48 Post Avenue, New York, NY - Massey Knakal
48 Post Avenue, New York, NY MULTIFAMILY BUILDING FOR SALE 29 Unit Corner Building Located in Inwood
ASKING PRICE: $6,500,000 Building Features Location:
Southwest corner of Post Avenue between Dyckman and Academy Streets
Block / Lot:
2220 / 31
Lot Size:
60’ x 100’
Lot Area:
6,000
Building Size:
60’ x 90’
Stories:
5
Building Gross SF:
22,320
(approx.)
Net SF (15% Loss Factor)
18,972
(approx.)
Avg. Net. Unit Size:
654
(approx.)
Residential Units:
29
Zoning:
R7-2
FAR:
4.00 (Wide Street)
Assessment (15/16)
$458,550
Taxes (15/16)
$59,075
Asking Price: $6,500,000 Gross Annual Revenue:
$397,500
PPU:
$224,138
Expenses & Vacancy Loss:
$197,878
PPSF:
$291
NOI:
$199,623
Cap Rate:
3.07%
GRM:
16.35x
Property Description 48 Post Avenue is a pre-war walk-up apartment building located on the southwest corner of Post Avenue and Academy Street in Inwood. The building totals 22,320 gross square feet and contains 29 residential units plus 1 super unit. All of the units are rent stabilized and the unit mix is comprised of 10 one-bedroom, 16 two-bedroom and 3 three-bedroom apartments. On average the apartments total 654 square feet and are renting for $20 per net square foot in a market that can achieve $33-$35. The building provides investors the unique opportunity to capitalize on below market rents, in a meticulously maintained property, which is located in one of Manhattan’s most vibrant and rapidly changing neighborhoods. Tenants benefit from the property’s close proximity to the Dyckman Street retail corridor, which hosts a variety of nationally recognized and local tenants. These retail stores include CVS, Duane Reade, Foot Locker, Dunkin’ Donuts, Chase Bank, T-Mobile, Subway, Planet Fitness and Starbucks. The area is home to numerous bars and restaurants that overlook Fort Tryon Park and call Inwood home. Some of these neighborhood favorites include Tryon Public House, The Park View, Il Sole, Papasito and Mamajuana Cafe. Public transportation is easily accessible via the A express train at the corner of Broadway and Dyckman Street and the 1 local train which runs along 10th Avenue and makes stops at Dyckman Street and West 207th Street. In addition to the subway, numerous bus lines service the area.
For More Information, Please Contact: Robert M. Shapiro Executive Vice President (212) 660 7717 [email protected]
Clint B. Olsen Director (212) 660 7747 [email protected]
Cushman & Wakefield
Daniel P. Maurer Associate Director (212) 660 7732 [email protected]
275 Madison Avenue, New York, NY 10016
Ian Brooks Associate (212) 589 5107 [email protected]
phone: +1 212 696 2500
Madeline Burbank Associate (212) 589 5172 [email protected] 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.
48 Post Avenue, New York, NY Unit
Status
Bedrooms
Expiration
Base Rent
Pref
Actual Rent
1
RS
2
5/31/16
$1,250
$1,250
2
RS
1
1/31/18
$1,290
$1,290
3
RS
2
10/31/16
$846
$846
4
RS
1
4/30/16
$854
$854
6
RS
3
1/31/18
$1,330
$1,330
21
RS
2
10/31/17
$1,277
$1,277
22
RS
1
10/31/16
$969
$969
23
RS
2
1/31/18
$863
$863
24
RS
2
1/31/18
$1,237
$1,237
25
RS
1
10/31/17
$1,344
$1,344
26
RS/SEC8
2
10/31/16
$850
$(250)
$600
31
RS
2
4/30/16
$996
$996
32
RS
1
3/31/17
$868
$868
33
RS
2
6/30/17
$1,048
$1,048
34
RS
2
4/30/17
$1,088
$1,088
35
RS
1
10/31/17
$788
$788
36
RS
2
11/30/17
$1,130
$1,130
41
RS
2
9/30/16
$1,910
42
RS
1
2/28/17
$1,773
43
RS
2
12/31/16
$894
$894
44
RS
3
11/30/16
$926
$926
45
RS/SEC8
1
10/31/16
$792
$792
46
RS
2
10/31/16
$840
$840
51
RS/SEC8
2
10/31/16
$790
$790
52
RS
1
2/28/17
$1,250
$1,250
53
RS
2
5/31/16
$1,173
$1,173
54
RS
3
12/31/17
$1,781
$(181)
$1,600
$(198)
$1,500
55
RS
1
7/31/16
$1,698
56
RS/SEC8
2
12/31/16
$929
BSMT
SUPER
$1,910 $(323)
$1,450
$929
Gross Monthly Residential Revenue:
$31,833
Gross Annual Residential Revenue:
$381,996
Average Rent / Residential Apt:
$1,098
Residential Rent Per Net Square Foot:
$20.13
Antenna Revenue Unit
Tenant
Expiration
Actual Rent
Antenna
Sprint
9/30/33
$1,292 Gross Monthly Antenna Rent:
$1,292
Gross Annual Antenna Rent:
$15,504
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.
