91-16 34th Avenue - Cloudinary
91-16 34th Avenue Jackson Heights, Queens
91-16 34th Avenue, Jackson Heights, Queens 49-Unit Corner Elevator Building FOR SALE
Asking Price: $13,250,000
Property Features
Location
91-16 34th Avenue is located on the Northeast corner of 34th Avenue and 92nd Street in Jackson Heights
Section / Block / Lot Lot Dimensions Building Dimensions Stories Units Lot Size Gross Building SF Net Residential SF Avg. Net Unit Size Zoning
1452-6 100' x 95' 100' x 85' 6 49 6,901 38,826 33,002 792 R6A
Assessment (16/17) Taxes (16/17)
$1,243,968 $160,260
SF (approx.) SF (approx.) SF (approx. @ 15% loss factor) SF (appox.)
Financial Summary
Property Description Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 91-16 34th Avenue in Jackson Heights, Queens. The property is a 6-story, multifamily, elevator building containing approximately 38,825 GSF and 49 units. The unit mix is 6 studio, 26 onebedroom and 17 two-bedroom apartments. The average apartment is 792 SF and rents at just $16/NSF in a market that can acheive $25/SF. Additionally, the property is centrally located between I-278, I-495 and the Whitestone Bridge with easy access to LaGuardia Airport, Flushing Meadows Park and Arthur Ashe Stadium. 91-16 34th Avenue offers investors a unique opportunity to capitalize on below market rents in one of Queens’ most centrally located neighborhoods. Public transportation is easily accessible via multiple 7 train stops. In addition to the subway, numerous bus lines service the area.
ASKING PRICE Gross Annual Revenue
$13,250,000
$
739,793
Vacancy Loss & Expenses $ Net Operating Income
$
Cap Rate
2.75%
(377,135)
GRM
17.91x
362,658
PPSF
$341
PPU
For More Information, Please Contact: Robert M. Shapiro
Steven R. Preuss
Ian Brooks
Jonathan Trock
Eric Roth
Nathaniel Rahimzada
Executive Managing Director (212) 660 7717 [email protected]
Executive Director (718) 512 2118 [email protected]
Associate (212) 589 5107 [email protected]
Associate (212) 589 5156 [email protected]
Associate (212) 660 7757 [email protected]
Associate (212) 660 7732 [email protected]
$270,408
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens Unit
3
Beds
Status
Expiration Legal Rent Pref Rent Actual Rent
Unit
Beds
Status
Rent Roll
Expiration Legal Rent Pref Rent Actual Rent
Subhead A1 1 Bed
RS
10/31/2017
$1,163
-
$1,163
D4
2 Bed
RS/SCRIE
4/30/2018
$1,400
-
$1,400
A2
Studio
RS
11/30/2017
$1,492
($100)
$1,392
D5
2 Bed
RS
2/28/2018
$1,366
-
$1,366
A3
1 Bed
RS
12/31/2016
$813
-
$813
D6
1 Bed
RS
12/31/2016
$1,708
($382)
$1,325
A4
1 Bed
RS
2/28/2017
$1,528
($244)
$1,284
D7
1 Bed
RS
7/31/2017
$1,076
-
$1,076
A5
1 Bed
RS/SCRIE
-
$555
-
$555
D8
2 Bed
RS
4/30/2017
$1,834
($190)
$1,644
A6
2 Bed
RS
8/31/2017
$1,449
-
$1,449
E1
1 Bed
RC
-
$659
-
$659
A7
1 Bed
RC
-
$600
-
$600
E2
Studio
RS
7/31/2018
$613
-
$613
A8
1 Bed
RS
7/31/2016
$1,129
-
$1,129
E3
1 Bed
RS/SCRIE
4/30/2017
$1,035
-
$1,035
B1
1 Bed
RS
5/31/2017
$1,576
-
$1,576
E4
2 Bed
RS
7/31/2017
$1,850
-
$1,850
B2
Studio
RS
5/31/2018
$954
-
$954
E5
2 Bed
RS
1/31/2018
