’s, Key Food, Duane Reade, Payless ShoeSource, Foot Locker, Modell’s, Sleepy’s, Hertz, Chase Bank, CitiBank, Capital One Bank, AT&T and Staples. The area is home to the Yeshiva University Wilf Campus with over 8,000 students, faculty and administration. Public transportation is easily accessible via the 1 train which runs along St. Nicholas Avenue and makes stops at West 181st and West 191st Streets, and the A train at the corner of West 181st Street and Fort Washington Avenue which has access on Overlook Terrace at West 184th Street. In addition to the subway, numerous bus lines service the area. The building provides investors the unique opportunity to capitalize on below market rents, in a meticulously maintained property, which is located in one of Manhattan’s most vibrant and rapidly emerging neighborhoods. For More Information, Please Contact: Robert M. Shapiro Executive Vice President (212) 660 7717
[email protected] Ian M. Brooks Associate (212) 589 5107
[email protected] Jonathan Trock Associate (212) 589 5156
[email protected] Eric Roth Associate (212) 660 7757
[email protected] Nathaniel Rahimzada Associate (212) 589 5172
[email protected] Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: (212) 696 2500 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.
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1520-1524 St. Nicholas Avenue, New York, NY 10033 Commercial Revenue
Residential Revenue Subhead
Unit 1 2
Rooms 3 4
Status
Notes
RS
$600
RS
21
5
RS
22
5
RS
23
4
RS
24
5
25
Billed Rent $2,000
Pending MCI* Rent w/ MCI
$36 $120
Tenant
Expiration
Victorio A & R
$2,120
Yomaritza Travel
PPSF**
Actual Rent
1,668
$86
$12,000
2
$83
$4,000
3
$61
$3,700
1
VACANT (Corner)
$636
SF
10/31/2022 12/31/2020
578
726
$763
$46
$809
A/C, W/M
$836
$50
$886
A/C
$924
$55
$979
Gross Monthly Commercial Rent:
$19,700
RS
$2,800
$50
$2,850
Gross Annual Commercial Rent:
$236,400
4
RS
$1,576
$95
$1,671
31
5
RS - SCRIE
$1,252
$75
$1,327
32
5
RS
$831
$50
$881
33
4
RS
A/C, W/M
$1,204
$72
$1,276
34
5
RS
A/C, W/M
$1,353
$81
$1,434
35
4
RS - SCRIE
A/C
$778
$47
$824
$1,868
$112
$1,980
$829
$50
$879
$2,850
-
$2,850
41
5
RS
42
5
RS
43
4
RS
44
5
RS - DRIE
A/C, W/M
$726
$44
$770
45
4
RS - SCRIE
A/C, W/M
$1,027
$62
$1,088
51
5
RS - SCRIE
A/C
$1,259
$76
$1,334
A/C, W/M
$1,824
$109
$1,933
$776
$47
$822
$1,244
$75
$1,319
$2,100
$100
$2,200
$1,493
$90
$1,583
Gross Monthly Residential Revenue:
$30,912
$1,540
$32,452
Gross Annual Residential Revenue:
$370,948
$18,477
$389,425
52
5
RS
53
4
RS
54
5
RS
55
4
RS
BB
6
RS - SCRIE
A/C, W/M
A/C A/C
Average Monthly Rent Per Unit: Average Monthly Rent Per Room: Average Rent Per Net Square Foot:
$1,344
$1,411
$294
$309
$20.70
$21.73
*Monthly Pending MCI increases are $35.67 per room and are capped at 6% of unit rent
Combined Revenue
1
Also has additional 1,455 SF of cellar space
3
Also has additional 216 SF of cellar space
2
Gross Monthly Rent:
$52,152
Gross Annual Rent:
$625,825
Also has additional 414 SF of cellar space
**Calculated using only ground floor SF
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.
