FOR SALE
169 EAST 105TH STREET 5 STORY, 11 UNIT APARTMENT BUILDING OPPORTUNITY IN EAST HARLEM
169 EAST 105TH STREET - PROPERTY OVERVIEW HIGHLIGHTS • • • • •
11 Railroad-Style Three-Bedroom Apartments Approximately 9,600 Gross Square Feet Tax Class 2B Two blocks from the East 103rd Street Subway Station (6) Close proximity to Third and Lexington Avenue retail corridors
PROPERTY DESCRIPTION
NEIGHBORHOOD MAP P
P
- Proposed 2nd Ave Subway.
3RD AVE
169 East 105th Street is a 9,600 square foot five story, walk-up apartment building consisting of 11 railroad-style three-bedroom units. The property is located on the north side of East 105th Street between Third and Lexington Avenues. The property has been family owned for over 40 years and substantial upgrades and renovations will be required. Tenants benefit from the property’s close proximity to various Third and Lexington Avenue retail stores which include Foot Locker, KFC, Chase Bank, Burger King, Taco Bell, Dunkin Donuts and McDonald’s, along with neighborhood anchors such as The East River Plaza. Public transportation is easily accessible via the 6 subway line at East 103rd Street as well as numerous bus lines that service the area.
169 EAST 105TH STREET CUSHMAN & WAKEFIELD
2
169 EAST 105TH STREET - PROPERTY FEATURES PROPERTY FEATURES Location
Located on the north side of East 105th Street between Third & Lexington Avenues
Block / Lot
1633 / 29
Lot Dimensions
25’ x 100.92’
Building Dimensions
25' x 84'
Stories
5
Residential Units
11
Gross Square Footage
9,600 sq ft (approx.)
Net Square Footage
8,160 sq ft (approx.) less 15% loss factor
Zoning / FAR
R7A / 4.00
Lot Size
2,523 sq ft (approx.)
Minus Existing Structure
9,600 sq ft (approx.)
Available Air Rights
492 sq ft (approx.)
Assessment (16/17)
$57,920
Taxes (16/17)
$7,467
Tax Class
2B
PROJECTED FINANCIAL SUMMARY Gross Annual Revenue
$104,628
Vacancy Loss & Expenses
($57,920)
Net Operating Income
$46,708
PPSF PPU
$234 $204,545
ASKING PRICE: $2,000,000 CUSHMAN & WAKEFIELD
3
169 EAST 105TH STREET - RENT ROLL - INCOME & EXPENSES PROJECTED RESIDENTIAL REVENUE
PROJECTED EREVENUE
Unit
Bed/Bath
Status
Projected Rent
BSMT
3/1
RS
Projected
$2,350
1
3/1
RS
Occupied
$400
2
3/1
RS
Projected Owner Unit
3
3/1
RS
Occupied
$511
4
3/1
RS
Occupied
$240
5
3/1
RS
Occupied
$200
6
3/1
RS
Occupied
$457
7
3/1
RS
Occupied
$430
8
3/1
RS
Occupied
$400
9
3/1
RC
Occupied
$131
10
3/1
RS
Projected
$2,600
$1,000
Total Monthly Rent:
$8,719
Gross Annual Rent:
$104,628
Average Monthly Rent Per Unit: Average Rent Per Net Square Foot:
$793 $12.82
Gross Annual Residential Revenue Vacancy Allowance @ 3% of Gross Annual Income Effective Gross Annual Revenue
($3,139) $101,489
EXPENSES ESTIMATED Taxes (16/17)
Actual
$7,467
Water/Sewer (MCP)
Actual
$6,829
Insurance
@ $400 / Unit
$4,400
Fuel (#2 Oil)
@ $1.25 / GSF
$12,000
Electric (Common Areas)
@ $0.15 / GSF
$1,440
Repairs
@ $550 / Unit
$6,050
Cleaning & Maintenance
@ $400 / Month
$4,800
General & Administrative
@ $250 / Unit
$2,750
@ $500 / Month
$6,000
@ 3% / EGR
$3,045
Super Management Total Expenses:
Effective Gross Annual Revenue Less Expenses Net Operating Income
CUSHMAN & WAKEFIELD
$104,628
$54,781
$101,489 ($54,781) $46,708
4
169 EAST 105TH STREET - TRANSPORTATION MAP SUBWAY MAP
CUSHMAN & WAKEFIELD
BUS MAP
5
For more information, please contact: ROBERT M. SHAPIRO Executive Managing Director 212 660 7717
[email protected] JONATHAN TROCK Associate 212 589 5156
[email protected] JORDAN SUTTON Associate 212 589 5101
[email protected] 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.