342 East 120th Street
342 East 120th Street
342 East 120th Street, New York, NY 20’ WIDE MULTIFAMILY BROWNSTONE
4 Stories with Vacant Ground Floor Duplex
ASKING PRICE: $2,100,000
PPSF: $430
Building Features
Block / Lot:
South side of East 120th Street between 1st and 2nd Avenues 1796 / 36
Lot Size:
20’ x 100.92’
Lot Area:
2,018
Building Size:
20’ x 61’
Stories:
4 + Cellar
Building Gross SF (Above Grade):
4,880
Residential Units:
5
Zoning:
R7A
FAR:
4.00
Assessment (16/17):
$45,596
Taxes (16/17):
$5,878
Gross Annual Revenue:
$101,568
Expenses & Vacany Loss:
$31,398
NOI:
$70,170
Location:
Property Description 342 East 120th Street is a 20’ wide, 4-story plus cellar multifamily brownstone located on the south side of East 120th Street between 1st and 2nd Avenues. This 4,880 SF (approx.) building contains a two-bedroom, garden duplex unit on the ground and parlor floors (delivered vacant) and a total of 4 one-bedroom apartments on the top two floors. In 2015, a new roof was installed, and in 2002 the gas boiler was replaced. 342 East 120th Street is situated in the heart of East Harlem, one of Northern Manhattan’s most desirable residential neighborhoods. Residents find themselves just blocks away from Thomas Jefferson Park, Triboro Plaza, Costco and Target, as well as dozens of restaurants. Public transportation is readily available through numerous bus stations as close as two blocks away, and the 116th and 125th Street subway stations on Lexington Avenue. Future plans exist with the proposed 2nd Avenue Subway to stop just four blocks south at the corner of 116th Street and 2nd Avenue. This property also boasts a close proximity to the Historic 125th Street Corridor, which has quickly grown into Harlem’s prime retail destination. For More Information, Please Contact: Robert M. Shapiro Executive Managing Director (212) 660 7717 [email protected] Cushman & Wakefield
Ian Brooks Senior Associate (212) 589 5107 [email protected]
Jonathan Trock Associate (212) 589 5156 [email protected]
275 Madison Avenue, New York, NY 10016
phone: +1 212 696 2500
Nathaniel Rahimzada Associate (212) 660 7732 [email protected] 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.
342 East 120th Street, New York, NY Financials
RESIDENTIAL REVENUE Unit
BRs
Status
Rent
1 2F
2 Bed Garden Duplex 1 Bed
Vacant/Projected Rent Stabilized
$3,800 $1,350
2R 3F 3R
1 Bed 1 Bed 1 Bed
Rent Stabilized Rent Stabilized Rent Stabilized
$625 $1,469 $1,220
Total Monthly Residential Revenue: Gross Annual Residential Revenue: Residential Gross Annual Revenue
$8,464 $101,568 $101,568
Vacancy Allowance @ 3% of Gross Annual Revenue
$3,047
Effective Residential Gross Annual Revenue
$98,521
EXPENSES (ESTIMATED) Adjusted Taxes (16/17)
Actual
$5,878
Water/Sewer (MCP)
Actual
$6,156
Insurance
@
$400
/ Res. Unit
$2,000
Fuel (Gas)
@
$1.00
/ Sq. Ft.
$4,880
Electric
@
$0.15
/ Sq. Ft.
$732
Repairs
@
$550
/ Res. Unit
$2,750
Super
@
$250
/ Mo.
$3,000
Management
@
3%
/ EGR
$2,956
Total Expenses:
$28,351
Combined Effective Gross Annual Revenue:
$98,521
Less Total Expenses:
$28,351
Net Operating Income:
$70,170
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.
342 East 120th Street, New York, NY Floor Plans
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.
342 East 120th Street, New York, NY Ground Floor Duplex
Living Room
Bathroom
Patio
Dining Room
Bedroom
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.
342 East 120th Street, New York, NY Building Photos
Kitchen
Living Room
Hallway
Stairs
Roof
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.
342 East 120th Street, New York, NY
Subway and Bus Map
342 E A S T 1 2 0 TH S T R E E T
61
1st Avenue
2nd Avenue
East 120th Street
East 119th Street
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.
