212 EAST 122ND STREET, NEW YORK, NY 10035 SIX (6) STORY, 36 UNIT MIXED-USE BUILDING | FOR SALE
36
26,400
Units
50'
Gross SF
EAST HARLEM
Width
Location
Ariel Property Advisors presents 212 East 122nd Street, a 50’ wide, six (6) story mixed-use walk-up building located between 2nd and 3rd Avenues in Northern Manhattan’s East Harlem Neighborhood. The property contains thirty-three (33) residential units and three (3) commercial units spanning across 26,400 SF. The residential unit mix consists of eleven (11) one-bedroom apartments, seventeen (17) two-bedroom apartments, and five (5) three-bedroom apartments. Nine apartments have been significantly renovated over the last three years and contain features such as new kitchens with stainless steel appliances, new bathrooms with high quality fixtures and tiling, washers/dryers, hardwood floors, and exposed brick walls. Of the retail units, two are currently leased to a nail salon and a beauty parlor, and the other is currently vacant. Ownership has also invested in recent major capital improvements, which includes a new gas boiler, renovated common areas, and a newly installed security system. Additionally, ownership is currently re-pointing the exterior façade. Located in one of the most rapidly expanding neighborhoods in New York City, 212 East 122nd Street is surrounded by several landmarks and institutions. Hunter College’s Silberman School of Social Work, the East River Plaza and Thomas Jefferson Park are all a short walk from the building. A major proton beam medical center is being developed a few blocks north and is poised to add significant growth to the area. The property enjoys close access to three separate Citi Bike stations. Easy access to Lower Manhattan and the outer boroughs is provided by the 4/5/6 subway lines at the East 125th Street and Lexington Avenue station. As a well-managed asset with strong in-place cash flow and significant rental upside in a rapidly up and coming area, 212 East 122nd Street is an outstanding East Harlem multifamily investment opportunity.
PROPERTY INFORMATION Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Total Number of Units Residential Units Retail Units Building Size Zoning (FAR) Assessment (17/18) Real Estate Taxes (17/18)
1786 / 42 50' x 100.92' 5,046 50' x 86' 6 36 33 3 26,400 R7A (4.0) $618,930 $79,792
Sq. Ft. (Approx.)
Sq. Ft. (Approx.)
$9,750,000
$369
$270,833
3.90%
15.83
ASKING PRICE
$/SF
$/UNIT
CAP RATE
GRM
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected] Victor Sozio x12
[email protected] Michael A. Tortorici x13
[email protected] Marko Agbaba x32
[email protected] David Khukhashvili x5139
[email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. October 3, 2017 12:33 PM
IVER D
C 4
168 ST Amsterdam Av
RIV
HARL
EM R
5
ERS
IDE
EDGECOMBE AV
DR 212 EAST 122ND STREET, NEW YORK, NY 10035D 3 100
101
BS E OM IDG C MA M BR DA
DR
B D W 155 ST
Bx
