Presentation title - Massey Knakal
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.
342 West 71st Street 34,312 SF SRO Building 7 Stories Plus Basement, 125 Units FOR SALE Building Features Block / Lot
1182 / 49
Lot Dimensions
52’ x 125.83’
Lot SF
6,543 (Approx.)
Building Dimensions
52’ x 109’ (Approx.)
Gross Sq. Ft.
34,312 (Per DOF)
Zoning / FAR
R8B / 4.0
Historic District
West End Collegiate Historic District Extension
Air Rights
None, Overbuilt
Bill. Assessment (15/16)
$1,863,244
Taxes (15/16)
$199,069 (Tax Class 4)
Property Description & Highlights Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 342 West 71st Street, a 52' wide, 7 story elevator building containing 125 Single Room Occupancy units (plus a super's unit) in the heart of the Upper West Side. The property lies on a quaint cul-de-sac, just east of the new community of luxury residences that have been constructed along Riverside Boulevard in recent years, and only a half block from Riverside Park. The building is built approximately 109' deep on the lot and features large floor plates, tall ceilings throughout, a full basement and windows facing every direction. The units consist of 83 SRO’s that are in legacy condition, 42 renovated SRO’s of which 28 are vacant, and a Super’s apartment (the 126th unit). The average monthly rent per apartment is presently $592, or $29 per net rentable square foot. The recent market-wide trend towards condominium conversions and the development of larger family style apartments has resulted in a significant lack of efficient, smaller, and furnished rental units in the marketplace. This supply imbalance creates a value-add opportunity for buildings that have the ability to fill the void. 342 West 71st Street represents an exciting opportunity for an investor to acquire and manage a property that possesses substantial long term upside potential at a discount to prevailing market pricing.
Tax Map
Asking Price: $16,250,000
For More Information, Please Contact: Hall Oster Senior Director (212) 696 2500 x7723 [email protected]
Paul Smadbeck Executive Director (212) 696 2500 x7760 [email protected]
Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected]
Rob Stufano Senior Associate (212) 696 2500 x7706 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
342 West 71st Street Revenue Gross Monthly Revenue
$73,046
Gross Annual Residential Revenue
$876,552
Less Vacancy & Credit Loss
($26,297)
3%
Effective Gross Annual Revenue
$850,255
Expenses R. E. Taxes (15/16):
Actual
$199,069
Water & Sewer:
Projected @ $1.00 PSF
$34,312
Electric:
Projected @ $1.00 PSF
$34,312
Projected @ $1.50
$51,468
Actual
$34,312
$100 Per Unit
$12,500
Projected
$10,000
$5,000 Per Year
$5,000
Projected
$50,000
Projected @ 4% / EGR
$34,010
Fuel*: Insurance: Repairs and Maintenance: Miscellaneous: Elevator Maintenance Contract: Payroll: Management: Total Annual Expenses:
$464,983
Effective Gross Annual Revenue:
$850,255
Less Expenses:
$464,983
Net Operating Income:
$385,242
*New boiler in process of being installed
Unit Breakdown
Average Rent By Unit Type $1,200.00 $1,000.00 $800.00 $600.00 $400.00 $200.00
SRO
Reno SRO
Vacant Projected
$0.00 SRO
Reno SRO
Vacant Projected
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.
