3697 2 $144k Central Harlem - Agorafy
Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsourcesthatwedeemreliable.Wehavenoreasontodoubtitsaccuracybutwedonotguaranteetheaccuracyofany 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. July 21, 2015 10:03 AM
273 Lenox Avenue, New York, NY 10027 Four (4) Story, Central Harlem Mixed-Use Building | FOR SALE
3,697 Gross SF
2
$144k
Units
Central Harlem
Gross Income
Location
Property Information Address
273 Lenox Avenue, New York, NY 10027
Location
West side of Lenox Avenue between West 123rd Street and West 124th Street
Block / Lot
1908 / 133
Stories
4
Number of Units
2
Zoning (FAR)
C4-4
Lot Dimensions
17' x 75'
Lot Size
1,275
Building Dimensions
17' x 73
Building Size
3,697
Air Rights
1,403
Assessment (15/16)
$72,544
Taxes (15/16)
$13,897
(4.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
Investment Highlights Ariel Property Advisors is pleased to present 273 Lenox Avenue, a 17’ wide, recently gut renovated mixed-use walk-up building located on the west side of Lenox Avenue between 123rd and 124th Street. Spanning 3,697 gross square feet, the building is comprised of a ground floor and 2nd floor duplexed 1,918 net square foot commercial unit which rents for $8,000 per month ($50 PSF), and a 1,471 net square foot 2 bedroom-2 bathroom duplex residential unit which rents for $4,000 per month ($32 PSF), both units operating at less than market rents. The building, renovated with high end finishes and appliances, is equipped with highly efficient Mitsubishi heating and cooling units, which allow for ownership to minimize expenses and pass-through to tenancy. Located just a block away from the 2 & 3 train and the bustling 125th Street corridor, 273 Lenox is surrounded by recent and upcoming developments that will add to the historic corridor’s dynamic feel, which includes the highly anticipated shopping center at the corner of 125th Street and Lenox, a half block from 273 Lenox, whose future tenants include Whole Foods, Burlington Coat Factory, and American Eagle Outfitters. Close hotel, office, and retail sites also include The Aloft Hotel, Harlem USA, The Victoria Theatre Development, the Taystee Building, and the newly rebuilt Corn Exchange. The property is conveniently located to Columbia University and the City College of New York. Local attractions include Morningside Park and Marcus Garvey Park, which lay just a few blocks from the asset. 273 Lenox Avenue presents investors and owner-users with an opportunity to own a turn-key mixed use building near the bustling 125th Street corridor, and capture significant rental upside in a rapidly appreciating Central Harlem.
EXPENSES: (ESTIMATED) Real Estate Taxes (15/16)
$13,897
RE Tax Reimbursement
($435)
Water & Sewer
Tenant Pays
Insurance
$3,697
Fuel
Tenant Pays
Electric
Tenant Pays
Current Roll
Cleaning & Maintenance
Tenant Pays
Scheduled Gross Income:
$144,000
Repairs
Tenant Pays
($4,320)
Payroll
Tenant Pays
Less Vacancy Rate Reserve (3.0%):
$139,680
Legal/Miscellaneous
$1,397
Less Expenses:
($24,143)
17%
% of SGI
Management
$5,587
Net Operating Income:
$115,537
3.92%
Cap Rate
Gross Operating Expenses
Gross Operating Income:
$24,143
Asking Price: $2,950,000 For More Information Please Contact Our Exclusive Sales Agents Victor Sozio
Jesse Deutch
Josh Berkowitz
Matthew Gillis
Samuel Atlas
212.544.9500 x12
212.544.9500 x18
212.544.9500 x41
