308-310 West 21st Street New York, NY 10011
308-310 West 21st Street New York, NY 10011 WALK-UP RESIDENTIAL APARTMENT BUILDING FOR SALE
FOR SALE
Asking Price: $19,500,000 Property Highlights Two adjacent four-story walk-up buildings on a tree-lined Chelsea block, bordering the Chelsea Historic District. There are twenty-four (24) residential units. Fourteen (14) of the units are currently rent-stabilized with the remaining ten (10) being freemarket and recently renovated. The units are configured as ten (10) studios, ten (10) one-bedrooms, two (2) three-bedrooms, two (2) four-bedrooms. The stabilized residential rents average $41/NSF in a building where free market rents average $98/NSF, providing significant upside for an investor.
Building Features Location
On the South side of West 21st Street between Eighth and Ninth Avenues.
Block / Lot
744/46 & 47
Lot Dimensions
50’ x 92’
Building Dimensions
25’ x 67’ (308 West 21st Street) 25’ x 33’ (310 West 21st Street)
Stories
5
Total SF
13,019 SF (Approx.)
Zoning
R7B
FAR
3.0 Res.
Buildable SF
13,800 (Approx.)
Air Rights
781 (Approx.)
Historic District
None
Combined Assessment (15/16):
$985,564
Combined Taxes (15/16):
$126,694
For More Information, Please Contact:
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Executive Director (212) 696 2500 x7776 [email protected]
Senior Associate (212) 696 2500 x7794 [email protected]
Associate (212) 589-5174 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor 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.
308-310 West 21st Street New York, NY 10011
308 Residential Revenue UNIT #
FLOOR
# OF ROOMS
LEASE TYPE
LXP
MO. RENT
ANNUAL RENT
A1
Ground
1 BR
FM
7/31/2016
$2,700
$32,400
A2
Ground
1 BR
FM
-
$2,800
$33,600
A3
Ground
Studio
RS
12/31/2016
$623.82
$7,486
A4
Ground
1 BR w/ Backyard
FM
8/31/2016
$3,750
$45,000
B1
Second
Studio
RS
4/30/2017
$896.94
$10,763.28
B2
Second
Studio
RS
6/30/2017
$1,321
$15,852
B3
Second
Studio
RS
1/31/2017
$1,131
$13,575
B4
Second
Studio
RS
11/30/2016
$1,181
$14,167
C1
Third
Studio
RS
12/31/2016
$1,295
$15,546
C2
Third
Studio
RS
7/31/2016
$1,402
$16,819
C3
Third
Studio
RS
-
$2,200
$26,400
C4
Third
Studio
RS
1/31/2016
$1,417
$17,009
D1
Fourth
1 BR
FM
7/31/2016
$3,195
$38,340
D2
Fourth
Studio
RS
12/31/2016
$1,187
$14,243
4R
Fourth
4 BR
FM
3/31/2016
$5,800
$69,600
5P
Fifth
4 BR
FM
5/31/2016
$9,500
$114,000
310 Residential Revenue 1
Ground
1 BR
FM
6/30/2016
$3,575
$42,900
2
Ground
1 BR
RS
2/28/2017
$1,302
$15,621
3
Second
1 BR
RS
9/30/2017
$1,017
$12,204
4
Second
1 BR
FM
5/31/2016
$3,200
$38,400
5
Third
1 BR
RS
9/30/2017
$1,871
$22,457
6
Third
1 BR
RS
6/30/2016
$1,081
$12,974
7
Fourth & Fifth
3 BR
FM
5/31/2016
$6,100
$73,200
8
Fourth & Fifth
3 BR
FM
11/30/2015
$6,200
$74,400
COMBINED MONTHLY INCOME
$64,746
COMBINED ANNUAL INCOME
$776,955
Projected at market rate.
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.
308-310 West 21st Street New York, NY 10011
Revenue Gross Monthly Revenue
$64,746
Gross Annual Residential Revenue
$776,955
Expenses Combined R.E Taxes (15/16)
Actual
$126,694
DRIE Recovery
Actual
-$518
Water & Sewer
Projected
$7,250
Electric
Actual
$1,215
Fuel (Oil)
Actual
$20,250
Insurance
Projected
$5,000
Repairs & Maintenance
Projected
$4,250
Super
Projected
$2,400
3% of G.A.I
$23,309
Management (3%) Total Annual Expenses
$189,850
Effective Gross Annual Revenue
$776,955
Less Expenses Net Operating Income
($189,850) $587,106
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.