C 155 ST
6
98
ST NIC
AMSTERDAM AV
EDGECOMBE AV
BROADWAY
145 ST
A C
1
B D
# OF UNITS
$6,091 $14,306 2
$73,088 $171,674 102 7
$22,778 $8,165 W 139 ST $51,339 $616,071
$273,334 $97,975
100 101
CONVENT AV
ILTO
W 137 ST
1
137 ST CITY COLLEGE
OLAS AV
TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
10
$1,340 $1,633
ST NICH
17 5
L
5
WESLEY WILLIAMS PL
Bx
33
RIVERSIDE DR
W 135 ST
11
W 131 ST
nd South side of East 122125 STStreet nd rd between 2 and 3 Avenues 1
DR
BROADWAY
BLV
D
$15,298
Fuel
$23,304
$3,000
Garden via Repairs Southern Blvd
$16,500
Payroll
$19,500
Management
$5,976
ISO GROSS OPERATING MAD 1
W 137 ST
O ETR
Bx
M
33
GE
4
6
Bx
135 ST
LOCATION MAP
125 ST
1
W 130 ST
1
METRO NORTH
60 15 100 101
2 3
Bx
4 5 6
35
Q
Т
$9,750,000
R IDE D
EAS HAR
3 AV
6
W 116 ST
LEXINGTON AV
PARK AV
MADISON AV
118 ST
116 102
98 101
E 116 S 102
1
1
INGS
Cathedral Pkwy (110 St)
B C
4
Central Park North (110 St)
2 3
$270,833
E 112 ST
W 112 ST 15
3.90% 2
CENTRAL ASKING PRICE $/SF $/UNIT PARKDANA DISCOVERY CAP RATE CENTRAL NORTH HARLEM FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc 7 116
60
116
E 120 ST
116
$369
1
2 3
2
7
100
SUBJECT PROPERTY 101 103
MARCUS GARVEY PARK
5 AV
MORNINGSIDE AV
AMSTERDAM AV
CATHEDRAL OF ST JOHN THE DIVINE
N MOR
Cathedral Pkwy (110 St)
3
W 116 ST
103
AV
W 113 ST
MORNINGSIDE PARK
B C
15
E 125 ST E 124 ST
116 St
AS
1 116 St Columbia University
117 St
OL
W 116 ST
CH
East 121st Street
35
E 126 ST
125 St
OLAS AV
COLUMBIA UNIVERSITY
ST NICH
60
W 122 ST
Bx15 from Fordham Plaza 98
15
98
Bx
STUDIO MUSEUM IN HARLEM
NI
1786
W 120 ST
T
33
10
3
$216,902
TH
NOR 5
W 135 ST
100 101
11 60
$17,928
RID
VB NA
DR MARTIN LUTHER KING BLVD
2nd Avenue FREDERICK DOUGLASS BLVD
42
RIVERSIDE Shimon Shkury x11 PARK
$2,682
2
2 3
Bx
nd
4 104
5
B
60 15
East 122 Street
BROADWAY
SCHOMBURG CENTRE
APOLLO THEATRE
B D 125 ST
ST
3rd Avenue
GRANT’S TOMB
A C
104
ING
MANHATTAN AV
CLARENONT AV
5
N S
104 Bx
15 MAR 15 TIN LUT H
Insurance
EXPENSES
HARLEM
W 129 ST
ER K
5
ST NICHOLAS PARK
100 101
$32,922
Legal/Miscellaneous
W 139 ST
135 ST B C
CITY COLLEGE
3D MAP / 5TAX MAP
145 ST INCOME ANNUAL
MT MORRIS PARK W
4
Water & Sewer
Cleaning & Maintenance Bx19 to Botanical
19
3
$2,030 $1,301
NP
11
RIVERBANK 2 BR STATE PARK3 BR
$79,792
ST 145
Bx
MONTHLY INCOME
3 11
Real Estate Taxes (17/18)
GE Electric RID
W 146 ST
AVG. RENT $ / UNIT
W 143 ST
Commercial 1 BR
1
W 147 ST
LENOX AV
UNIT TYPE
11 19
35% of SGI 3.9% Cap Rate
7 102
W 145 ST
W 145 ST
HAM
Bx
3
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
19 SCHEDULED INCOME Bx
Harlem 148 St
W 150 ST $597,589 ($216,902) $380,687
R RD IVE
W 147 ST
R EM
S AV 3
EXPENSES: (ESTIMATED)
RL HA
HOLA
Scheduled Gross Income: Less Vacancy Rate Reserve (3.00%): Gross Operating Income: W 150 ST Less Expenses: Net Operating Income:
JACKIE ROBINSON $616,071 PARK ($18,482) FREDERICK DOUGLASS BLVD
CURRENT ROLL
Bx6 to Hunts Pt Food Ctr via Yankee Stadium
GE
AUDUBON TERRACE