212.544.9500 x42
212.544.9500 x48
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
3
TERRACE
HARLE
OVERLOOK
RY HUDSON PARKWAY
4
101
BROADWAY
WADSWORTH AV
V ON A INGT WASH VD I BL RIN CAB
BENNETT AV
FORT
W 186that ST we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsources 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, YESHIVA UNIVERSITY 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. July 21, 2015 10:03 AM
1
WASHINGTON
181 ST
BRIDGE 273 Lenox Avenue, New York, NY 10027 181 ST A W
Bx
11 13 Bx
Bx
Bx
Bx
Bx
Bx
11 13 35
W 180 ST
Bx
36
3
W 179 ST
Four (4) Story, Central Harlem Mixed-Use Bx3 Riverdale Building | FOR SALE 36
Bx
Bx
35 3
W 179 ST W 178 ST
WASHINGTON HEIGHTS Actual/Projected 4
5
A C Washington hts 168 St
DR IDE
N AV INGTO WASH FORT
Total Annual Rent Total # of Units
101
W 168 ST
Bx
$144,000
2
2
MORRIS-JUMEL MANSION
W 163 ST
ER D M RIV
168 ST Amsterdam Av
5
133
7 102 1
W 147 ST
GE RID 2 ST B 145 Bx19 to Botanical
W 146 ST Bx
19
W 145 ST
3
Garden via Southern Blvd
145 ST
Bx
11 19
M 135 ST B C
Location map
W 131 ST
104 Bx
15 MAR 15 TIN LUT H
D
DR SIDE
W 116 ST
MADISON AV
6
Victor Sozio
Jesse Deutch
212.544.9500 x12
212.544.9500 x18
NING MOR
Cathedral Pkwy (110 St)
B C
4
[email protected]
Josh Berkowitz
[email protected] RIVERSIDE DR
W 101 ST
103 ST
Central Park North (110 St)
7
11
JEFFERS PARK
E 112 ST 15
2 3 2
7
11
E 110 ST
E 110 ST
6
10
15
110 ST 2
1
4
3
2
1
4
3
MEER
106
E 106 ST
E 106 ST
Samuel Atlas
BARRIO
B C 103 ST
[email protected] 104
116
1
1
Matthew Gillis MUSEO DEL
212.544.9500 x41W 103 ST
1
E 116 ST
W 112 ST
LASKER RINK
W 104 ST
W 103 ST
EAST HARLEM
98 101
116
DUKE ELINGTON BLVD W 106 ST
W 105 ST
100
102
60
116
116 ST
116 102
7 116
RIVERSIDE PARK
R
E 125 ST
E 120 ST
W 116 ST
CENTRAL PARKDANA DISCOVERY CENTRAL For More Information Please Contact Our Exclusive Sales Agents NORTH HARLEM 5
15
101 103
5 AV
2 3
2
7
35
E 126 ST
AV
BROADWAY
MARCUS GARVEY PARK
116 St
S
B C
LA
AMSTERDAM AV
HO
3
116 St
Asking Price: $2,950,000 1
Bx
15 35
103
OLAS AV
CATHEDRAL OF ST JOHN THE DIVINE
C NI
W 113 ST
6 125 St
E 124 ST
ST NICH
MORNINGSIDE PARK
116 St Columbia University
Cathedral Pkwy (110 St)
ST
1
3
98
4 5
Subject Property
STUDIO MUSEUM IN HARLEM
W 122 ST
COLUMBIA UNIVERSITY
METRO NORTH
Bx
11 60
60
Bx
15
98
DR MARTIN LUTHER KING BLVD
10
W 120 ST
1
60 15 100 101
2 3
Bx
4 104
W 116 ST
125 ST
60 15 100 101
FREDERICK DOUGLASS BLVD
GRANT’S TOMB
APOLLO THEATRE
B D 125 ST
BLV
MORNINGSIDE AV
5
ING
BROADWAY
CLARENONT AV
5
A C
104
ER K
1
W 130 ST
LLI
1 DR
HARLEM
W 129 ST
Bx15 from Fordham Plaza
WI
125 ST
135 ST
G
11
THE BR
2 3
1 AV
100 101
5
6
Bx
33
SA
ST NICHOLAS PARK
MANHATTAN AV
RIVERSIDE DR
W 135 ST
5 W 135 ST
GE
33
SCHOMBURG CENTRE
TH
NOR 4
RID
WESLEY WILLIAMS PL
Bx
33
VB
CITY COLLEGE
RO
MET
Bx
1
W 137 ST
3A
137 ST CITY COLLEGE
SO ADI
MT MORRIS PARK W
CONVENT AV
PL ILTO N HAM
1
E
IDG
V BR
NA
W 139 ST
W 139 ST
OLAS AV
3d View
ST NICH
W 137 ST
102 7
2
10
100 101
RIVERBANK STATE PARK
LENOX AV
5
4
11
West 123 Street
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
W 143 ST
rd
VB RID
W 145 ST
2 AV
BRADHURST AV
AMSTERDAM AV
3
DR
B D
Harlem 148 St
W 150 ST
ER
1
Bx
EM
145 ST
A C
RL
S AV 3
W 147 ST
Bx6 to Hunts Pt Food Ctr via Yankee Stadium
HA
JACKIE ROBINSON PARK
HOLA
BROADWAY
98
ST NIC
W 150 ST
6
RIV
1908 19
Bx
C West 124th Street 155 ST
3 AV
DR
B D W 155 ST
AUDUBON TERRACE
LEXINGTON AV
6
D S B MB GE CO ID MA M BR A D
10
2
FREDERICK DOUGLASS BLVD
