1908-1910 3RD AVE - Massey Knakal
1908-1910 3RD AVE TWO ADJACENT MIXED-USE WALK-UP BUILDINGS 32 residential units and two retail stores
FOR SALE
1908-1910 3RD AVE - PROPERTY OVERVIEW HIGHLIGHTS • 32 newly renovated apartments and 2 national retail stores • Approximately 16,400 SF of residential, 3,856 SF of retail and 2,830 SF below grade • Recently gut renovated; includes building-wide systems, roof, boiler and common areas • New extension to 1908 ground floor retail, incoming investor has the option of extending the 1910 retail • 50.5’ of frontage on 3rd Avenue • J-51 Tax abatement in process, I-CAP on 1908 in process
1908-1910 3rd Avenue are two adjacent, five story, mixed-use buildings located on the west side of 3rd Avenue between East 105th and East 106th Streets. These properties are comprised of 12 one-bedroom, 20 two-bedroom residential apartments along with two national retail stores. The entire building was recently gut renovated and an extension was added to the ground floor retail at 1908, and an incoming investor has the option of extending the 1910 retail. The thoughtfully and efficiently configured apartments are currently renting at an average of $2,305 per month. Tenants benefit from the property’s close proximity to various 3rd Avenue retail stores which include Foot Locker, KFC, Chase Bank, Burger King, Taco Bell, Dunkin Donuts and McDonald’s, along with neighborhood anchors such as The East River Plaza and various schools. Public transportation is easily accessible via the 6 subway line at East 103rd Street as well as numerous bus lines that service the area.
1908-1910 3RD AVE
CUSHMAN & WAKEFIELD
NEIGHBORHOOD MAP - Proposed 2nd Ave Subway.
P
P
3RD AVE
PROPERTY DESCRIPTION
2
1908-1910 3RD AVE - PROPERTY FEATURES PROPERTY FEATURES Location
Located on the west side of 3rd Avenue between East 105th and East 106th Streets
Block / Lot
1633 / 35,36
Lot Dimensions
50.50’ x 100’
Building Dimensions
50' x 82'
Stories
5
Residential Units
32
Commercial Units
2
Lot Size
5,050
Gross Building SF
20,256 (approx.)
Gross Residential SF
16,400 (approx.)
Net Residential SF
13,940 (approx.) less 15% loss factor
Gross Commercial SF
3,856 (approx.)
Below Grade SF
2,830 (approx.)
Zoning / FAR
R8A / C1-5 / 6.02
Available Air Rights
10,145 (approx.)
Assessment (16/17)
$685,439
Taxes (16/17)
$72,478
FINANCIAL SUMMARY Gross Annual Revenue
Capitalization Rate
4.92%
Vacancy Loss & Expenses
$1,228,600 ($194,771)
GRM
17.09x
Net Operating Income
$1,033,829
PPSF
$1,036
PPU
$617,500
Third Avenue
ASKING PRICE: $20,995,000
Lexington Avenue
East 106th Street
East 105th Street
CUSHMAN & WAKEFIELD
3
1908-1910 3RD AVE - RENT ROLL RESIDENTIAL REVENUE Unit
Bed / Bath
Expiration
Actual Rent
1908-1FN
2b/1b
08/31/2017
$2,450
1908-1FS
2b/1b
08/31/2017
$2,500
1908-1RN
2b/1bconv
05/31/2017
$2,100
1908-1RS
2b/1bconv
06/30/2017
$2,100
1908-2FN
2b/1b
08/31/2017
$2,450
1908-2FS
2b/1b
08/31/2017
$2,450
1908-2RN
