759 st nicholas ave
759 ST NICHOLAS AVE 5 STORY, 9 UNIT RESIDENTIAL BUILDING Located In The Sugar Hill Neighborhood of Hamilton Heights
759 ST NICHOLAS AVENUE
1
759 ST NICHOLAS AVE - PROPERTY OVERVIEW Property Description 759 Saint Nicholas Avenue is a 20’ wide, 5,666 square foot, 9 unit building located on the west side of Saint Nicholas Avenue between West 148th and 149th Streets. This five-story walk-up building is comprised of 9 one-bedroom apartments. The apartment breakdown is 3 free market, 5 rent stabilized and 1 rent controlled units. The property offers investors a turn-key building that still remains 20% below market. Apartments are currently renting for an average of $1,734 per month and $39 per net square foot in a market that can achieve close to $50. Recent building improvements include renovated common areas, free market units and a new gas boiler. Tenants benefit from the property’s close proximity to the 145th street retail corridor which include national retail tenants like Starbucks, Dunkin Donuts, Subway and Papa John’s as well as long established neighborhood gems. 759 Saint Nicholas Avenue is just under 2 blocks from the A C B D 145th street express stop.
Highlights • Tax Class 2B • Just under two blocks from
A C B D
trains (express stop)
• The property is located just off the 145th Street retail corridor. • 4 blocks north of City College • Turn Key, fully renovated building with 20% upside.
2
CUSHMAN & WAKEFIELD
PROPERTY OVERVIEW Tax Map East 149th Street
e venu olas A
Convent Avenue
ch St Ni
East 148th Street
Retail Map
759 SAINT NICHOLAS AVE
3
1
A C B D
759 ST NICHOLAS AVENUE
3
759 ST NICHOLAS AVE - PROPERTY FEATURES
ASKING PRICE: $3,500,000
PPU: $388,889
CAP RATE: 4.24%
Property Features: Location:
Located on the West Side of St. Nicholas Avenue between West 148th and West 149th Streets.
Block & Lot:
2063 - 129
Lot Dimensions:
20.42’ x 96.67’
Lot Size:
1,900 sq ft (approx.)
Building Dimensions:
20' x 74'
Stories:
4
Residential Units:
9
Gross Square Footage:
5,666 sq ft (approx.)
Net Square Footage:
4,816 sq ft (approx.) less 15% loss factor
Avg. Net Unit Size:
535 sq ft (approx.)
Zoning:
R6A
FAR:
3.00 (Wide Street)
Total Buildable Sq. Ft.:
5,700 sq ft (approx.)
Minus Existing Structure:
5,666 sq ft (approx.)
Available Air Rights:
34 sq ft (approx.)
Assessment (17/18):
$78,525
Taxes (17/18):
$10,116
Financial Summary:
4
GROSS ANNUAL REVENUE:
$196,213
PRICE PER UNIT:
$388,889
VACANCY LOSS & EXPENSES:
($47,685)
CAPITALIZATION RATE:
4.24%
NET OPERATING INCOME:
$148,528
CUSHMAN & WAKEFIELD
TRANSPORTATION
759 ST NICHOLAS AVE 1
A C B D
3
145th Street Travel Times: 19
to Bryant Park via
15
to Times Square via
22
to Times Square via
12
to Columbus Circle via
min
min 125TH STREET
M N R
min
min
B D A
1 A B D
COLUMBIA UNIVERSITY
96TH STREET
86TH STREET
72ND STREET
COLUMBUS CIRCLE
59TH STREET
759 ST NICHOLAS AVENUE
5
759 ST NICHOLAS AVE - REVENUE Residential: UNITS
STATUS
ROOMS
EXP.
