217 East 3rd Street, New York, NY 4-Story Mixed-Use Building
FOR SALE
Reduced Asking Price: $6,000,000 $5,700,000
Bid Deadline - Wednesday September 27th, 2017 - 5:00pm PROPERTY INFORMATION Location:
North side of East 3rd Street, between Avenues B and C
Block / Lot:
386 / 62
Lot Size:
23' x 96.17'
Approx.
Lot Area:
2,212
Approx. SF
Building Size:
23' x 65'
Approx.
Stories:
4 Dimensions
Square Feet
23' x 65' (Irr.)
1,399
(Approx. SF)
2nd Floor
23' x 40'
920
(Approx. SF)
3rd Floor
23' x 40'
920
(Approx. SF)
4th Floor
23' x 40'
920
(Approx. SF)
4,159
(Approx. SF)
Ground Floor
Gross SF (Above Grade) Commercial Units:
1
Residential Units:
3
Zoning:
R8B Residential/Community Facility
FAR:
4.00
Total Buildable SF:
8,848
Minus Existing Structure:
4,159
Available Air Rights:
4,689
Assessment (17/18):
$
81,664 (Tax Class 2A)
Taxes (17/18):
$
10,528
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to sell 217 East 3rd Street, a 4-story mixed-use building located on the north side of East 3rd Street, between Avenues B and C. The building has a vacant turnkey bar/restaurant on the ground floor and three free market floor-through apartments above (with month to month tenants). It is believed that two of the apartments were recently renovated. The usable basement is accessible via the common area and houses the mechanicals and storage area. The building is approximately 4,160 SF above grade, and there are approximately 4,700 SF of remaining air rights. All of the utilities are separately metered for gas and electric and each unit has a gas-fired furnace and hot water heater. The square footage does not include a one story structure at the rear of the property which is separated by a small courtyard area. The building is classified as Tax Class 2A and therefore ownership benefits from limits in significant tax increases. This is a rare opportunity for an investor or owner-user to acquire a low maintenance building in the East Village with little to no capital expenditure. The surrounding area has a wide array of great shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years which has attracted a younger population drawn to the area’s new developments and exciting streetscape. For more information, please contact Exclusive Agents: Michael F. DeCheser Senior Managing Director (212) 660 7772
[email protected] Darragh Clarke Director (212) 660 7737
[email protected] Mei Ling Wong Director (212) 660 7716
[email protected] Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: 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.
217 East 3rd Street, New York, NY 4-Story Mixed-Use Building Rent Roll As Of June 2017
COMMERCIAL REVENUE Unit
Floor
SF
Lease Exp.
Retail/Bar
Ground
965
Vacant
Actual Actual Monthly Rent Annual Rent $0
$0
Commercial Total:
Projected Monthly Rent
Projected Annual Rent
$10,000
$120,000
$10,000
$120,000
Projected Monthly Rent
Projected Annual Rent
RESIDENTIAL REVENUE Actual Actual Monthly Rent Annual Rent
Unit
Status
SF
Size
2
FM
838
3 BR
$2,500
$30,000
$4,750
$57,000
3
FM
838
3 BR
$4,000
$48,000
$4,750
$57,000
4
FM
838
3 BR
$2,900
$34,800
$4,750
$57,000
Residential Total:
$9,400
$112,800
$14,250
$171,000
GROSS INCOME:
$9,400
$112,800
$24,250
$291,000
PROJECTED
ESTIMATED EXPENSES: Real Estate Taxes (17/18):
$
10,528
Heat: Submetered
$
-
Water/Sewer: Submetered
$
-
Electric: Submetered
$
-
Insurance:
$
4,159
Repairs and Maintenance:
$
4,000
Management: (3%)
$
8,730
TOTAL:
$
27,417
PROJECTED Proj. Gross Annual Income:
$
291,000
Vacancy & Credit Loss (3%):
$
8,730
Expenses:
$
27,417
Net Operating Income:
$
254,853
EAST 4TH STREET AVENUE B
AVENUE C
EAST 3RD STREET
Reduced Asking Price: $6,000,000 $5,700,000
Bid Deadline - Wednesday September 27th, 2017 - 5:00pm For more information, please contact Exclusive Agents: Michael F. DeCheser Senior Managing Director (212) 660 7772
[email protected] Darragh Clarke Director (212) 660 7737
[email protected] Mei Ling Wong Director (212) 660 7716
[email protected] Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: 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.