1b/1b
08/31/2017
$2,200
1908-2RS
1b/1b
08/31/2017
$2,200
1908-3FN
2b/1b
09/30/2017
$2,500
1908-3FS
2b/1b
07/31/2017
$2,525
1908-3RN
1b/1b
08/31/2017
$2,325
1908-3RS
1b/1b
07/31/2017
$2,100
1908-4FN
2b/1b
08/31/2017
$2,450
1908-4FS
2b/1b
09/30/2017
$2,450
1908-4RN
1b/1b
08/31/2017
$2,325
1908-4RS
1b/1b
05/31/2017
$2,100
1910-1FN
2b/1b
10/23/2017
$2,400
1910-1FS
2b/1b
10/31/2017
$2,325
1910-1RN
2b/1bconv
08/31/2017
$2,200
1910-1RS
1b/1b
09/30/2017
$2,200
1910-2FN
2b/1b
10/31/2017
$2,400
1910-2FS
2b/1b
VACANT
$2,400
1910-2RN
1b/1b
07/14/2017
$2,200
1910-2RS
2b/1bconv
03/31/2017
$2,200
1910-3FN
2b/1b
05/31/2018
$2,400
1910-3FS
2b/1b
09/30/2017
$2,475
1910-3RN
1b/1b
05/31/2017
$2,100
1910-3RS
1b/1b
07/31/2017
$2,100
1910-4FN
2b/1b
09/30/2017
$2,425
1910-4FS
2b/1b
06/30/2018
$2,500
1910-4RN
1b/1b
07/31/2017
$2,100
1910-4RS
1b/1b
07/31/2017
$2,100
CUSHMAN & WAKEFIELD
Total Monthly Rent:
$73,750
Gross Annual Rent:
$885,000
Average Monthly Rent Per Unit:
$2,305
Average Rent Per Net Square Foot:
$63.49
4
1908-1910 3RD AVE - RENT ROLL COMMERCIAL REVENUE UNIT
TENANT
EXPIRATION
SF
RPSF
ACTUAL RENT
*1908-COM
Popeye’s
06/27/2030
2,106
$87.18
$15,300
**1910-COM
T-Mobile
04/30/2019
1,750
$91.43
$13,333
Total Monthly Rent:
$28,633
Gross Annual Rent:
$343,600
Average Annual Rent Per Unit:
$171,800
Average Rent Per Net Square Foot:
$89.11
*Popeye’s has 1,415 SF below grade, pays 100% of insurance, 20% of taxes above 2015-16 base, has 3% annual rent increases and a 5 year option at the greater of Fair Market Rental Rate or 3% increase from last year of the lease. **T-Mobile has 1,415 SF below grade, pays 100% of insurance and taxes and has a 5 year option at $14,666 per month.
COMBINED REVENUE Total Monthly Rent:
$102,383
Gross Annual Rent:
$1,228,600
UNIT BREAKDOWN
UNIT BREAKDOWN
UNIT TYPE
NUMBER
AVERAGE RENT
1 Bedroom
12
$2,171
2 Bedroom
20
$2,385
Commercial
2
$14,317
CUSHMAN & WAKEFIELD
5
1908-1910 3RD AVE - INCOME & EXPENSES REVENUE Gross Annual Residential Revenue
$885,000
Vacancy Allowance @ 3% of Gross Annual Income
($26,550)
Gross Annual Commercial Revenue
$343,600
Vacancy Allowance @5% of Gross Annual Income Effective Gross Annual Revenue
TAKE A VIRTUAL TOUR: www.liveonthird.com
($17,180) $1,184,870
EXPENSES ESTIMATED Current Taxes: (16/17):
Actual
$72,478
Tax Reimbursements:
Actual
($53,778)
Water/Sewer (16/17)
@ 1,000 / Resi. Unit
$32,000
@ 400 / Resi. Unit
$12,800
Insurance Insurance Reimbursement:
Actual
($12,800)
Fuel
@ 1.00 / GSF
$20,256
Electric (Common Areas)
@ 0.15 / GSF
$3,038
Repairs
@ 550 / Unit
$18,700
@ 400 / Month
$4,800
@ 1,500 / Month
$18,000
@ 3% / EGR
$35,546
Cleaning & Maintenance Super Management Total Expenses:
$151,041
Effective Gross Annual Revenue
$1,184,870
Less Expenses
($151,041)
Net Operating Income
CUSHMAN & WAKEFIELD
$1,033,829
6
1908-1910 3RD AVE - FLOOR PLANS
BELOW ARE THE FLOOR PLANS OF EACH RESIDENTIAL UNIT PER FLOOR. BOTH BUILDINGS HAVE IDENTICAL FLOOR PLANS.