BASE RENT
PREF
ACTUAL RENT
1A*
RS
Studio
12/31/17
$1,829
($229)
$1,600
1B
FM
3
7/31/17
$2,200
2A
RS
3
1/31/18
$2,563
2B
RS
3
6/30/17
$1,018
$1,018
3A
FM
3
5/31/19
$2,000
$2,000
3B
RS
3
7/31/17
$2,656
4A
RS
3
2/14/18
$1,650
$1,650
4B
FM
3
5/31/17
$2,500
$2,500
5A
RC
3
$315
$315
* Apartment 1A can be delivered vacant
$2,200 ($489)
$2,075
($406)
$2,250
Gross Monthly Residential Rent:
$15,608
Gross Annual Residential Rent:
$187,290
Average Rent Per Unit:
$1,734
Average Rent Per Net Square Foot:
$38.89
Antenna Revenue: ANTENNA
TENANT
ACTUAL RENT
1A
Repeater Communications
$744
GROSS MONTHLY ANTENNA RENT: GROSS ANNUAL ANTENNA RENT:
$744 $8,923
Residential Revenue Plus Antenna: GROSS MONTHLY TOTAL RENT: GROSS ANNUAL TOTAL RENT:
6
CUSHMAN & WAKEFIELD
$16,351 $196,213
INCOME & EXPENSES RESIDENTIAL REVENUE Gross Annual Residential Revenue
$187,290
Vacancy Allowance @ 3% of Gross Annual Revenue
($5,619)
Gross Annual Antenna Revenue
$8,923
Effective Gross Annual Revenue
$190,594
EXPENSES (ESTIMATED)
CW PROJECTED
Adjusted Taxes (17/18):
Actual
$10,116
Water/Sewer
@ $700 / Unit
$6,300
Insurance
@ $450 / Unit
$4,050
Gas / #2 Oil
@ $0.80 / GSF
$4,533
Electric (Common Areas)
@ $0.15 / GSF
$850
Repairs
@ $500 / Unit
$4,500
Super
@ $500 / Month
$6,000
Management
@ 3.0% / EGR
$5,718
Total Expenses:
$42,067
Effective Gross Annual Residential Revenue
$190,594
Less Expenses:
($42,067)
Net Operating Income:
$148,528
759 ST NICHOLAS AVENUE
7
759 SAINT NICHOLAS AVENUE For more information contact: Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Eric Roth
Associate (212) 660 7757 [email protected]
759 ST NICHOLAS AVENUE
1
759 ST NICHOLAS AVE - PROPERTY OVERVIEW Property Description 759 Saint Nicholas Avenue is a 20’ wide, 5,666 square foot, 9 unit building located on the west side of Saint Nicholas Avenue between West 148th and 149th Streets. This five-story walk-up building is comprised of 9 one-bedroom apartments. The apartment breakdown is 3 free market, 5 rent stabilized and 1 rent controlled units. The property offers investors a turn-key building that still remains 20% below market. Apartments are currently renting for an average of $1,734 per month and $39 per net square foot in a market that can achieve close to $50. Recent building improvements include renovated common areas, free market units and a new gas boiler. Tenants benefit from the property’s close proximity to the 145th street retail corridor which include national retail tenants like Starbucks, Dunkin Donuts, Subway and Papa John’s as well as long established neighborhood gems. 759 Saint Nicholas Avenue is just under 2 blocks from the A C B D 145th street express stop.
Highlights • Tax Class 2B • Just under two blocks from
A C B D
trains (express stop)
• The property is located just off the 145th Street retail corridor. • 4 blocks north of City College • Turn Key, fully renovated building with 20% upside.
2
CUSHMAN & WAKEFIELD
PROPERTY OVERVIEW Tax Map East 149th Street
e venu olas A
Convent Avenue
ch St Ni
East 148th Street
Retail Map
759 SAINT NICHOLAS AVE
3
1
A C B D
759 ST NICHOLAS AVENUE
3
759 ST NICHOLAS AVE - PROPERTY FEATURES
ASKING PRICE: $3,500,000
PPU: $388,889
CAP RATE: 4.24%
Property Features: Location:
Located on the West Side of St. Nicholas Avenue between West 148th and West 149th Streets.
Block & Lot:
2063 - 129
Lot Dimensions:
20.42’ x 96.67’
Lot Size:
1,900 sq ft (approx.)