SIDE
RIVER
1 W 157 ST 157 ST
Bx
PARK AV
3 100
Lenox Avenue
DR
101
Adam Clayton Powell Jr Boulevard
4/30/2016
HARLE
IDE
9/21/2019
$4,000 $12,000
C
ERS
$8,000
$33
W 165 ST
4
Lease Expiration
$50
3
Tax Map RIV
Monthly Rent
W 166 ST
7
EDGECOMBE AV
Total Monthly Rent
Actual Actual
1
$/SF
HARLEM RIVER DR
ERS RIV
1,471
7
AV
1,918
HAVEN
1-2 3-4
Bx
100
HIGHBRIDGE PARK
RIVE
LITTLE RED LIGHTHOUSE Sq. Ft. (Approx.)
EDGECOMBE AV
Floor
H WAS
W 175 ST AUDUBON AV
RGE
GEO
238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
3
A
ST NICHOLAS AV
GE
RID ON B INGT
GRORGE WASHINGTON BRIDGE BUS STATION
AY ADW BRO
Schedule Income
98
W 178 ST
W 177 ST
AMSTERDAM AV
FORT WASHINGTON PARK
98
212.544.9500 x42 MUSEUO OF THE
212.544.9500 x48 6
CITY OF NEW YORK
[email protected]
E 104 ST
103 ST 1
3
4 106
1
3
[email protected]
4 106
NORT
E 105 ST
E 102 ST
101 102 103 98
E 100 ST
5 AV
W 100 ST- New York NY MEADOW Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 10168 | 212.544.9500 | arielpa.com 101 102
273 Lenox Avenue, New York, NY 10027 Four (4) Story, Central Harlem Mixed-Use Building | FOR SALE
3,697 Gross SF
2
$144k
Units
Central Harlem
Gross Income
Location
Property Information Address
273 Lenox Avenue, New York, NY 10027
Location
West side of Lenox Avenue between West 123rd Street and West 124th Street
Block / Lot
1908 / 133
Stories
4
Number of Units
2
Zoning (FAR)
C4-4
Lot Dimensions
17' x 75'
Lot Size
1,275
Building Dimensions
17' x 73
Building Size
3,697
Air Rights
1,403
Assessment (15/16)
$72,544
Taxes (15/16)
$13,897
(4.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
Investment Highlights Ariel Property Advisors is pleased to present 273 Lenox Avenue, a 17’ wide, recently gut renovated mixed-use walk-up building located on the west side of Lenox Avenue between 123rd and 124th Street. Spanning 3,697 gross square feet, the building is comprised of a ground floor and 2nd floor duplexed 1,918 net square foot commercial unit which rents for $8,000 per month ($50 PSF), and a 1,471 net square foot 2 bedroom-2 bathroom duplex residential unit which rents for $4,000 per month ($32 PSF), both units operating at less than market rents. The building, renovated with high end finishes and appliances, is equipped with highly efficient Mitsubishi heating and cooling units, which allow for ownership to minimize expenses and pass-through to tenancy. Located just a block away from the 2 & 3 train and the bustling 125th Street corridor, 273 Lenox is surrounded by recent and upcoming developments that will add to the historic corridor’s dynamic feel, which includes the highly anticipated shopping center at the corner of 125th Street and Lenox, a half block from 273 Lenox, whose future tenants include Whole Foods, Burlington Coat Factory, and American Eagle Outfitters. Close hotel, office, and retail sites also include The Aloft Hotel, Harlem USA, The Victoria Theatre Development, the Taystee Building, and the newly rebuilt Corn Exchange. The property is conveniently located to Columbia University and the City College of New York. Local attractions include Morningside Park and Marcus Garvey Park, which lay just a few blocks from the asset. 273 Lenox Avenue presents investors and owner-users with an opportunity to own a turn-key mixed use building near the bustling 125th Street corridor, and capture significant rental upside in a rapidly appreciating Central Harlem.