342 West 71st Street Rent Roll UNIT #
FLOOR
STATUS
RENT
A2
1
SRO
$650.00
A4
1
MK SRO
$1,025.00
A5
1
Vacant Projected
$1,000.00
A6
1
SRO
$368.33
A7
1
SRO
$279.93
A8
1
SRO
$346.66
B1
1
Vacant Projected
$1,200.00
B3
1
SRO
$541.66
B4
1
MK SRO
$1,200.00
B5
1
Vacant Projected
$1,000.00
B6
1
SRO
$411.66
B7
1
SRO
$281.66
B8
1
SRO
$186.59
A1
2
Vacant Projected
$1,000.00
A2
2
SRO
$0.00
A2A
2
SRO
$0.00
A3
2
SRO
$541.66
A4
2
Vacant Projected
$1,225.00
A5
2
Vacant Projected
$1,050.00
A6
2
SRO
$1.00
A7
2
SRO
$476.66
A8
2
SRO
$209.90
B1
2
SRO
$411.66
B2
2
MK SRO
$1,050.00
B2A
2
SRO
$139.96
B3
2
SRO
$333.54
B4
2
SRO
$346.66
B5
2
Vacant Projected
$1,000.00
B6
2
SRO
$411.66
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B7
2
Vacant Projected
$1,000.00
B8
2
SRO
$390.00
B9
2
Vacant Projected
$1,000.00
A1
3
SRO
$433.33
A2
3
Vacant Projected
$1,200.00
A2A
3
SRO
$107.64
A3
3
SRO
$541.66
A4
3
Vacant Projected
$1,050.00
A5
3
SRO
$143.91
A6
3
Vacant Projected
$1,500.00
A7
3
SRO
$455.00
A8
3
SRO
$520.00
B1
3
SRO
$62.48
B2
3
SRO
$204.00
B3
3
Vacant Projected
$1,500.00
B4
3
Vacant Projected
$1,000.00
B5
3
SRO
$0.00
B6
3
SRO
$209.90
B7
3
SRO
$360.53
B8
3
SRO
$390.00
B9
3
SRO
$226.05
A1
4
SRO
$433.33
A2
4
SRO
$0.00
A2A
4
SRO
$0.00
A3
4
SRO
$433.33
A4
4
MK SRO
$1,200.00
A5
4
Vacant Projected
$1,000.00
A6
4
SRO
$359.73
A7
4
SRO
$498.33
A8
4
SRO
$520.00
B1
4
MK SRO
$1,050.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B2
4
SRO
$349.83
B3
4
SRO
$541.66
B4
4
SRO
$433.33
B5
4
Vacant Projected
$1,000.00
B6
4
SRO
$216.67
B7
4
SRO
$325.00
B8
4
Vacant Projected
$1,200.00
B9
4
MK SRO
$1,450.00
A1
5
SRO
$390.00
A2
5
SRO
$256.57
A2A
5
MK SRO
$1,100.00
A3
5
MK SRO
$1,000.00
A3A
5
Vacant Projected
$1,000.00
A4
5
Vacant Projected
$1,000.00
A5
5
SRO
$368.66
A6
5
SRO
$216.67
A7
5
SRO
$325.00
A8
5
SRO
$86.66
B1
5
SRO
$411.66
B2
5
SRO
$378.51
B3
5
SRO
$346.66
B4
5
Vacant Projected
$1,000.00
B5
5
Vacant Projected
$1,000.00
B6
5
SRO
$128.26
B7
5
SRO
$411.66
B8
5
Vacant Projected
$1,200.00
B9
5
SRO
$390.00
A1
6
SRO
$116.61
A2
6
Vacant Projected
$1,200.00
A2A
6
Vacant Projected
$1,200.00
A3
6
SRO
$390.00
A3A
6
MK SRO
$1,300.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
A4
6
SRO
$411.66
A5
6
MK SRO
$1,050.00
A6
6
SRO
$358.80
A7
6
SRO
$50.00
A8
6
SRO
$346.67
B1
6
SRO
$476.66
B2
6
SRO
$541.66
B3
6
SRO
$346.66
B4
6
MK SRO
$1,050.00
B5
6
MK SRO
$1,000.00
B6
6
Vacant Projected
$1,225.00
B7
6
SRO
$520.00
B8
6
SRO
$173.33
B9
6
SRO
$346.66
A1
7
SRO
$182.82
A2
7
SRO
$411.66
A2A
7
Vacant Projected
$1,200.00
A3
7
MK SRO
$1,200.00
A3A
7
SRO
$515.66
A4
7
MK SRO
$1,200.00
A5
7
Vacant Projected
$1,000.00
A6
7
SRO
$216.67
A7
7
SRO
$325.00
A8
7
SRO
$207.13
B1
7
SRO
$411.66
B2
7
SRO
$585.00
B3
7
SRO
$585.00
B4
7
SRO
$186.60
B5
7
Vacant Projected
$1,000.00
B6
7
SRO
$0.00
B7
7
SRO
$175.00
B8
7
SRO
$188.45
B9
7
SRO
$346.67
MONTHLY
$73,046
ANNUAL
$876,552
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.
