413 West 22nd Street
Five Story Walk-up Building Chelsea Historic District Block • 7 Apartments
413 West 22nd Street PROPERTY FEATURES
ASKING PRICE: $5,250,000
LOCATION
North side of West 22nd Street between Ninth and Tenth Avenue
BLOCK / LOT LOT SIZE LOT AREA BUILDING SIZE
720 / 41 15' x 98.75 ' (approx.) 1,481 (approx.) 15 ' x 54' (approx.)
STORIES
4
BUILDING GROSS SF
4,050 (approx.)
RESIDENTIAL UNITS
7
ZONING (FAR)
R7B
HISTORIC DISTRICT
Yes
ASSESTMENT (18/19)
$356,181
REAL ESTATE TAXES (18/19)
$45,303
Note: All square footages are approximate
PROPERTY DESCRIPTION Built in the year 1854, 413 West 22nd Street is a four-story plus garden walk-up apartment building located in the heart of the Chelsea Historic District. The property is currently configured as an owner occupied triplex apartment located on the garden, first and second floors. The additional units above are all studios averaging close to $2,200 per month, giving the new owner significant upside being that other studios on the block have rented for as high as $3,000 per month. The entire property is free-market and represents an ideal opportunity for an investor or residential end-user for townhouse conversion.
Tenth Avenue
Ninth Avenue
West 23rd Street
West 22nd Street
For more information or inspection, please contact Exclusive Agents:
Brock Emmetsberger Managing Director +1 212 377 2279 [email protected] com
Danny Mankovsky
Associate +1 347 277 4872 [email protected] com
Ryan Kossoy
Associate +1 646 907 2006 [email protected] com
DISCLAIMER Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be diĀerences between projected and actual results, and those diĀerences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suĀered by any party resulting from reliance on this information. If the recipient of this information has signed a conĀdentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle IP, Inc. All rights reserved
413 West 22nd Street PROJECTED REVENUE & EXPENSE SUMMARY Unit
Type
Monthly Rent
1A/B
Garden Duplex**
$10,000
$120,000
2A
Studio
$2,300
$27,600
2B
Studio**
$2,850
$34,200
3A
Studio
$2,150
$25,800
3B
Studio
$2,200
$26,400
4A
Studio*
$2,750
$33,000
4B
Studio
$2,200
$26,400
$24,450
$293,400
Total Monthly:
Annual Rent
**Owner Occupied/Projected as renovated unit * Vacant, projected as renovated unit
EXPENSES Actual 18/19 $.65 / SF SF
$45,303 $2,633
INSURANCE
$1.00 / SF
$4,050
HEATING FUEL
$1.75/ SF
$7,088 $1,013
REPAIRS & MAINTENANCE
$.25 / SF $650 / Unit
MANAGEMENT
4% of EGI
$10,825
Exp. Ratio 26.8%
$74,811
REAL ESTATE TAXES (18/19) WATER & SEWER
ELECTRIC (COMMON AREA)
TOTAL EXPENSE
$3,000
NET OPERATING INCOME PRO FORMA $293,400
EFFECTIVE GROSS REVENUE LESS VACANCY & CREDIT LOSS
3% of GROSS INCOME
$8,370 $74,811
LESS EXPENSES
$210,219
ASKING PRICE: $5,250,000
For more information or inspection, please contact Exclusive Agents:
Brock Emmetsberger Managing Director +1 212 377 2279 [email protected] com
Danny Mankovsky
Associate +1 347 277 4782 [email protected] com
Ryan Kossoy
Associate +1 646 907 2006 [email protected] com
DISCLAIMER Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be diĀerences between projected and actual results, and those diĀerences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suĀered by any party resulting from reliance on this information. If the recipient of this information has signed a conĀdentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle IP, Inc. All rights reserved
413 West 22nd Street PROPERTY FEATURES
ASKING PRICE: $5,250,000
LOCATION
North side of West 22nd Street between Ninth and Tenth Avenue
BLOCK / LOT LOT SIZE LOT AREA BUILDING SIZE
720 / 41 15' x 98.75 ' (approx.) 1,481 (approx.) 15 ' x 54' (approx.)
STORIES
4
BUILDING GROSS SF
4,050 (approx.)
RESIDENTIAL UNITS
7
ZONING (FAR)
R7B
HISTORIC DISTRICT
Yes
ASSESTMENT (18/19)
$356,181
REAL ESTATE TAXES (18/19)
$45,303
Note: All square footages are approximate
PROPERTY DESCRIPTION Built in the year 1854, 413 West 22nd Street is a four-story plus garden walk-up apartment building located in the heart of the Chelsea Historic District. The property is currently configured as an owner occupied triplex apartment located on the garden, first and second floors. The additional units above are all studios averaging close to $2,200 per month, giving the new owner significant upside being that other studios on the block have rented for as high as $3,000 per month. The entire property is free-market and represents an ideal opportunity for an investor or residential end-user for townhouse conversion.
Tenth Avenue
Ninth Avenue
West 23rd Street
West 22nd Street
For more information or inspection, please contact Exclusive Agents:
Brock Emmetsberger Managing Director +1 212 377 2279 [email protected] com
Danny Mankovsky
Associate +1 347 277 4872 [email protected] com
Ryan Kossoy
Associate +1 646 907 2006 [email protected] com
DISCLAIMER Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be diĀerences between projected and actual results, and those diĀerences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suĀered by any party resulting from reliance on this information. If the recipient of this information has signed a conĀdentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle IP, Inc. All rights reserved
413 West 22nd Street PROJECTED REVENUE & EXPENSE SUMMARY Unit
Type
Monthly Rent
1A/B
Garden Duplex**
$10,000
$120,000
2A
Studio
$2,300
$27,600
2B
Studio**
$2,850
$34,200
3A
Studio
$2,150
$25,800
3B
Studio
$2,200
$26,400
4A
Studio*
$2,750
$33,000
4B
Studio
$2,200
$26,400
$24,450
$293,400
Total Monthly:
Annual Rent
**Owner Occupied/Projected as renovated unit * Vacant, projected as renovated unit
EXPENSES Actual 18/19 $.65 / SF SF
$45,303 $2,633
INSURANCE
$1.00 / SF
$4,050
HEATING FUEL
$1.75/ SF
$7,088 $1,013
REPAIRS & MAINTENANCE
$.25 / SF $650 / Unit
MANAGEMENT
4% of EGI
$10,825
Exp. Ratio 26.8%
$74,811
REAL ESTATE TAXES (18/19) WATER & SEWER
ELECTRIC (COMMON AREA)
TOTAL EXPENSE
$3,000
NET OPERATING INCOME PRO FORMA $293,400
EFFECTIVE GROSS REVENUE LESS VACANCY & CREDIT LOSS
3% of GROSS INCOME
$8,370 $74,811
LESS EXPENSES
$210,219
ASKING PRICE: $5,250,000
For more information or inspection, please contact Exclusive Agents:
Brock Emmetsberger Managing Director +1 212 377 2279 [email protected] com
Danny Mankovsky
Associate +1 347 277 4782 [email protected] com
Ryan Kossoy
Associate +1 646 907 2006 [email protected] com
DISCLAIMER Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be diĀerences between projected and actual results, and those diĀerences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suĀered by any party resulting from reliance on this information. If the recipient of this information has signed a conĀdentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle IP, Inc. All rights reserved