EXPENSES: (ESTIMATED) Real Estate Taxes (15/16)
$13,897
RE Tax Reimbursement
($435)
Water & Sewer
Tenant Pays
Insurance
$3,697
Fuel
Tenant Pays
Electric
Tenant Pays
Current Roll
Cleaning & Maintenance
Tenant Pays
Scheduled Gross Income:
$144,000
Repairs
Tenant Pays
($4,320)
Payroll
Tenant Pays
Less Vacancy Rate Reserve (3.0%):
$139,680
Legal/Miscellaneous
$1,397
Less Expenses:
($24,143)
17%
% of SGI
Management
$5,587
Net Operating Income:
$115,537
3.92%
Cap Rate
Gross Operating Expenses
Gross Operating Income:
$24,143
Asking Price: $2,950,000 For More Information Please Contact Our Exclusive Sales Agents Victor Sozio
Jesse Deutch
Josh Berkowitz
Matthew Gillis
Samuel Atlas
212.544.9500 x12
212.544.9500 x18
212.544.9500 x41
212.544.9500 x42
212.544.9500 x48
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
3
TERRACE
HARLE
OVERLOOK
RY HUDSON PARKWAY
4
101
BROADWAY
WADSWORTH AV
V ON A INGT WASH VD I BL RIN CAB
BENNETT AV
FORT
W 186that ST we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsources 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, YESHIVA UNIVERSITY 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. July 21, 2015 10:03 AM
1
WASHINGTON
181 ST
BRIDGE 273 Lenox Avenue, New York, NY 10027 181 ST A W
Bx
11 13 Bx
Bx
Bx
Bx
Bx
Bx
11 13 35
W 180 ST
Bx
36
3
W 179 ST
Four (4) Story, Central Harlem Mixed-Use Bx3 Riverdale Building | FOR SALE 36
Bx
Bx
35 3
W 179 ST W 178 ST
WASHINGTON HEIGHTS Actual/Projected 4
5
A C Washington hts 168 St
DR IDE
N AV INGTO WASH FORT
Total Annual Rent Total # of Units
101
W 168 ST
Bx
$144,000
2
2
MORRIS-JUMEL MANSION
W 163 ST
ER D M RIV
168 ST Amsterdam Av
5
133
7 102 1
W 147 ST
GE RID 2 ST B 145 Bx19 to Botanical
W 146 ST Bx
19
W 145 ST
3
Garden via Southern Blvd
145 ST
Bx
11 19
M 135 ST B C
Location map
W 131 ST
104 Bx
15 MAR 15 TIN LUT H
D
DR SIDE
W 116 ST
MADISON AV
6
Victor Sozio
Jesse Deutch
212.544.9500 x12
212.544.9500 x18
NING MOR
Cathedral Pkwy (110 St)
B C
4
[email protected]
Josh Berkowitz
[email protected] RIVERSIDE DR
W 101 ST
103 ST
Central Park North (110 St)
7
11
JEFFERS PARK
E 112 ST 15
2 3 2
7
11
E 110 ST
E 110 ST
6
10
15
110 ST 2
1
4
3
2
1
4
3
MEER
106
E 106 ST
E 106 ST
Samuel Atlas
BARRIO
B C 103 ST
[email protected] 104
116
1
1
Matthew Gillis MUSEO DEL
212.544.9500 x41W 103 ST
1
E 116 ST
W 112 ST
LASKER RINK
W 104 ST
W 103 ST
EAST HARLEM
98 101
116
DUKE ELINGTON BLVD W 106 ST
W 105 ST
100
102
60
116
116 ST
116 102
7 116
RIVERSIDE PARK
R
E 125 ST
E 120 ST
W 116 ST
CENTRAL PARKDANA DISCOVERY CENTRAL For More Information Please Contact Our Exclusive Sales Agents NORTH HARLEM 5