Building Dimensions:
20' x 74'
Stories:
4
Residential Units:
9
Gross Square Footage:
5,666 sq ft (approx.)
Net Square Footage:
4,816 sq ft (approx.) less 15% loss factor
Avg. Net Unit Size:
535 sq ft (approx.)
Zoning:
R6A
FAR:
3.00 (Wide Street)
Total Buildable Sq. Ft.:
5,700 sq ft (approx.)
Minus Existing Structure:
5,666 sq ft (approx.)
Available Air Rights:
34 sq ft (approx.)
Assessment (17/18):
$78,525
Taxes (17/18):
$10,116
Financial Summary:
4
GROSS ANNUAL REVENUE:
$196,213
PRICE PER UNIT:
$388,889
VACANCY LOSS & EXPENSES:
($47,685)
CAPITALIZATION RATE:
4.24%
NET OPERATING INCOME:
$148,528
CUSHMAN & WAKEFIELD
TRANSPORTATION
759 ST NICHOLAS AVE 1
A C B D
3
145th Street Travel Times: 19
to Bryant Park via
15
to Times Square via
22
to Times Square via
12
to Columbus Circle via
min
min 125TH STREET
M N R
min
min
B D A
1 A B D
COLUMBIA UNIVERSITY
96TH STREET
86TH STREET
72ND STREET
COLUMBUS CIRCLE
59TH STREET
759 ST NICHOLAS AVENUE
5
759 ST NICHOLAS AVE - REVENUE Residential: UNITS
STATUS
ROOMS
EXP.
BASE RENT
PREF
ACTUAL RENT
1A*
RS
Studio
12/31/17
$1,829
($229)
$1,600
1B
FM
3
7/31/17
$2,200
2A
RS
3
1/31/18
$2,563
2B
RS
3
6/30/17
$1,018
$1,018
3A
FM
3
5/31/19
$2,000
$2,000
3B
RS
3
7/31/17
$2,656
4A
RS
3
2/14/18
$1,650
$1,650
4B
FM
3
5/31/17
$2,500
$2,500
5A
RC
3
$315
$315
* Apartment 1A can be delivered vacant
$2,200 ($489)
$2,075
($406)
$2,250
Gross Monthly Residential Rent:
$15,608
Gross Annual Residential Rent:
$187,290
Average Rent Per Unit:
$1,734
Average Rent Per Net Square Foot:
$38.89
Antenna Revenue: ANTENNA
TENANT
ACTUAL RENT
1A
Repeater Communications
$744
GROSS MONTHLY ANTENNA RENT: GROSS ANNUAL ANTENNA RENT:
$744 $8,923
Residential Revenue Plus Antenna: GROSS MONTHLY TOTAL RENT: GROSS ANNUAL TOTAL RENT:
6
CUSHMAN & WAKEFIELD
$16,351 $196,213
INCOME & EXPENSES RESIDENTIAL REVENUE Gross Annual Residential Revenue
$187,290
Vacancy Allowance @ 3% of Gross Annual Revenue
($5,619)
Gross Annual Antenna Revenue
$8,923
Effective Gross Annual Revenue
$190,594
EXPENSES (ESTIMATED)
CW PROJECTED
Adjusted Taxes (17/18):
Actual
$10,116
Water/Sewer
@ $700 / Unit
$6,300
Insurance
@ $450 / Unit
$4,050
Gas / #2 Oil
@ $0.80 / GSF
$4,533
Electric (Common Areas)
@ $0.15 / GSF
$850
Repairs
@ $500 / Unit
$4,500
Super
@ $500 / Month
$6,000
Management
@ 3.0% / EGR
$5,718
Total Expenses:
$42,067
Effective Gross Annual Residential Revenue
$190,594
Less Expenses:
($42,067)
Net Operating Income:
$148,528
759 ST NICHOLAS AVENUE
7
759 SAINT NICHOLAS AVENUE For more information contact: Robert M. Shapiro
Executive Managing Director (212) 660 7717 [email protected]
Eric Roth
Associate (212) 660 7757 [email protected]