48 Post Avenue, New York, NY COMBINED REVENUE Gross Annual Revenue
$397,500
Vacancy Allowance @ 3% of Gross Annual Revenue
$11,925
Effective Gross Annual Revenue
$385,575
EXPENSES (ESTIMATED) Real Estate Taxes (15/16)
$54,942
Water/Sewer (MCP)
$29,140
Insurance
@
$400
/ Res. Unit
$11,600
Heating Fuel (#2 Oil)
@
$1.25
/ Sq. Ft.
$27,900
Electric
@
$0.15
/ Sq. Ft.
$3,348
Repairs
@
$550
/ Res. Unit
$15,950
Cleaning & Maintanence
@
$200
/ Month
$2,400
General & Administrative
@
$250
/ Res. Unit
$7,250
Super
@
$1,500
/ Month
$12,000
Management
@
4%
/ EGR
$15,423
Total Expenses:
$185,953
Expenses Per Unit:
$6,412
Effective Gross Annual Revenue:
$385,575
Less Total Expenses:
$185,953
Net Operating Income:
$199,623
Uspide Chart
Unit Mix $2,500
3, 10%
$2,000
10, 35%
$1,500
$846 45%
$489 31%
$915 42%
$1,000
$500
16, 55%
$1,111
$1,054
1
2
$1,285
$-
1 BR
2 BR
3 BR
Rent
3
Upside
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.
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48 Post Avenue, New York, NY
RIVERDALE
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ASKING PRICE: $6,500,000 Building Features Location:
Southwest corner of Post Avenue between Dyckman and Academy Streets
Block / Lot:
2220 / 31
Lot Size:
60’ x 100’
Lot Area:
6,000
Building Size:
60’ x 90’
Stories:
5
Building Gross SF:
22,320
(approx.)
Net SF (15% Loss Factor)
18,972
(approx.)
Avg. Net. Unit Size:
654
(approx.)
Residential Units:
29
Zoning:
R7-2
FAR:
4.00 (Wide Street)
Assessment (15/16)
$458,550
Taxes (15/16)
$59,075
Asking Price: $6,500,000 Gross Annual Revenue:
$397,500
PPU:
$224,138
Expenses & Vacancy Loss:
$197,878
PPSF:
$291
NOI:
$199,623
Cap Rate:
3.07%
GRM:
16.35x
Property Description 48 Post Avenue is a pre-war walk-up apartment building located on the southwest corner of Post Avenue and Academy Street in Inwood. The building totals 22,320 gross square feet and contains 29 residential units plus 1 super unit. All of the units are rent stabilized and the unit mix is comprised of 10 one-bedroom, 16 two-bedroom and 3 three-bedroom apartments. On average the apartments total 654 square feet and are renting for $20 per net square foot in a market that can achieve $33-$35. The building provides investors the unique opportunity to capitalize on below market rents, in a meticulously maintained property, which is located in one of Manhattan’s most vibrant and rapidly changing neighborhoods. Tenants benefit from the property’s close proximity to the Dyckman Street retail corridor, which hosts a variety of nationally recognized and local tenants. These retail stores include CVS, Duane Reade, Foot Locker, Dunkin’ Donuts, Chase Bank, T-Mobile, Subway, Planet Fitness and Starbucks. The area is home to numerous bars and restaurants that overlook Fort Tryon Park and call Inwood home. Some of these neighborhood favorites include Tryon Public House, The Park View, Il Sole, Papasito and Mamajuana Cafe. Public transportation is easily accessible via the A express train at the corner of Broadway and Dyckman Street and the 1 local train which runs along 10th Avenue and makes stops at Dyckman Street and West 207th Street. In addition to the subway, numerous bus lines service the area.