15
101 103
5 AV
2 3
2
7
35
E 126 ST
AV
BROADWAY
MARCUS GARVEY PARK
116 St
S
B C
LA
AMSTERDAM AV
HO
3
116 St
Asking Price: $2,950,000 1
Bx
15 35
103
OLAS AV
CATHEDRAL OF ST JOHN THE DIVINE
C NI
W 113 ST
6 125 St
E 124 ST
ST NICH
MORNINGSIDE PARK
116 St Columbia University
Cathedral Pkwy (110 St)
ST
1
3
98
4 5
Subject Property
STUDIO MUSEUM IN HARLEM
W 122 ST
COLUMBIA UNIVERSITY
METRO NORTH
Bx
11 60
60
Bx
15
98
DR MARTIN LUTHER KING BLVD
10
W 120 ST
1
60 15 100 101
2 3
Bx
4 104
W 116 ST
125 ST
60 15 100 101
FREDERICK DOUGLASS BLVD
GRANT’S TOMB
APOLLO THEATRE
B D 125 ST
BLV
MORNINGSIDE AV
5
ING
BROADWAY
CLARENONT AV
5
A C
104
ER K
1
W 130 ST
LLI
1 DR
HARLEM
W 129 ST
Bx15 from Fordham Plaza
WI
125 ST
135 ST
G
11
THE BR
2 3
1 AV
100 101
5
6
Bx
33
SA
ST NICHOLAS PARK
MANHATTAN AV
RIVERSIDE DR
W 135 ST
5 W 135 ST
GE
33
SCHOMBURG CENTRE
TH
NOR 4
RID
WESLEY WILLIAMS PL
Bx
33
VB
CITY COLLEGE
RO
MET
Bx
1
W 137 ST
3A
137 ST CITY COLLEGE
SO ADI
MT MORRIS PARK W
CONVENT AV
PL ILTO N HAM
1
E
IDG
V BR
NA
W 139 ST
W 139 ST
OLAS AV
3d View
ST NICH
W 137 ST
102 7
2
10
100 101
RIVERBANK STATE PARK
LENOX AV
5
4
11
West 123 Street
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
W 143 ST
rd
VB RID
W 145 ST
2 AV
BRADHURST AV
AMSTERDAM AV
3
DR
B D
Harlem 148 St
W 150 ST
ER
1
Bx
EM
145 ST
A C
RL
S AV 3
W 147 ST
Bx6 to Hunts Pt Food Ctr via Yankee Stadium
HA
JACKIE ROBINSON PARK
HOLA
BROADWAY
98
ST NIC
W 150 ST
6
RIV
1908 19
Bx
C West 124th Street 155 ST
3 AV
DR
B D W 155 ST
AUDUBON TERRACE
LEXINGTON AV
6
D S B MB GE CO ID MA M BR A D
10
2
FREDERICK DOUGLASS BLVD
SIDE
RIVER
1 W 157 ST 157 ST
Bx
PARK AV
3 100
Lenox Avenue
DR
101
Adam Clayton Powell Jr Boulevard
4/30/2016
HARLE
IDE
9/21/2019
$4,000 $12,000
C
ERS
$8,000
$33
W 165 ST
4
Lease Expiration
$50
3
Tax Map RIV
Monthly Rent
W 166 ST
7
EDGECOMBE AV
Total Monthly Rent
Actual Actual
1
$/SF
HARLEM RIVER DR
ERS RIV
1,471
7
AV
1,918
HAVEN
1-2 3-4
Bx
100
HIGHBRIDGE PARK
RIVE
LITTLE RED LIGHTHOUSE Sq. Ft. (Approx.)
EDGECOMBE AV
Floor
H WAS
W 175 ST AUDUBON AV
RGE
GEO
238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
3
A
ST NICHOLAS AV
GE
RID ON B INGT
GRORGE WASHINGTON BRIDGE BUS STATION
AY ADW BRO
Schedule Income
98
W 178 ST
W 177 ST
AMSTERDAM AV
FORT WASHINGTON PARK
98
212.544.9500 x42 MUSEUO OF THE
212.544.9500 x48 6
CITY OF NEW YORK
[email protected]
E 104 ST
103 ST 1
3
4 106
1
3
[email protected]
4 106
NORT
E 105 ST
E 102 ST
101 102 103 98
E 100 ST
5 AV
W 100 ST- New York NY MEADOW Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 10168 | 212.544.9500 | arielpa.com 101 102