CUSHMAN & WAKEFIELD
7
1908-1910 3RD AVE - TRANSPORTATION MAP SUBWAY MAP
BUS MAP
CUSHMAN & WAKEFIELD
8
For more information, please contact: ROBERT M. SHAPIRO Executive Managing Director 212 660 7717 [email protected] JONATHAN TROCK Associate 212 589 5156 [email protected] JORDAN SUTTON Associate 212 589 5101 [email protected] VIRTUAL TOUR: www.liveonthird.com
CUSHMAN & WAKEFIELD 275 Madison Ave, 3rd Fl, New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
FOR SALE
1908-1910 3RD AVE - PROPERTY OVERVIEW HIGHLIGHTS • 32 newly renovated apartments and 2 national retail stores • Approximately 16,400 SF of residential, 3,856 SF of retail and 2,830 SF below grade • Recently gut renovated; includes building-wide systems, roof, boiler and common areas • New extension to 1908 ground floor retail, incoming investor has the option of extending the 1910 retail • 50.5’ of frontage on 3rd Avenue • J-51 Tax abatement in process, I-CAP on 1908 in process
1908-1910 3rd Avenue are two adjacent, five story, mixed-use buildings located on the west side of 3rd Avenue between East 105th and East 106th Streets. These properties are comprised of 12 one-bedroom, 20 two-bedroom residential apartments along with two national retail stores. The entire building was recently gut renovated and an extension was added to the ground floor retail at 1908, and an incoming investor has the option of extending the 1910 retail. The thoughtfully and efficiently configured apartments are currently renting at an average of $2,305 per month. Tenants benefit from the property’s close proximity to various 3rd Avenue retail stores which include Foot Locker, KFC, Chase Bank, Burger King, Taco Bell, Dunkin Donuts and McDonald’s, along with neighborhood anchors such as The East River Plaza and various schools. Public transportation is easily accessible via the 6 subway line at East 103rd Street as well as numerous bus lines that service the area.
1908-1910 3RD AVE
CUSHMAN & WAKEFIELD
NEIGHBORHOOD MAP - Proposed 2nd Ave Subway.
P
P
3RD AVE
PROPERTY DESCRIPTION
2
1908-1910 3RD AVE - PROPERTY FEATURES PROPERTY FEATURES Location
Located on the west side of 3rd Avenue between East 105th and East 106th Streets
Block / Lot
1633 / 35,36
Lot Dimensions
50.50’ x 100’
Building Dimensions
50' x 82'
Stories
5
Residential Units
32
Commercial Units
2
Lot Size
5,050
Gross Building SF
20,256 (approx.)
Gross Residential SF
16,400 (approx.)
Net Residential SF
13,940 (approx.) less 15% loss factor
Gross Commercial SF
3,856 (approx.)
Below Grade SF
2,830 (approx.)
Zoning / FAR
R8A / C1-5 / 6.02
Available Air Rights
10,145 (approx.)
Assessment (16/17)
$685,439
Taxes (16/17)
$72,478
FINANCIAL SUMMARY Gross Annual Revenue
Capitalization Rate
4.92%
Vacancy Loss & Expenses
$1,228,600 ($194,771)
GRM
17.09x
Net Operating Income
$1,033,829
PPSF
$1,036
PPU
$617,500
Third Avenue
ASKING PRICE: $20,995,000
Lexington Avenue
East 106th Street
East 105th Street
CUSHMAN & WAKEFIELD
3
1908-1910 3RD AVE - RENT ROLL RESIDENTIAL REVENUE Unit
Bed / Bath
Expiration
Actual Rent
1908-1FN
2b/1b
08/31/2017
$2,450
1908-1FS
2b/1b
08/31/2017
$2,500
1908-1RN
2b/1bconv
05/31/2017
$2,100
1908-1RS
2b/1bconv
06/30/2017
$2,100
1908-2FN
2b/1b
08/31/2017
$2,450
1908-2FS
2b/1b
08/31/2017
$2,450
1908-2RN
1b/1b
08/31/2017
$2,200
1908-2RS
1b/1b
08/31/2017
$2,200
1908-3FN
2b/1b
