151 East 38th Street New York, NY Apartment Building Asking Price: $5,850,000
FOR SALE
Property Information Location:
North side of 38th Street between Lexington and Third Avenues
Block / Lot:
894 / 38
Lot Dimensions: (Approx.)
25' x 98.75'
Lot SF: (Approx.)
2,468
Building Size: (Approx.)
25' x 84.76'
Gross SF: (Approx.)
6,357
Stories:
3
Total Units:
10
Zoning/Far:
R8B/ 4.00
Total Buildable SF: (Approx.)
9,872
Development Rights: (Approx.)
3,515
Historic District:
None
RE Tax Assessment (16/17):
$397,350
Actual RE Taxes (16/17):
$51,226
Property Description BLOCK 894
Third Avenue
Lexington Avenue
East 39th Street
This 25’ wide walkup building consists of ten residential units, of which two are occupied by rent stabilized tenants and eight are vacant. Currently, the ground floor has a 1BR and 2BR apartment while the remainder of the units are studios. Convenient access to Grand Central and Midtown make this a highly desirable area. Furthermore, medical and dental professionals as well as other community facilities can take advantage of the R8B zoning which allows their occupancy and use. This property is also ideal for investors seeking upside or long-term redevelopment.
38
East 38th Street
For More Information, Please Contact: John Ciraulo
Brock Emmetsberger
Vice Chairman (212) 660 7700
[email protected] Douglas Blankrot
Senior Managing Director (212) 660 7776
[email protected] Senior Associate (212) 589 5157
[email protected] Billy Simons
Hannah Rodriguez
Senior Associate (212) 660 7794
[email protected] Associate (212) 589 5174
[email protected] Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.
151 East 38th Street New York, NY Apartment Building RESIDENTIAL RENT ROLL (Actual/Projected) Annual Rent
Unit
Status
Type
Lease Exp.
Monthly Rent
A
Vacant
1BR/1BA
N/A
$2,500
$
30,000
BC
FM
2BR/1BA
Mo.-to-Mo.
$4,200
$
54,000
1A
Vacant
Studio
N/A
$2,500
$
30,000
1B
Vacant
Studio
N/A
$2,500
$
30,000
1C
Vacant
Studio
N/A
$2,500
$
30,000
1D
Vacant
Studio
N/A
$2,500
$
30,000
2A
RS
Studio
Jun-17
$1,379
$
16,548
2B
RS
Studio
Aug-17
$1,695
$
20,340
2C
Vacant
Studio
N/A
$2,500
$
30,000
2D
Vacant
Studio
N/A
$2,500
$
30,000
$25,074
$
297,288
Less Vacancy & Credit Loss @ 3.0%:
$
(8,919)
Effective Gross Income:
$
288,369
TOTAL / AVERAGE:
Projected at Market Rate. Units listed as Vacant were previously rent stabilized.
EXPENSES (ESTIMATED)
$/SF
$/Unit
RE Taxes (16/17)
Actual
$
51,195
$
7.61
$
5,120
Common Electric
As Provided
$
2,500
$
0.37
$
250
Projected @ $.50/sf
$
3,366
$
0.50
$
337
Projected @ $500/Unit
$
5,000
$
0.74
$
500
Projected @ $1.00/sf
$
6,731
$
1.00
$
673
Projected @ $500/Unit
$
5,000
$
0.74
$
500
Projected @ $200/Month
$
2,400
$
0.36
$
240
Projected @ 4% of EGI
$
11,535
$
1.71
$
1,153
Exp. Ratio: 30%
$
87,726
$
13.03
$
8,773
Effective Gross Income
$
288,369
Less Expenses
$
87,726
Net Operating Income
$
200,643
Water & Sewer Insurance Fuel Repairs & Maintenance Super Management Total:
For More Information, Please Contact: John Ciraulo
Brock Emmetsberger
Douglas Blankrot
Billy Simons
Hannah Rodriguez
Vice Chairman (212) 660 7700
[email protected] Senior Managing Director (212) 660 7776
[email protected] Senior Associate (212) 589 5157
[email protected] Director (212) 660 7794
[email protected] Associate (212) 589 5174
[email protected] Cushman & Wakefield 275 Madison Ave, 3rd Fl 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.