944 Columbus Avenue - Massey Knakal
944 Columbus Avenue New York, NY 25’ WIDE MIXED-USE BUILDING 9 APARTMENTS & 2 STORES FOR SALE Building Features Location:
On the West side of Columbus Avenue between West 106th and West 107th Street
Block / Lot:
1861/31
Lot Size:
25.08’ 100’
Lot Area:
2,508 SF
Building Size:
25.08’ x 66’ (approx.)
Stories:
5
Square Footage:
8,285 SF (Per DOF)
Units:
11 (9 Residential / 2 Commercial)
Zoning:
R8A / C1-5 (6.02 Max FAR)
Historic District:
None
Buildable Square Footage:
15,098 SF
Existing Square Footage:
8,285 SF
Existing Air Rights:
6,813 SF
Assessment (16/17):
$211,950 (Tax Class 2)
Taxes: (16/17):
$27,306
Property Highlights Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 944 Columbus Avenue, a 5 story mixed-use building that is being offered to the market for the first time in multiple generations. The property features 25’ along a busy corridor in the Upper West Side’s Manhattan Valley submarket which is anchored by its proximity to Columbia University. The building consists of 11 units (2 stores & 9 apartments) and is poised to take advantage of the rising rents of the surrounding neighborhood.
The building is heated by a #2 oil-fired boiler and individually metered for gas and electric. In addition the property lies outside of all the UWS historic districts and possesses approximately 6,813 SF of additional air rights. 944 Columbus Avenue represents an excellent opportunity for investors to acquire a cash flowing mixed use building with tremendous long term upside.
The residential component consists of 9 residential apartments of which 1 is vacant (Apt 4), 1 is Rent Controlled and 7 are Rent Stabilized. The ground floor contains a garden studio apartment and floors 2-5 are each currently configured as a pair of front and back two-bedroom apartments. Over the course of time it may be possible to convert the two-bedroom units to threebedrooms as they become vacant. The average monthly in-place rent per apartment is approximately $1,306 per month or $24.49 per net square foot which is approximately 55-60% below prevailing market rates. The retail component consists of beauty salon and small restaurant that are respectively leased for approximately $59 & $55 per net square foot. Both leases are scheduled to expire in the summer of 2018 at which point the can be repositioned to prevailing market rates. Local retail rents along Columbus Avenue presently range between $75-$80 per square foot which represents a 30%- 35% premium over the existing rents.
Asking Price: $5,575,000
For More Information, Please Contact: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Hall Oster Senior Director (212) 696 2500 x7723 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. 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.
944 Columbus Avenue Rent Roll Unit
Actual Lease Exp.
Status
Rentable SF
Legal Rent
Rent/SF
Actual Rent
Annual Rent
Retail Revenue SN
7/31/18
Comm.
440
N/A
$55
$2,000
$24,000
SS
6/30/18
Comm.
440
N/A
$59
$1965
$23,580
$3,965
$47,580
Total Retail Revenue Unit
Lease Exp.
Status
Rentable SF
Legal Rent
Discounted Rent
Actual Rent
Annual Rent
Residential Revenue A
9/30/17
RS
440
$1,148
-
$1,148
$13,776
1
8/31/16
RS
700
$1,309
-
$1,309
$15,708
2
8/31/16
RS
700
$1,219
-
$1,219
$14,628
3
-
RC
700
$269
-
$269
$3,228
4
-
Vacant/Projected
700
$3,006
-
$3,006
$36,072
5
6/30/17
RS
700
$600
($144)
$456*
$5,472
6
9/30/17
RS
700
$3,149
($1,709)
$1,440*
$17,280
7
11/30/16
RS
700
$1,521
($206)
$1,315*
$15,780
8
4/30/16
RS
700
$1,682
($282)
$1,400*
$16,800
$11,562
$138,744
Total Residential Revenue *Preferential Rent Revenue
Monthly Income
Annual Income
Retail Revenue
$3,965
$47,580
Residential Revenue:
$11,562
$138,744
Total Revenue
$15,527
$186,324
Cushman & Wakefield Copyright 2015. 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.
944 Columbus Avenue
Revenue Gross Monthly Revenue:
$15,527
Gross Annual Revenue:
$186,324
Estimated Expenses R. E. Taxes (16/17):
Actual
$27,306
SCRIE*
Actual
($1,730)
Insurance:
$1.00 PSF
$8,285
Water & Sewer:
$0.50 PSF
$4,143
Electric (Common Areas):
$0.25 PSF
$2,071
Fuel:
$1.65 PSF
$13,256
Repairs and Maintenance:
$1.00 PSF
$8,285
Super:
$600 / Month
$7,200
Management:
3.0% / GAR
Total Annual Expenses:
$5,590 $74,475
*SCRIE doesn’t appear on annual tax bill but is shown on the DOF site as statement of account Projected Gross Annual Revenue:
$186,324
Less Projected Expenses:
$74,405
Net Operating Income:
$111,919
944 Columbus Avenue
Cushman & Wakefield Copyright 2015. 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.