$1,803
-
$1,803
B3
1 Bed
RS
6/31/2018
$1,205
-
$1,205
E6
1 Bed
RS
11/30/2016
$1,748
($448)
$1,300
B4
2 Bed
RS
3/31/2018
$1,887
-
$1,887
E7
1 Bed
RS
9/30/2016
$1,455
($192)
$1,263
B5
2 Bed
RS
12/31/2016
$1,733
-
$1,733
E8
2 Bed
RS
3/31/2017
$1,849
($64)
$1,785
B6
1 Bed
RS/SCRIE
5/30/2018
$1,205
-
$1,205
F1
1 Bed
RS
5/31/2017
$1,220
-
$1,220
B7
1 Bed
RC
-
$600
-
$600
F2
Studio
RS
2/28/2017
$1,263
-
$1,263
B8
2 Bed
RS/SCRIE
5/31/2018
$901
-
$901
F3
1 Bed
RS
3/31/2017
$1,807
($488)
$1,319
C1
1 Bed
RS
2/28/2018
$1,728
($389)
$1,339
F4
2 Bed
RS
9/30/2016
$1,388
-
$1,388
C2
Studio
RS
12/31/2017
$1,271
-
$1,271
F5
2 Bed
RS
2/28/2018
$1,339
-
$1,339
C3
1 Bed
RS
10/31/2017
$1,326
-
$1,326
F6
1 Bed
RS
4/30/2017
$1,445
($213)
$1,232
C4
2 Bed
RS
6/30/2017
$1,001
-
$1,001
F7
1 Bed
RS
7/31/2016
$1,083
-
$1,083
C5
2 Bed
RS
12/31/2016
$1,926
($80)
$1,845
F8
2 Bed
RS/SCRIE
7/31/2016
$1,440
-
$1,440
C6
1 Bed
VACANT
-
$1,800
-
$1,800
LF1
2 Bed
RS/SCRIE
5/31/2018
$1,271
-
$1,271
C7
1 Bed
RS
1/31/2018
$1,339
-
$1,339
Laundry
C8
2 Bed
RS
9/30/2016
$1,896
($276)
D1
1 Bed
RS
5/31/2018
$831
D2
Studio
RS/SCRIE
3/31/2017
D3
1 Bed
RS
7/31/2017
$300
$300
$1,620
Gross Monthly Residential Rent:
$61,649
-
$831
Gross Annual Residential Rent:
$739,793
$858
-
$858
Average Rent Per Unit:
$1,027
$997
-
$997
Average Rent Per Net Square Foot:
$16.04
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens
Unit Mix
Studio 6, 12% 2 BR 17, 35%
Upside Chart $2,500
$2,500
1 BR 26, 53%
Charts
$2,000
39% $1,800
$1,500
$1,259
$1,500 36%
$1,513
29%
Status Mix
RC 3, 6%
$1,000
$1,058
$1,153
$500
RS 46, 94% $-
Studio
1 Bedroom Average Rent
2
2 Bedroom Upside
Cushman & Wakefield Copyright 2016. 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.
Income and
91-16 34th Avenue, Jackson Heights, Queens
Expenses
Residential Revenue Gross Annual Residential Revenue
$739,793
Less Vacancy & Credit Loss (3%)
($22,194)
Effective Gross Annual Revenue
$717,599
Estimated Expenses Taxes (16/17)
Actual
$160,260
Water/Sewer (MCP)
Actual
$50,270
Insurance
@
$400
/ Unit
$19,600
Fuel (#2)
@
$1.00
/ GSF
$38,826
Electric (Common Areas)
@
$0.25
/ GSF
$9,707
Repairs
@
$550
/ Residential Unit
$26,950
Cleaning & Maintenance
@
$400
/ Month
$4,800
Elevator
@
$5,000
/ Year
$5,000
Super
@
$1,500
/ Month
$18,000
Management
@
3%
/ EGR
$21,528
Total Expenses
$354,941
Effective Gross Annual Revenue
$717,599
Less Expenses Net Operating Income
5
$(354,941) $362,658
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens
6
Photos
Cushman & Wakefield Copyright 2016. 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.
Retail Map
91-16 34th Avenue, Jackson Heights, Queens
91-16 34th Avenue
Everything in BLUE is block through front, ground floor retail with local shops and restaurants boasting the most ethnically diverse city in the world.
LaGuardia Airport 6 Locations along Roosevelt Avenue (5 Blocks South of 91-16 34th Avenue)
8
1.5 MILES
Arthur Ashe Stadium
1.9 MILES
2.1 MILES
Cushman & Wakefield Copyright 2016. 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.