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1526 St. Nicholas Avenue, New York, NY 10033 Subhead Commercial Revenue
Residential Revenue
Unit Rooms
Status
Notes
Billed Rent
Pending MCI*
Rent w/ MCI
Tenant
Expiration
SF
PPSF***
Actual Rent
A
4
RS
$2,000
$120
$2,120
JM Cleaners
2/29/2016
462
$91
$3,500
B
4
RS
$1,950
$117
$2,067
Rotten Apple Art
3/31/2026
514
$93
$4,000
$108
$3,500
21
5
RS - SCRIE
22
5
RS
23
4
RS
24
4**
VACANT
31
5
RS - DRIE
32
5
FM
33
4
RS
34
4
RS
41
5
RS
42
5
RS
43
4
RS
44
4
51
5
52
Candy & Tabacco
5/31/2021
388
$880 $1,161
$70
$1,231
A/C, W/M
$1,133
$68
$1,201
Gross Monthly Commercial Rent:
$11,000
$2,850
-
$2,850
Gross Annual Commercial Rent:
$132,000
$1,095
$66
$1,160
$2,500
$150
$2,650
A/C
$932
2
W/M
W/M
$53
1
Combined Revenue
$1,338
$80
$1,418
$2,025
$122
$2,147
Gross Monthly Rent:
$45,437
$1,355
$81
$1,436
Gross Annual Rent:
$545,242
$2,700
$150
$2,850
$1,343
$81
$1,424
RS - SEC 8
$1,814
$109
$1,923
RS
$1,012
$61
$1,073
5
RS
$1,173
$70
$1,243
53
4
RS
$1,800
$108
$1,908
54
4
RS
$1,042
$63
$1,104
BB
6
RS
$3,700
-
$3,700
Gross Monthly Residential Revenue:
$32,870
$1,567
$34,437
Gross Annual Residential Revenue:
$394,436
$18,806
$413,242
A/C, W/M A/C
A/C
Average Monthly Rent Per Unit: Average Monthly Rent Per Room: Average Rent Per Net Square Foot:
$1,429
$1,497
$382
$400
$27.73
$29.22
*Monthly Pending MCI increases are $35.67 per room and are capped at 6% of unit rent 1
**Can be converted to a 5 Room
Also has additional 370 SF of cellar space
2
Also has additional 336 SF of cellar space
***Calculated using only ground floor SF
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.
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1520-1526 St. Nicholas Avenue, New York, NY 10033 Room Count 3 Rooms
6 Rooms
2
COMBINED REVENUE Combined Gross Annual Revenue (Includes Potential MCI Income)
$1,171,068
Vacancy Allowance @ 3% of Gross Residential Vacancy Allowance @ 5% of Gross Commercial and Antenna
$24,080 $18,420
Effective Gross Annual Revenue
$1,128,568
1
19 20
EXPENSES (ESTIMATED) Adjusted Taxes (16/17)
Actual
$163,241
Water/Sewer (MCP)
Actual
$52,367
Insurance
@
$400
/ Unit
$19,200
Fuel (Gas)
@
$1.00
/ GSF
$39,832
Electric (Common Areas)
@
$0.15
/ GSF
$5,975
Repairs
@
$550
/ Residential Unit
$23,100
Cleaning & Maintenance
@
$400
/ Month
$4,800
General & Administrative
@
$250
Super
@
$2,000
Management
@
3%
Total Expenses: Expenses Per Unit:
/ Residential Unit
$10,500
/ Month
$24,000
/ EGR
$33,857
5 Rooms 4 Rooms
Upside Chart $4,000
$3,700 $3,500 $3,000
$2,850
$2,500
$2,200
$376,872 $7,852
$1,059 29%
$2,000
$1,700
$1,334 47%
$581 26%
$1,500
Effective Gross Annual Revenue:
$1,128,568
Less Total Expenses:
$376,872
Net Operating Income:
$751,695
$1,000
$2,641
$1,064 63% $1,619
$1,516
$500
$636 $3 Rooms
4 Rooms Average Rent
5 Rooms
6 Rooms
Upside
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.
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1520-1526 St. Nicholas Avenue, New York, NY 10033
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.
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1520-1526 St. Nicholas Avenue, New York, NY 10033
INWOOD HILL PARK U
FORT TRYON PARK
HIGHBRIDGE PARK
1520-1526 St. Nicholas Avenue
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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.
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1520-1526 St. Nicholas Avenue, New York, NY 10033
191st Street Tunnel Beautification Project
1520-1526 St. Nicolas Avenue
Yeshiva University
Everything in BLUE is part of the Yeshiva University Wilf Campus.
Entrance
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.
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