09/30/2017
$2,500
1908-3FS
2b/1b
07/31/2017
$2,525
1908-3RN
1b/1b
08/31/2017
$2,325
1908-3RS
1b/1b
07/31/2017
$2,100
1908-4FN
2b/1b
08/31/2017
$2,450
1908-4FS
2b/1b
09/30/2017
$2,450
1908-4RN
1b/1b
08/31/2017
$2,325
1908-4RS
1b/1b
05/31/2017
$2,100
1910-1FN
2b/1b
10/23/2017
$2,400
1910-1FS
2b/1b
10/31/2017
$2,325
1910-1RN
2b/1bconv
08/31/2017
$2,200
1910-1RS
1b/1b
09/30/2017
$2,200
1910-2FN
2b/1b
10/31/2017
$2,400
1910-2FS
2b/1b
VACANT
$2,400
1910-2RN
1b/1b
07/14/2017
$2,200
1910-2RS
2b/1bconv
03/31/2017
$2,200
1910-3FN
2b/1b
05/31/2018
$2,400
1910-3FS
2b/1b
09/30/2017
$2,475
1910-3RN
1b/1b
05/31/2017
$2,100
1910-3RS
1b/1b
07/31/2017
$2,100
1910-4FN
2b/1b
09/30/2017
$2,425
1910-4FS
2b/1b
06/30/2018
$2,500
1910-4RN
1b/1b
07/31/2017
$2,100
1910-4RS
1b/1b
07/31/2017
$2,100
CUSHMAN & WAKEFIELD
Total Monthly Rent:
$73,750
Gross Annual Rent:
$885,000
Average Monthly Rent Per Unit:
$2,305
Average Rent Per Net Square Foot:
$63.49
4
1908-1910 3RD AVE - RENT ROLL COMMERCIAL REVENUE UNIT
TENANT
EXPIRATION
SF
RPSF
ACTUAL RENT
*1908-COM
Popeye’s
06/27/2030
2,106
$87.18
$15,300
**1910-COM
T-Mobile
04/30/2019
1,750
$91.43
$13,333
Total Monthly Rent:
$28,633
Gross Annual Rent:
$343,600
Average Annual Rent Per Unit:
$171,800
Average Rent Per Net Square Foot:
$89.11
*Popeye’s has 1,415 SF below grade, pays 100% of insurance, 20% of taxes above 2015-16 base, has 3% annual rent increases and a 5 year option at the greater of Fair Market Rental Rate or 3% increase from last year of the lease. **T-Mobile has 1,415 SF below grade, pays 100% of insurance and taxes and has a 5 year option at $14,666 per month.
COMBINED REVENUE Total Monthly Rent:
$102,383
Gross Annual Rent:
$1,228,600
UNIT BREAKDOWN
UNIT BREAKDOWN
UNIT TYPE
NUMBER
AVERAGE RENT
1 Bedroom
12
$2,171
2 Bedroom
20
$2,385
Commercial
2
$14,317
CUSHMAN & WAKEFIELD
5
1908-1910 3RD AVE - INCOME & EXPENSES REVENUE Gross Annual Residential Revenue
$885,000
Vacancy Allowance @ 3% of Gross Annual Income
($26,550)
Gross Annual Commercial Revenue
$343,600
Vacancy Allowance @5% of Gross Annual Income Effective Gross Annual Revenue
TAKE A VIRTUAL TOUR: www.liveonthird.com
($17,180) $1,184,870
EXPENSES ESTIMATED Current Taxes: (16/17):
Actual
$72,478
Tax Reimbursements:
Actual
($53,778)
Water/Sewer (16/17)
@ 1,000 / Resi. Unit
$32,000
@ 400 / Resi. Unit
$12,800
Insurance Insurance Reimbursement:
Actual
($12,800)
Fuel
@ 1.00 / GSF
$20,256
Electric (Common Areas)
@ 0.15 / GSF
$3,038
Repairs
@ 550 / Unit
$18,700
@ 400 / Month
$4,800
@ 1,500 / Month
$18,000
@ 3% / EGR
$35,546
Cleaning & Maintenance Super Management Total Expenses:
$151,041
Effective Gross Annual Revenue
$1,184,870
Less Expenses
($151,041)
Net Operating Income
CUSHMAN & WAKEFIELD
$1,033,829
6
1908-1910 3RD AVE - FLOOR PLANS
BELOW ARE THE FLOOR PLANS OF EACH RESIDENTIAL UNIT PER FLOOR. BOTH BUILDINGS HAVE IDENTICAL FLOOR PLANS.
CUSHMAN & WAKEFIELD
7
1908-1910 3RD AVE - TRANSPORTATION MAP SUBWAY MAP
BUS MAP
CUSHMAN & WAKEFIELD
8
For more information, please contact: ROBERT M. SHAPIRO Executive Managing Director 212 660 7717 [email protected] JONATHAN TROCK Associate 212 589 5156 [email protected] JORDAN SUTTON Associate 212 589 5101 [email protected] VIRTUAL TOUR: www.liveonthird.com
CUSHMAN & WAKEFIELD 275 Madison Ave, 3rd Fl, New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
