1976 madison ave - Massey Knakal
1976 MADISON AVE 5 STORY, 10 UNIT RESIDENTIAL BUILDING Located in East Harlem’s 125th Street Retail Corridor.
1976 MADISON AVENUE - PROPERTY OVERVIEW Property Description 1976 Madison Avenue is a 10-unit walk-up steps from Harlem’s main artery, 125th Street. Investors are presented with the opportunity to capitalize on an a completely rent stabilized building in Northern Manhattan’s most dense area. Hugging the western border of East Harlem, 1976 Madison Avenue offers a more intimate living experience than the major developments happening just a few blocks away. 125th Street is home to many international retail tenants, as well as the Harlem-125th Street Metro North Station and the 125th 4, 5 and 6 Subway Lines. Buses also service throughout Manhattan and directly into the Bronx.
Highlights • 10 units in Manhattan’s greatest potential submarket • 1,900 square feet of available air rights • One Block from 125th Street retail corridor • Two Blocks from the Harlem-125th Street • Three Blocks from the 125th Street 4 5 6 Subway Lines
Retail Map 1
A C B D
2 3
2
CUSHMAN & WAKEFIELD
Tax Map East 127th Street
Fifth Avenue
Madison Avenue
East 126th Street
1976 MADISON AVENUE
4 5 6
1976 MADISON AVENUE
3
1976 MADISON AVENUE - PROPERTY FEATURES
ASKING PRICE: $3,200,000
PPU: $320,000
CAP RATE: 4.05%
Property Features: Location:
Located on the west side of Madison Avenue between East 126th and 127th Streets.
Block & Lot:
1751 - 15
Lot Dimensions:
20’ x 85’
Building Dimensions:
20' x 49'
Stories:
5
Residential Units:
10
Gross Square Footage:
4,900 sq ft (approx.)
Net Square Footage:
4,165 sq ft (approx.) less 15% loss factor
Avg. Net Unit Size:
417 sq ft (approx.)
Zoning:
R7-2
FAR:
4.00 (Wide Street)
Lot Size:
1,700 sq ft (approx.)
Total Buildable Sq. Ft.:
6,800 sq ft (approx.)
Minus Existing Structure:
(4,900) sq ft (approx.)
Available Air Rights:
1,900 sq ft (approx.)
Assessment (17/18):
$57,341
Taxes (17/18):
$7,392 (Tax Class 2B)
Financial Summary:
4
GROSS ANNUAL REVENUE:
$162,604
PRICE PER SQUARE FOOT:
$653
VACANCY LOSS & EXPENSES:
($33,119)
PRICE PER UNIT:
$320,000
NET OPERATING INCOME:
$129,485
CAPITALIZATION RATE:
4.05%
CUSHMAN & WAKEFIELD
TRANSPORTATION 1 A C B D
2 3
M N R
4 5 6
1976 MADISON AVENUE
COLUMBIA UNIVERSITY
125th Street Travel Times: 15
to Grand Central via
10
to Grand Central via Metro North
20
to Times Square via
16
to Bryant Park via
min
min 96TH STREET
min
min
4
1
5
2
6
3
A C B D
86TH STREET
72ND STREET
COLUMBUS CIRCLE
TIMES SQUARE
59TH STREET
20
10
min
BRYANT PARK
16
min
min
GRAND CENTRAL
15
min
1976 MADISON AVENUE
5
1976 MADISON AVENUE - RENT ROLL
UNIT
BEDS
EXP.
LEGAL RENT
PREF
ACTUAL RENT
1A
Studio
Oct-19
$742
-
$742
1B
1
Oct-19
$1,970
($75)
$1,895
2A
1
Dec-17
$1,352
-
$1,352
2B
1
Jul-18
$1,100
($50)
$1,050
3A
1
Nov-17
$1,282
-
$1,282
3B
1
Aug-17
$1,650
-
$1,650
4A
1
Oct-19
$1,566
-
$1,566
4B
1
Oct-19
$1,711
($61)
$1,650
5A
1
Oct-19
$1,166
($20)
$1,146
5B
1
Oct-19
$1,167
-
$1,167
GROSS MONTHLY RESIDENTIAL RENT: GROSS ANNUAL RESIDENTIAL RENT: AVERAGE RENT PER NET SQUARE FOOT:
6
CUSHMAN & WAKEFIELD
$13,550 $162,604 $39.04
INCOME & EXPENSES REVENUE Gross Annual Residential Revenue
$162,604
EXPENSES (ESTIMATED)
C&W PROJECTED
Adjusted Taxes (17/18)
Actual
$7,392
Water/Sewer
Actual
$5,714
Insurance
@ $400 / Unit
$4,000
Fuel (Gas)
@ $1.00 / GSF
$4,900
Common Electric
@ $0.15 / GSF
$735
Repairs & Maintenance
@ $550 / Unit
$5,500
Management
@ 3.0% / EGR
$4,878
Total Expenses:
$33,119
Effective Gross Annual Residential Revenue
$162,604
Less Expenses:
($33,119)
Net Operating Income:
$129,485
1976 MADISON AVENUE
7
1976 MADISON AV E N U E
For more information contact: Jonathan Squires
Director (212) 307 8173 [email protected]
Jonathan Trock
Associate 212 589 5156 [email protected]
Jordan Sutton
Associate 212 589 5101 [email protected]
Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Cushman & Wakefield Copyright 2017. 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.
