1520-1526 St. Nicholas Avenue - Amazon Simple Storage Service (S3)

Report 0 Downloads 43 Views
1520-1526 St. Nicholas Avenue ŒWashington HeightsŒ

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.

1

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.

2

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.

3

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.

4

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.

5

1520-1526 St. Nicholas Avenue, New York, NY 10033

INWOOD HILL PARK U

FORT TRYON PARK

HIGHBRIDGE PARK

1520-1526 St. Nicholas Avenue

Harlem

t

t

Ri

WASHINGTON HEIGHTS t

v

Amtr

D

ak

B

E PARK

RIVERSID

t

RIVERBANK STATE PARK t

Bt

t

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.

6

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.

7