2 AV
2
RID
6
BRADHURST AV
SIDE
157 ST
Bx
10
VB
1 W 157 ST
3A
RIVER
SIX (6) STORY, 36 UNIT MIXED-USE BUILDING | FOR SALEB
MEER
15.83
E 110 ST
E 110 ST
6
2
1
4
3
110 ST GRM 2
1
4
3
FOR FINANCING INFO 106
E 106Paul ST LASKER McCormick x45 David Khukhashvili x5139 RINK
[email protected] Q
[email protected] [email protected] [email protected] [email protected] [email protected] W 105 ST EL MUSEO DEL BARRIO W the 104property ST The information contained herein has either been given to us by the owner of or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, 6 if any. The value of this prospective MUSEUM OF THE C and other factors which your tax advisor 103 ST the taxBbracket, W 103 investment is dependent upon these and/or legal counsel should evaluate. The prospective103 buyer STestimates1and assumptions made below, as well as the investmentWincome, STshould carefully verify each item of CITY OF NEW YORK 1 3 income, and all other information contained herein. 103 ST 103 ST October 3, 2017 12:33 PM
W 106 STA. Tortorici x13 ELINGTON BLVD DUKE Victor Sozio x12 Michael
Marko Agbaba x32
Т
E 104 S
E 102 S
212 EAST 122ND STREET, NEW YORK, NY 10035 SIX (6) STORY, 36 UNIT MIXED-USE BUILDING | FOR SALE
RENT ROLL UNIT Beauty Salon In Style Nails ST W 1A 1B 1C 2A 2B 2C 2D 2E 2F 3A 3B 3C 3D 3E 3F
TYPE
UNIT STATUS
ACTUAL/PROJECTED
MONTHLY RENT
Lease Expiration
Commercial Commercial Commercial 2 BR 1 BR 2 BR 2 BR 1 BR 2 BR 2 BR 1 BR 3 BR 2 BR 1 BR 2 BR 2 BR 1 BR 3 BR
Comm Comm Comm RS FM RS FM RS RS RS FM FM FM RS RS RS RS RS
Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Actual Actual Actual Actual Actual
$1,761 $1,429 $2,900 $1,521 $1,725 $1,036 $2,200 $942 $964 $1,139 $1,730 $2,200 $2,200 $567 $956 $1,861 $832 $1,797
05/31/2020 06/30/2020 09/30/2019 02/28/2018 06/30/2018 06/30/2018 07/31/2019 10/31/2017 07/31/2018 09/30/2017 07/31/2018 06/30/2019 07/31/2018 05/31/2019 02/28/2018 04/30/2018
RS RS RS RS FM RS RS RS FM RS FM RS RS FM RS RS RS RS
Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
$924 $1,775 $1,607 $1,024 $1,750 $1,182 $1,031 $875 $2,200 $977 $1,750 $1,190 $1,240 $1,670 $1,161 $738 $689 $1,796 $51,339 $616,071
07/31/2018 07/31/2018 10/31/2017 11/30/2018 09/30/2018 07/31/2018 07/31/2018 07/31/2018 05/31/2018 01/31/2018 04/30/2019 M-T-M 03/31/2019 01/31/2018 02/28/2019 06/30/2018 06/30/2019 04/30/2019
4A 4B 4C 4D 4E 4F 5A 5B 5C 5D 5E 5F 6A 6B 6C 6D 6E 6F TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
2 BR 1 BR 2 BR 2 BR 1 BR 3 BR 2 BR 1 BR 2 BR 2 BR 1 BR 3 BR 2 BR 1 BR 2 BR 2 BR 1 BR 3 BR
$9,750,000
$369
$270,833
3.90%
15.83
ASKING PRICE
$/SF
$/UNIT
CAP RATE
GRM
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected] Victor Sozio x12
[email protected] Michael A. Tortorici x13
[email protected] Marko Agbaba x32
[email protected] David Khukhashvili x5139
[email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. October 3, 2017 12:33 PM