315 West 29th Street
315 West 29th Street Prime Chelsea Ten Unit Multifamily Building
Asking Price: $7,690,000 Built 22’ X 47’ Lot size 22’ X 98.75’’ 5,808 ft² (approx.) Centrally positioned near Manhattan’s most vibrant neighborhoods including the Chelsea Gallery District and Hudson Yards, this 5 story multifamily property has tremendous upside potential. Although wellmaintained by the current owner, it represents an ideal opportunity for an investor to upgrade the units further and benefit from higher rents. The strong in-place rent roll and high demand for units in this area make the property viable for a 1031 tax exchange and as a long-term hold, even for an overseas or hands-off investor. Alternatively, the building is well suited for a condominium conversion. The building is currently configured as 10 free-market units. All apartments are light-flooded and provide views towards public and private gardens. Four units are 2-bedroom duplexes, the remaining six units are configured as generous one bedrooms. There are two apartments per floor, three units have access to private outdoor space. The property is in excellent condition; the apartments feature recent updates, open kitchens and through-the-wall air condition units. The property’s location is right next to the Lamartine Place Historic District, a small historic district featuring twelve charming mid-19th century row houses. While 315 West 29th Street retained its charming front garden and numerous historic features, including exposed brick throughout, the building is located outside of the historic district and not encumbered by a landmark designation. There is substantial future upside in the rents as demand for apartments in this area is expected to grow further. The immediate neighborhood of 315 West 29th Street is emerging as one of Manhattan’s most desirable commercial and residential neighborhoods due to over $27 billion in recent public and private investments including the revitalization of Penn Station and the development of Hudson Yards, Manhattan West and the High Line. This is a great opportunity to acquire an investment property with strong in-place cash flow and future upside. For more information please contact:
Thomas Guss Real Estate Broker
O: 212.360.7000 ext. 103 C: 212.365.4751 [email protected] Andreea Miller Real Estate Broker
O: 212.360.7000 ext. 123 C: 917.232.0166 [email protected]
1501 Broadway Suite 2600 New York, NY 10036
www.NYR.com
100% FREE MARKET IDEAL FOR FURTHER IMPROVEMENTS OR CONDO CONVERSION
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
315 West 29th Street Rent Roll and Expenses Rent Roll Unit
Size
Monthly Rent
Annual Rent
1A
2 Bed / 1.5 Baths
$3,000
$36,000
1B
2 Bed / 1.5 Baths + garden
$3,500
$42,000
2A
1 Bed/ 1 Bath
$2,550
$30,600
2B
1 Bed/ 1Bath + garden
$2,900
$34,800
3A
1 Bed/ 1Bath
$2,450
$29,400
3B
1 Bed/ 1 Bath
$2,500
$30,000
4A
1 Bed/ 1 Bath
$2,785
$33,420
4B
1 Bed/ 1 Bath
$2,550
$30,600
5A
2 Beds/1.5 Baths + roof deck
$3,708
$44,496
5B
2 Beds/1.5 Baths + roof deck
$3,678
$44,136 $2,131
Laundry
Total
$29,621
$357,583
*4B projected rent; Expenses $66,687
Real Estate Taxes (17/18)
Actual (Tax Class 2B)
Insurance
Actual
$9,066
Electricity and Gas
Actual
$7,585
Water & Sewer
Actual
$5,537
Super
Actual
$6,000
Repairs
Projected
$3,000
Total:
Net Operating Income CAP Rate
$94,875
$262,708 3.42%
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
315 West 29th Street
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
Asking Price: $7,690,000 Built 22’ X 47’ Lot size 22’ X 98.75’’ 5,808 ft² (approx.) Centrally positioned near Manhattan’s most vibrant neighborhoods including the Chelsea Gallery District and Hudson Yards, this 5 story multifamily property has tremendous upside potential. Although wellmaintained by the current owner, it represents an ideal opportunity for an investor to upgrade the units further and benefit from higher rents. The strong in-place rent roll and high demand for units in this area make the property viable for a 1031 tax exchange and as a long-term hold, even for an overseas or hands-off investor. Alternatively, the building is well suited for a condominium conversion. The building is currently configured as 10 free-market units. All apartments are light-flooded and provide views towards public and private gardens. Four units are 2-bedroom duplexes, the remaining six units are configured as generous one bedrooms. There are two apartments per floor, three units have access to private outdoor space. The property is in excellent condition; the apartments feature recent updates, open kitchens and through-the-wall air condition units. The property’s location is right next to the Lamartine Place Historic District, a small historic district featuring twelve charming mid-19th century row houses. While 315 West 29th Street retained its charming front garden and numerous historic features, including exposed brick throughout, the building is located outside of the historic district and not encumbered by a landmark designation. There is substantial future upside in the rents as demand for apartments in this area is expected to grow further. The immediate neighborhood of 315 West 29th Street is emerging as one of Manhattan’s most desirable commercial and residential neighborhoods due to over $27 billion in recent public and private investments including the revitalization of Penn Station and the development of Hudson Yards, Manhattan West and the High Line. This is a great opportunity to acquire an investment property with strong in-place cash flow and future upside. For more information please contact:
Thomas Guss Real Estate Broker
O: 212.360.7000 ext. 103 C: 212.365.4751 [email protected] Andreea Miller Real Estate Broker
O: 212.360.7000 ext. 123 C: 917.232.0166 [email protected]
1501 Broadway Suite 2600 New York, NY 10036
www.NYR.com
100% FREE MARKET IDEAL FOR FURTHER IMPROVEMENTS OR CONDO CONVERSION
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
315 West 29th Street Rent Roll and Expenses Rent Roll Unit
Size
Monthly Rent
Annual Rent
1A
2 Bed / 1.5 Baths
$3,000
$36,000
1B
2 Bed / 1.5 Baths + garden
$3,500
$42,000
2A
1 Bed/ 1 Bath
$2,550
$30,600
2B
1 Bed/ 1Bath + garden
$2,900
$34,800
3A
1 Bed/ 1Bath
$2,450
$29,400
3B
1 Bed/ 1 Bath
$2,500
$30,000
4A
1 Bed/ 1 Bath
$2,785
$33,420
4B
1 Bed/ 1 Bath
$2,550
$30,600
5A
2 Beds/1.5 Baths + roof deck
$3,708
$44,496
5B
2 Beds/1.5 Baths + roof deck
$3,678
$44,136 $2,131
Laundry
Total
$29,621
$357,583
*4B projected rent; Expenses $66,687
Real Estate Taxes (17/18)
Actual (Tax Class 2B)
Insurance
Actual
$9,066
Electricity and Gas
Actual
$7,585
Water & Sewer
Actual
$5,537
Super
Actual
$6,000
Repairs
Projected
$3,000
Total:
Net Operating Income CAP Rate
$94,875
$262,708 3.42%
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
315 West 29th Street
New York Residence Inc | 1501 Broadway 26th Floor, New York NY 10036 | www.NYR.com