On the West side of Columbus Avenue between West 106th and West 107th Street
Block / Lot:
1861/31
Lot Size:
25.08’ 100’
Lot Area:
2,508 SF
Building Size:
25.08’ x 66’ (approx.)
Stories:
5
Square Footage:
8,285 SF (Per DOF)
Units:
11 (9 Residential / 2 Commercial)
Zoning:
R8A / C1-5 (6.02 Max FAR)
Historic District:
None
Buildable Square Footage:
15,098 SF
Existing Square Footage:
8,285 SF
Existing Air Rights:
6,813 SF
Assessment (16/17):
$211,950 (Tax Class 2)
Taxes: (16/17):
$27,306
Property Highlights Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 944 Columbus Avenue, a 5 story mixed-use building that is being offered to the market for the first time in multiple generations. The property features 25’ along a busy corridor in the Upper West Side’s Manhattan Valley submarket which is anchored by its proximity to Columbia University. The building consists of 11 units (2 stores & 9 apartments) and is poised to take advantage of the rising rents of the surrounding neighborhood.
The building is heated by a #2 oil-fired boiler and individually metered for gas and electric. In addition the property lies outside of all the UWS historic districts and possesses approximately 6,813 SF of additional air rights. 944 Columbus Avenue represents an excellent opportunity for investors to acquire a cash flowing mixed use building with tremendous long term upside.
The residential component consists of 9 residential apartments of which 1 is vacant (Apt 4), 1 is Rent Controlled and 7 are Rent Stabilized. The ground floor contains a garden studio apartment and floors 2-5 are each currently configured as a pair of front and back two-bedroom apartments. Over the course of time it may be possible to convert the two-bedroom units to threebedrooms as they become vacant. The average monthly in-place rent per apartment is approximately $1,306 per month or $24.49 per net square foot which is approximately 55-60% below prevailing market rates. The retail component consists of beauty salon and small restaurant that are respectively leased for approximately $59 & $55 per net square foot. Both leases are scheduled to expire in the summer of 2018 at which point the can be repositioned to prevailing market rates. Local retail rents along Columbus Avenue presently range between $75-$80 per square foot which represents a 30%- 35% premium over the existing rents.
Asking Price: $5,575,000
For More Information, Please Contact: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Hall Oster Senior Director (212) 696 2500 x7723 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. 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.
944 Columbus Avenue Rent Roll Unit
Actual Lease Exp.
Status
Rentable SF
Legal Rent
Rent/SF
Actual Rent
Annual Rent
Retail Revenue SN
7/31/18
Comm.
440
N/A
$55
$2,000
$24,000
SS
6/30/18
Comm.
440
N/A
$59
$1965
$23,580
$3,965
$47,580
Total Retail Revenue Unit
Lease Exp.
Status
Rentable SF
Legal Rent
Discounted Rent
Actual Rent
Annual Rent
Residential Revenue A
9/30/17
RS
440
$1,148
-
$1,148
$13,776
1
8/31/16
RS
700
$1,309
-
$1,309
$15,708
2
8/31/16
RS
700
$1,219
-
$1,219
$14,628
3
-
RC
700
$269
-
$269
$3,228
4
-
Vacant/Projected
700
$3,006
-
$3,006
$36,072
5
6/30/17
RS
700
$600
($144)
$456*
$5,472
6
9/30/17
RS
700
$3,149
($1,709)
$1,440*
$17,280
7
11/30/16
RS
700
$1,521
($206)
$1,315*
$15,780
8
4/30/16
RS
700
$1,682
($282)
$1,400*
$16,800
$11,562
$138,744
Total Residential Revenue *Preferential Rent Revenue
Monthly Income
Annual Income
Retail Revenue
$3,965
$47,580
Residential Revenue:
$11,562
$138,744
Total Revenue
$15,527
$186,324
Cushman & Wakefield Copyright 2015. 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.
944 Columbus Avenue
Revenue Gross Monthly Revenue:
$15,527
Gross Annual Revenue:
$186,324
Estimated Expenses R. E. Taxes (16/17):
Actual
$27,306
SCRIE*
Actual
($1,730)
Insurance:
$1.00 PSF
$8,285
Water & Sewer:
$0.50 PSF
$4,143
Electric (Common Areas):
$0.25 PSF
$2,071
Fuel:
$1.65 PSF
$13,256
Repairs and Maintenance:
$1.00 PSF
$8,285
Super:
$600 / Month
$7,200
Management:
3.0% / GAR
Total Annual Expenses:
$5,590 $74,475
*SCRIE doesn’t appear on annual tax bill but is shown on the DOF site as statement of account Projected Gross Annual Revenue:
$186,324
Less Projected Expenses:
$74,405
Net Operating Income:
$111,919
944 Columbus Avenue
Cushman & Wakefield Copyright 2015. 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.