342 East 120th Street, New York, NY 20’ WIDE MULTIFAMILY BROWNSTONE
4 Stories with Vacant Ground Floor Duplex
ASKING PRICE: $2,100,000
PPSF: $430
Building Features
Block / Lot:
South side of East 120th Street between 1st and 2nd Avenues 1796 / 36
Lot Size:
20’ x 100.92’
Lot Area:
2,018
Building Size:
20’ x 61’
Stories:
4 + Cellar
Building Gross SF (Above Grade):
4,880
Residential Units:
5
Zoning:
R7A
FAR:
4.00
Assessment (16/17):
$45,596
Taxes (16/17):
$5,878
Gross Annual Revenue:
$101,568
Expenses & Vacany Loss:
$31,398
NOI:
$70,170
Location:
Property Description 342 East 120th Street is a 20’ wide, 4-story plus cellar multifamily brownstone located on the south side of East 120th Street between 1st and 2nd Avenues. This 4,880 SF (approx.) building contains a two-bedroom, garden duplex unit on the ground and parlor floors (delivered vacant) and a total of 4 one-bedroom apartments on the top two floors. In 2015, a new roof was installed, and in 2002 the gas boiler was replaced. 342 East 120th Street is situated in the heart of East Harlem, one of Northern Manhattan’s most desirable residential neighborhoods. Residents find themselves just blocks away from Thomas Jefferson Park, Triboro Plaza, Costco and Target, as well as dozens of restaurants. Public transportation is readily available through numerous bus stations as close as two blocks away, and the 116th and 125th Street subway stations on Lexington Avenue. Future plans exist with the proposed 2nd Avenue Subway to stop just four blocks south at the corner of 116th Street and 2nd Avenue. This property also boasts a close proximity to the Historic 125th Street Corridor, which has quickly grown into Harlem’s prime retail destination. For More Information, Please Contact: Robert M. Shapiro Executive Managing Director (212) 660 7717 [email protected] Cushman & Wakefield
Ian Brooks Senior Associate (212) 589 5107 [email protected]
Jonathan Trock Associate (212) 589 5156 [email protected]
275 Madison Avenue, New York, NY 10016
phone: +1 212 696 2500
Nathaniel Rahimzada Associate (212) 660 7732 [email protected] 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.
342 East 120th Street, New York, NY Financials
RESIDENTIAL REVENUE Unit
BRs
Status
Rent
1 2F
2 Bed Garden Duplex 1 Bed
Vacant/Projected Rent Stabilized
$3,800 $1,350
2R 3F 3R
1 Bed 1 Bed 1 Bed
Rent Stabilized Rent Stabilized Rent Stabilized
$625 $1,469 $1,220
Total Monthly Residential Revenue: Gross Annual Residential Revenue: Residential Gross Annual Revenue
$8,464 $101,568 $101,568
Vacancy Allowance @ 3% of Gross Annual Revenue
$3,047
Effective Residential Gross Annual Revenue
$98,521
EXPENSES (ESTIMATED) Adjusted Taxes (16/17)
Actual
$5,878
Water/Sewer (MCP)
Actual
$6,156
Insurance
@
$400
/ Res. Unit
$2,000
Fuel (Gas)
@
$1.00
/ Sq. Ft.
$4,880
Electric
@
$0.15
/ Sq. Ft.
$732
Repairs
@
$550
/ Res. Unit
$2,750
Super
@
$250
/ Mo.
$3,000
Management
@
3%
/ EGR
$2,956
Total Expenses:
$28,351
Combined Effective Gross Annual Revenue:
$98,521
Less Total Expenses:
$28,351
Net Operating Income:
$70,170
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.
342 East 120th Street, New York, NY Floor Plans
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.
342 East 120th Street, New York, NY Ground Floor Duplex
Living Room
Bathroom
Patio
Dining Room
Bedroom
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.
342 East 120th Street, New York, NY Building Photos
Kitchen
Living Room
Hallway
Stairs
Roof
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.
342 East 120th Street, New York, NY
Subway and Bus Map
342 E A S T 1 2 0 TH S T R E E T
61
1st Avenue
2nd Avenue
East 120th Street
East 119th Street
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.