Neighborhood 91-16 34th Avenue, Jackson Heights, Queens Map
91-16 34th Avenue
8
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens 49-Unit Corner Elevator Building FOR SALE
Asking Price: $13,250,000
Property Features
Location
91-16 34th Avenue is located on the Northeast corner of 34th Avenue and 92nd Street in Jackson Heights
Section / Block / Lot Lot Dimensions Building Dimensions Stories Units Lot Size Gross Building SF Net Residential SF Avg. Net Unit Size Zoning
1452-6 100' x 95' 100' x 85' 6 49 6,901 38,826 33,002 792 R6A
Assessment (16/17) Taxes (16/17)
$1,243,968 $160,260
SF (approx.) SF (approx.) SF (approx. @ 15% loss factor) SF (appox.)
Financial Summary
Property Description Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 91-16 34th Avenue in Jackson Heights, Queens. The property is a 6-story, multifamily, elevator building containing approximately 38,825 GSF and 49 units. The unit mix is 6 studio, 26 onebedroom and 17 two-bedroom apartments. The average apartment is 792 SF and rents at just $16/NSF in a market that can acheive $25/SF. Additionally, the property is centrally located between I-278, I-495 and the Whitestone Bridge with easy access to LaGuardia Airport, Flushing Meadows Park and Arthur Ashe Stadium. 91-16 34th Avenue offers investors a unique opportunity to capitalize on below market rents in one of Queens’ most centrally located neighborhoods. Public transportation is easily accessible via multiple 7 train stops. In addition to the subway, numerous bus lines service the area.
ASKING PRICE Gross Annual Revenue
$13,250,000
$
739,793
Vacancy Loss & Expenses $ Net Operating Income
$
Cap Rate
2.75%
(377,135)
GRM
17.91x
362,658
PPSF
$341
PPU
For More Information, Please Contact: Robert M. Shapiro
Steven R. Preuss
Ian Brooks
Jonathan Trock
Eric Roth
Nathaniel Rahimzada
Executive Managing Director (212) 660 7717 [email protected]
Executive Director (718) 512 2118 [email protected]
Associate (212) 589 5107 [email protected]
Associate (212) 589 5156 [email protected]
Associate (212) 660 7757 [email protected]
Associate (212) 660 7732 [email protected]
$270,408
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens Unit
3
Beds
Status
Expiration Legal Rent Pref Rent Actual Rent
Unit
Beds
Status
Rent Roll
Expiration Legal Rent Pref Rent Actual Rent
Subhead A1 1 Bed
RS
10/31/2017
$1,163
-
$1,163
D4
2 Bed
RS/SCRIE
4/30/2018
$1,400
-
$1,400
A2
Studio
RS
11/30/2017
$1,492
($100)
$1,392
D5
2 Bed
RS
2/28/2018
$1,366
-
$1,366
A3
1 Bed
RS
12/31/2016
$813
-
$813
D6
1 Bed
RS
12/31/2016
$1,708
($382)
$1,325
A4
1 Bed
RS
2/28/2017
$1,528
($244)
$1,284
D7
1 Bed
RS
7/31/2017
$1,076
-
$1,076
A5
1 Bed
RS/SCRIE
-
$555
-
$555
D8
2 Bed
RS
4/30/2017
$1,834
($190)
$1,644
A6
2 Bed
RS
8/31/2017
$1,449
-
$1,449
E1
1 Bed
RC
-
$659
-
$659
A7
1 Bed
RC
-
$600
-
$600
E2
Studio
RS
7/31/2018
$613
-
$613
A8
1 Bed
RS
7/31/2016
$1,129
-
$1,129
E3
1 Bed
RS/SCRIE
4/30/2017
$1,035
-
$1,035
B1
1 Bed
RS
5/31/2017
$1,576
-
$1,576
E4
2 Bed
RS
7/31/2017
$1,850
-
$1,850
B2
Studio
RS
5/31/2018
$954
-
$954
E5
2 Bed
RS
1/31/2018
$1,803
-
$1,803
B3
1 Bed
RS
6/31/2018
$1,205
-
$1,205
E6
1 Bed
RS
11/30/2016
$1,748
($448)
$1,300
B4
2 Bed
RS