342 West 71st Street
Broker Contact information Hall Oster Senior Director (212) 696 2500 x7723 [email protected] Paul Smadbeck Executive Director (212) 696 2500 x7760 [email protected] Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected] Robert Stufano Senior Associate (212) 696 2500 x7706 [email protected] Bryan Smadbeck Associate (212) 696 2500 x5169 [email protected]
For Information Regarding Possible Financing Please Contact Justin Boruchov Director – Capital Services (212) 696 2500 x7728 [email protected]
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.
342 West 71st Street 34,312 SF SRO Building 7 Stories Plus Basement, 125 Units FOR SALE Building Features Block / Lot
1182 / 49
Lot Dimensions
52’ x 125.83’
Lot SF
6,543 (Approx.)
Building Dimensions
52’ x 109’ (Approx.)
Gross Sq. Ft.
34,312 (Per DOF)
Zoning / FAR
R8B / 4.0
Historic District
West End Collegiate Historic District Extension
Air Rights
None, Overbuilt
Bill. Assessment (15/16)
$1,863,244
Taxes (15/16)
$199,069 (Tax Class 4)
Property Description & Highlights Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 342 West 71st Street, a 52' wide, 7 story elevator building containing 125 Single Room Occupancy units (plus a super's unit) in the heart of the Upper West Side. The property lies on a quaint cul-de-sac, just east of the new community of luxury residences that have been constructed along Riverside Boulevard in recent years, and only a half block from Riverside Park. The building is built approximately 109' deep on the lot and features large floor plates, tall ceilings throughout, a full basement and windows facing every direction. The units consist of 83 SRO’s that are in legacy condition, 42 renovated SRO’s of which 28 are vacant, and a Super’s apartment (the 126th unit). The average monthly rent per apartment is presently $592, or $29 per net rentable square foot. The recent market-wide trend towards condominium conversions and the development of larger family style apartments has resulted in a significant lack of efficient, smaller, and furnished rental units in the marketplace. This supply imbalance creates a value-add opportunity for buildings that have the ability to fill the void. 342 West 71st Street represents an exciting opportunity for an investor to acquire and manage a property that possesses substantial long term upside potential at a discount to prevailing market pricing.
Tax Map
Asking Price: $16,250,000
For More Information, Please Contact: Hall Oster Senior Director (212) 696 2500 x7723 [email protected]
Paul Smadbeck Executive Director (212) 696 2500 x7760 [email protected]
Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected]
Rob Stufano Senior Associate (212) 696 2500 x7706 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
342 West 71st Street Revenue Gross Monthly Revenue
$73,046
Gross Annual Residential Revenue
$876,552
Less Vacancy & Credit Loss
($26,297)
3%
Effective Gross Annual Revenue
$850,255
Expenses R. E. Taxes (15/16):
Actual
$199,069
Water & Sewer:
Projected @ $1.00 PSF
$34,312
Electric:
Projected @ $1.00 PSF
$34,312
Projected @ $1.50
$51,468
Actual
$34,312
$100 Per Unit
$12,500
Projected
$10,000
$5,000 Per Year
$5,000
Projected
$50,000
Projected @ 4% / EGR
$34,010
Fuel*: Insurance: Repairs and Maintenance: Miscellaneous: Elevator Maintenance Contract: Payroll: Management: Total Annual Expenses:
$464,983
Effective Gross Annual Revenue:
$850,255
Less Expenses:
$464,983
Net Operating Income:
$385,242
*New boiler in process of being installed
Unit Breakdown
Average Rent By Unit Type $1,200.00 $1,000.00 $800.00 $600.00 $400.00 $200.00
SRO
Reno SRO
Vacant Projected
$0.00 SRO
Reno SRO
Vacant Projected
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.