For More Information, Please Contact: Robert M. Shapiro Executive Vice President (212) 660 7717 [email protected]
Clint B. Olsen Director (212) 660 7747 [email protected]
Cushman & Wakefield
Daniel P. Maurer Associate Director (212) 660 7732 [email protected]
275 Madison Avenue, New York, NY 10016
Ian Brooks Associate (212) 589 5107 [email protected]
phone: +1 212 696 2500
Madeline Burbank Associate (212) 589 5172 [email protected] 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.
48 Post Avenue, New York, NY Unit
Status
Bedrooms
Expiration
Base Rent
Pref
Actual Rent
1
RS
2
5/31/16
$1,250
$1,250
2
RS
1
1/31/18
$1,290
$1,290
3
RS
2
10/31/16
$846
$846
4
RS
1
4/30/16
$854
$854
6
RS
3
1/31/18
$1,330
$1,330
21
RS
2
10/31/17
$1,277
$1,277
22
RS
1
10/31/16
$969
$969
23
RS
2
1/31/18
$863
$863
24
RS
2
1/31/18
$1,237
$1,237
25
RS
1
10/31/17
$1,344
$1,344
26
RS/SEC8
2
10/31/16
$850
$(250)
$600
31
RS
2
4/30/16
$996
$996
32
RS
1
3/31/17
$868
$868
33
RS
2
6/30/17
$1,048
$1,048
34
RS
2
4/30/17
$1,088
$1,088
35
RS
1
10/31/17
$788
$788
36
RS
2
11/30/17
$1,130
$1,130
41
RS
2
9/30/16
$1,910
42
RS
1
2/28/17
$1,773
43
RS
2
12/31/16
$894
$894
44
RS
3
11/30/16
$926
$926
45
RS/SEC8
1
10/31/16
$792
$792
46
RS
2
10/31/16
$840
$840
51
RS/SEC8
2
10/31/16
$790
$790
52
RS
1
2/28/17
$1,250
$1,250
53
RS
2
5/31/16
$1,173
$1,173
54
RS
3
12/31/17
$1,781
$(181)
$1,600
$(198)
$1,500
55
RS
1
7/31/16
$1,698
56
RS/SEC8
2
12/31/16
$929
BSMT
SUPER
$1,910 $(323)
$1,450
$929
Gross Monthly Residential Revenue:
$31,833
Gross Annual Residential Revenue:
$381,996
Average Rent / Residential Apt:
$1,098
Residential Rent Per Net Square Foot:
$20.13
Antenna Revenue Unit
Tenant
Expiration
Actual Rent
Antenna
Sprint
9/30/33
$1,292 Gross Monthly Antenna Rent:
$1,292
Gross Annual Antenna Rent:
$15,504
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.
48 Post Avenue, New York, NY COMBINED REVENUE Gross Annual Revenue
$397,500
Vacancy Allowance @ 3% of Gross Annual Revenue
$11,925
Effective Gross Annual Revenue
$385,575
EXPENSES (ESTIMATED) Real Estate Taxes (15/16)
$54,942
Water/Sewer (MCP)
$29,140
Insurance
@
$400
/ Res. Unit
$11,600
Heating Fuel (#2 Oil)
@
$1.25
/ Sq. Ft.
$27,900
Electric
@
$0.15
/ Sq. Ft.
$3,348
Repairs
@
$550
/ Res. Unit
$15,950
Cleaning & Maintanence
@
$200
/ Month
$2,400
General & Administrative
@
$250
/ Res. Unit
$7,250
Super
@
$1,500
/ Month
$12,000
Management
@
4%
/ EGR
$15,423
Total Expenses:
$185,953
Expenses Per Unit:
$6,412
Effective Gross Annual Revenue:
$385,575
Less Total Expenses:
$185,953
Net Operating Income:
$199,623
Uspide Chart
Unit Mix $2,500
3, 10%
$2,000
10, 35%
$1,500
$846 45%
$489 31%
$915 42%
$1,000
$500
16, 55%
$1,111
$1,054
1
2
$1,285
$-
1 BR
2 BR
3 BR
Rent
3
Upside
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.
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48 Post Avenue, New York, NY
RIVERDALE
IN
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233 St
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1
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2• 5
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2 3 1 ST
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