1976 MADISON AVENUE - PROPERTY OVERVIEW Property Description 1976 Madison Avenue is a 10-unit walk-up steps from Harlem’s main artery, 125th Street. Investors are presented with the opportunity to capitalize on an a completely rent stabilized building in Northern Manhattan’s most dense area. Hugging the western border of East Harlem, 1976 Madison Avenue offers a more intimate living experience than the major developments happening just a few blocks away. 125th Street is home to many international retail tenants, as well as the Harlem-125th Street Metro North Station and the 125th 4, 5 and 6 Subway Lines. Buses also service throughout Manhattan and directly into the Bronx.
Highlights • 10 units in Manhattan’s greatest potential submarket • 1,900 square feet of available air rights • One Block from 125th Street retail corridor • Two Blocks from the Harlem-125th Street • Three Blocks from the 125th Street 4 5 6 Subway Lines
Retail Map 1
A C B D
2 3
2
CUSHMAN & WAKEFIELD
Tax Map East 127th Street
Fifth Avenue
Madison Avenue
East 126th Street
1976 MADISON AVENUE
4 5 6
1976 MADISON AVENUE
3
1976 MADISON AVENUE - PROPERTY FEATURES
ASKING PRICE: $3,200,000
PPU: $320,000
CAP RATE: 4.05%
Property Features: Location:
Located on the west side of Madison Avenue between East 126th and 127th Streets.
Block & Lot:
1751 - 15
Lot Dimensions:
20’ x 85’
Building Dimensions:
20' x 49'
Stories:
5
Residential Units:
10
Gross Square Footage:
4,900 sq ft (approx.)
Net Square Footage:
4,165 sq ft (approx.) less 15% loss factor
Avg. Net Unit Size:
417 sq ft (approx.)
Zoning:
R7-2
FAR:
4.00 (Wide Street)
Lot Size:
1,700 sq ft (approx.)
Total Buildable Sq. Ft.:
6,800 sq ft (approx.)
Minus Existing Structure:
(4,900) sq ft (approx.)
Available Air Rights:
1,900 sq ft (approx.)
Assessment (17/18):
$57,341
Taxes (17/18):
$7,392 (Tax Class 2B)
Financial Summary:
4
GROSS ANNUAL REVENUE:
$162,604
PRICE PER SQUARE FOOT:
$653
VACANCY LOSS & EXPENSES:
($33,119)
PRICE PER UNIT:
$320,000
NET OPERATING INCOME:
$129,485
CAPITALIZATION RATE:
4.05%
CUSHMAN & WAKEFIELD
TRANSPORTATION 1 A C B D
2 3
M N R
4 5 6
1976 MADISON AVENUE
COLUMBIA UNIVERSITY
125th Street Travel Times: 15
to Grand Central via
10
to Grand Central via Metro North
20
to Times Square via
16
to Bryant Park via
min
min 96TH STREET
min
min
4
1
5
2
6
3
A C B D
86TH STREET
72ND STREET
COLUMBUS CIRCLE
TIMES SQUARE
59TH STREET
20
10
min
BRYANT PARK
16
min
min
GRAND CENTRAL
15
min
1976 MADISON AVENUE
5
1976 MADISON AVENUE - RENT ROLL
UNIT
BEDS
EXP.
LEGAL RENT
PREF
ACTUAL RENT
1A
Studio
Oct-19
$742
-
$742
1B
1
Oct-19
$1,970
($75)
$1,895
2A
1
Dec-17
$1,352
-
$1,352
2B
1
Jul-18
$1,100
($50)
$1,050
3A
1
Nov-17
$1,282
-
$1,282
3B
1
Aug-17
$1,650
-
$1,650
4A
1
Oct-19
$1,566
-
$1,566
4B
1
Oct-19
$1,711
($61)
$1,650
5A
1
Oct-19
$1,166
($20)
$1,146
5B
1
Oct-19
$1,167
-
$1,167
GROSS MONTHLY RESIDENTIAL RENT: GROSS ANNUAL RESIDENTIAL RENT: AVERAGE RENT PER NET SQUARE FOOT:
6
CUSHMAN & WAKEFIELD
$13,550 $162,604 $39.04
INCOME & EXPENSES REVENUE Gross Annual Residential Revenue
$162,604
EXPENSES (ESTIMATED)
C&W PROJECTED
Adjusted Taxes (17/18)
Actual
$7,392
Water/Sewer
Actual
$5,714
Insurance
@ $400 / Unit
$4,000
Fuel (Gas)
@ $1.00 / GSF
$4,900
Common Electric
@ $0.15 / GSF
$735
Repairs & Maintenance
@ $550 / Unit
$5,500
Management
@ 3.0% / EGR
$4,878
Total Expenses:
$33,119
Effective Gross Annual Residential Revenue
$162,604
Less Expenses:
($33,119)
Net Operating Income:
$129,485
1976 MADISON AVENUE
7
1976 MADISON AV E N U E
For more information contact: Jonathan Squires
Director (212) 307 8173 [email protected]
Jonathan Trock
Associate 212 589 5156 [email protected]
Jordan Sutton
Associate 212 589 5101 [email protected]
Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Cushman & Wakefield Copyright 2017. 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.