3/31/2018
$1,887
-
$1,887
E7
1 Bed
RS
9/30/2016
$1,455
($192)
$1,263
B5
2 Bed
RS
12/31/2016
$1,733
-
$1,733
E8
2 Bed
RS
3/31/2017
$1,849
($64)
$1,785
B6
1 Bed
RS/SCRIE
5/30/2018
$1,205
-
$1,205
F1
1 Bed
RS
5/31/2017
$1,220
-
$1,220
B7
1 Bed
RC
-
$600
-
$600
F2
Studio
RS
2/28/2017
$1,263
-
$1,263
B8
2 Bed
RS/SCRIE
5/31/2018
$901
-
$901
F3
1 Bed
RS
3/31/2017
$1,807
($488)
$1,319
C1
1 Bed
RS
2/28/2018
$1,728
($389)
$1,339
F4
2 Bed
RS
9/30/2016
$1,388
-
$1,388
C2
Studio
RS
12/31/2017
$1,271
-
$1,271
F5
2 Bed
RS
2/28/2018
$1,339
-
$1,339
C3
1 Bed
RS
10/31/2017
$1,326
-
$1,326
F6
1 Bed
RS
4/30/2017
$1,445
($213)
$1,232
C4
2 Bed
RS
6/30/2017
$1,001
-
$1,001
F7
1 Bed
RS
7/31/2016
$1,083
-
$1,083
C5
2 Bed
RS
12/31/2016
$1,926
($80)
$1,845
F8
2 Bed
RS/SCRIE
7/31/2016
$1,440
-
$1,440
C6
1 Bed
VACANT
-
$1,800
-
$1,800
LF1
2 Bed
RS/SCRIE
5/31/2018
$1,271
-
$1,271
C7
1 Bed
RS
1/31/2018
$1,339
-
$1,339
Laundry
C8
2 Bed
RS
9/30/2016
$1,896
($276)
D1
1 Bed
RS
5/31/2018
$831
D2
Studio
RS/SCRIE
3/31/2017
D3
1 Bed
RS
7/31/2017
$300
$300
$1,620
Gross Monthly Residential Rent:
$61,649
-
$831
Gross Annual Residential Rent:
$739,793
$858
-
$858
Average Rent Per Unit:
$1,027
$997
-
$997
Average Rent Per Net Square Foot:
$16.04
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens
Unit Mix
Studio 6, 12% 2 BR 17, 35%
Upside Chart $2,500
$2,500
1 BR 26, 53%
Charts
$2,000
39% $1,800
$1,500
$1,259
$1,500 36%
$1,513
29%
Status Mix
RC 3, 6%
$1,000
$1,058
$1,153
$500
RS 46, 94% $-
Studio
1 Bedroom Average Rent
2
2 Bedroom Upside
Cushman & Wakefield Copyright 2016. 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.
Income and
91-16 34th Avenue, Jackson Heights, Queens
Expenses
Residential Revenue Gross Annual Residential Revenue
$739,793
Less Vacancy & Credit Loss (3%)
($22,194)
Effective Gross Annual Revenue
$717,599
Estimated Expenses Taxes (16/17)
Actual
$160,260
Water/Sewer (MCP)
Actual
$50,270
Insurance
@
$400
/ Unit
$19,600
Fuel (#2)
@
$1.00
/ GSF
$38,826
Electric (Common Areas)
@
$0.25
/ GSF
$9,707
Repairs
@
$550
/ Residential Unit
$26,950
Cleaning & Maintenance
@
$400
/ Month
$4,800
Elevator
@
$5,000
/ Year
$5,000
Super
@
$1,500
/ Month
$18,000
Management
@
3%
/ EGR
$21,528
Total Expenses
$354,941
Effective Gross Annual Revenue
$717,599
Less Expenses Net Operating Income
5
$(354,941) $362,658
Cushman & Wakefield Copyright 2016. 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.
91-16 34th Avenue, Jackson Heights, Queens
6
Photos
Cushman & Wakefield Copyright 2016. 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.
Retail Map
91-16 34th Avenue, Jackson Heights, Queens
91-16 34th Avenue
Everything in BLUE is block through front, ground floor retail with local shops and restaurants boasting the most ethnically diverse city in the world.
LaGuardia Airport 6 Locations along Roosevelt Avenue (5 Blocks South of 91-16 34th Avenue)
8
1.5 MILES
Arthur Ashe Stadium
1.9 MILES
2.1 MILES
Cushman & Wakefield Copyright 2016. 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.
Neighborhood 91-16 34th Avenue, Jackson Heights, Queens Map
91-16 34th Avenue
8
Cushman & Wakefield Copyright 2016. 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.