FOR SALE
Asking Price: $19,500,000 Property Highlights Two adjacent four-story walk-up buildings on a tree-lined Chelsea block, bordering the Chelsea Historic District. There are twenty-four (24) residential units. Fourteen (14) of the units are currently rent-stabilized with the remaining ten (10) being freemarket and recently renovated. The units are configured as ten (10) studios, ten (10) one-bedrooms, two (2) three-bedrooms, two (2) four-bedrooms. The stabilized residential rents average $41/NSF in a building where free market rents average $98/NSF, providing significant upside for an investor.
Building Features Location
On the South side of West 21st Street between Eighth and Ninth Avenues.
Block / Lot
744/46 & 47
Lot Dimensions
50’ x 92’
Building Dimensions
25’ x 67’ (308 West 21st Street) 25’ x 33’ (310 West 21st Street)
Stories
5
Total SF
13,019 SF (Approx.)
Zoning
R7B
FAR
3.0 Res.
Buildable SF
13,800 (Approx.)
Air Rights
781 (Approx.)
Historic District
None
Combined Assessment (15/16):
$985,564
Combined Taxes (15/16):
$126,694
For More Information, Please Contact:
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Executive Director (212) 696 2500 x7776 [email protected]
Senior Associate (212) 696 2500 x7794 [email protected]
Associate (212) 589-5174 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor 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.
308-310 West 21st Street New York, NY 10011
308 Residential Revenue UNIT #
FLOOR
# OF ROOMS
LEASE TYPE
LXP
MO. RENT
ANNUAL RENT
A1
Ground
1 BR
FM
7/31/2016
$2,700
$32,400
A2
Ground
1 BR
FM
-
$2,800
$33,600
A3
Ground
Studio
RS
12/31/2016
$623.82
$7,486
A4
Ground
1 BR w/ Backyard
FM
8/31/2016
$3,750
$45,000
B1
Second
Studio
RS
4/30/2017
$896.94
$10,763.28
B2
Second
Studio
RS
6/30/2017
$1,321
$15,852
B3
Second
Studio
RS
1/31/2017
$1,131
$13,575
B4
Second
Studio
RS
11/30/2016
$1,181
$14,167
C1
Third
Studio
RS
12/31/2016
$1,295
$15,546
C2
Third
Studio
RS
7/31/2016
$1,402
$16,819
C3
Third
Studio
RS
-
$2,200
$26,400
C4
Third
Studio
RS
1/31/2016
$1,417
$17,009
D1
Fourth
1 BR
FM
7/31/2016
$3,195
$38,340
D2
Fourth
Studio
RS
12/31/2016
$1,187
$14,243
4R
Fourth
4 BR
FM
3/31/2016
$5,800
$69,600
5P
Fifth
4 BR
FM
5/31/2016
$9,500
$114,000
310 Residential Revenue 1
Ground
1 BR
FM
6/30/2016
$3,575
$42,900
2
Ground
1 BR
RS
2/28/2017
$1,302
$15,621
3
Second
1 BR
RS
9/30/2017
$1,017
$12,204
4
Second
1 BR
FM
5/31/2016
$3,200
$38,400
5
Third
1 BR
RS
9/30/2017
$1,871
$22,457
6
Third
1 BR
RS
6/30/2016
$1,081
$12,974
7
Fourth & Fifth
3 BR
FM
5/31/2016
$6,100
$73,200
8
Fourth & Fifth
3 BR
FM
11/30/2015
$6,200
$74,400
COMBINED MONTHLY INCOME
$64,746
COMBINED ANNUAL INCOME
$776,955
Projected at market rate.
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.
308-310 West 21st Street New York, NY 10011
Revenue Gross Monthly Revenue
$64,746
Gross Annual Residential Revenue
$776,955
Expenses Combined R.E Taxes (15/16)
Actual
$126,694
DRIE Recovery
Actual
-$518
Water & Sewer
Projected
$7,250
Electric
Actual
$1,215
Fuel (Oil)
Actual
$20,250
Insurance
Projected
$5,000
Repairs & Maintenance
Projected
$4,250
Super
Projected
$2,400
3% of G.A.I
$23,309
Management (3%) Total Annual Expenses
$189,850
Effective Gross Annual Revenue
$776,955
Less Expenses Net Operating Income
($189,850) $587,106
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.