342 West 71st Street Rent Roll UNIT #
FLOOR
STATUS
RENT
A2
1
SRO
$650.00
A4
1
MK SRO
$1,025.00
A5
1
Vacant Projected
$1,000.00
A6
1
SRO
$368.33
A7
1
SRO
$279.93
A8
1
SRO
$346.66
B1
1
Vacant Projected
$1,200.00
B3
1
SRO
$541.66
B4
1
MK SRO
$1,200.00
B5
1
Vacant Projected
$1,000.00
B6
1
SRO
$411.66
B7
1
SRO
$281.66
B8
1
SRO
$186.59
A1
2
Vacant Projected
$1,000.00
A2
2
SRO
$0.00
A2A
2
SRO
$0.00
A3
2
SRO
$541.66
A4
2
Vacant Projected
$1,225.00
A5
2
Vacant Projected
$1,050.00
A6
2
SRO
$1.00
A7
2
SRO
$476.66
A8
2
SRO
$209.90
B1
2
SRO
$411.66
B2
2
MK SRO
$1,050.00
B2A
2
SRO
$139.96
B3
2
SRO
$333.54
B4
2
SRO
$346.66
B5
2
Vacant Projected
$1,000.00
B6
2
SRO
$411.66
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B7
2
Vacant Projected
$1,000.00
B8
2
SRO
$390.00
B9
2
Vacant Projected
$1,000.00
A1
3
SRO
$433.33
A2
3
Vacant Projected
$1,200.00
A2A
3
SRO
$107.64
A3
3
SRO
$541.66
A4
3
Vacant Projected
$1,050.00
A5
3
SRO
$143.91
A6
3
Vacant Projected
$1,500.00
A7
3
SRO
$455.00
A8
3
SRO
$520.00
B1
3
SRO
$62.48
B2
3
SRO
$204.00
B3
3
Vacant Projected
$1,500.00
B4
3
Vacant Projected
$1,000.00
B5
3
SRO
$0.00
B6
3
SRO
$209.90
B7
3
SRO
$360.53
B8
3
SRO
$390.00
B9
3
SRO
$226.05
A1
4
SRO
$433.33
A2
4
SRO
$0.00
A2A
4
SRO
$0.00
A3
4
SRO
$433.33
A4
4
MK SRO
$1,200.00
A5
4
Vacant Projected
$1,000.00
A6
4
SRO
$359.73
A7
4
SRO
$498.33
A8
4
SRO
$520.00
B1
4
MK SRO
$1,050.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B2
4
SRO
$349.83
B3
4
SRO
$541.66
B4
4
SRO
$433.33
B5
4
Vacant Projected
$1,000.00
B6
4
SRO
$216.67
B7
4
SRO
$325.00
B8
4
Vacant Projected
$1,200.00
B9
4
MK SRO
$1,450.00
A1
5
SRO
$390.00
A2
5
SRO
$256.57
A2A
5
MK SRO
$1,100.00
A3
5
MK SRO
$1,000.00
A3A
5
Vacant Projected
$1,000.00
A4
5
Vacant Projected
$1,000.00
A5
5
SRO
$368.66
A6
5
SRO
$216.67
A7
5
SRO
$325.00
A8
5
SRO
$86.66
B1
5
SRO
$411.66
B2
5
SRO
$378.51
B3
5
SRO
$346.66
B4
5
Vacant Projected
$1,000.00
B5
5
Vacant Projected
$1,000.00
B6
5
SRO
$128.26
B7
5
SRO
$411.66
B8
5
Vacant Projected
$1,200.00
B9
5
SRO
$390.00
A1
6
SRO
$116.61
A2
6
Vacant Projected
$1,200.00
A2A
6
Vacant Projected
$1,200.00
A3
6
SRO
$390.00
A3A
6
MK SRO
$1,300.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
A4
6
SRO
$411.66
A5
6
MK SRO
$1,050.00
A6
6
SRO
$358.80
A7
6
SRO
$50.00
A8
6
SRO
$346.67
B1
6
SRO
$476.66
B2
6
SRO
$541.66
B3
6
SRO
$346.66
B4
6
MK SRO
$1,050.00
B5
6
MK SRO
$1,000.00
B6
6
Vacant Projected
$1,225.00
B7
6
SRO
$520.00
B8
6
SRO
$173.33
B9
6
SRO
$346.66
A1
7
SRO
$182.82
A2
7
SRO
$411.66
A2A
7
Vacant Projected
$1,200.00
A3
7
MK SRO
$1,200.00
A3A
7
SRO
$515.66
A4
7
MK SRO
$1,200.00
A5
7
Vacant Projected
$1,000.00
A6
7
SRO
$216.67
A7
7
SRO
$325.00
A8
7
SRO
$207.13
B1
7
SRO
$411.66
B2
7
SRO
$585.00
B3
7
SRO
$585.00
B4
7
SRO
$186.60
B5
7
Vacant Projected
$1,000.00
B6
7
SRO
$0.00
B7
7
SRO
$175.00
B8
7
SRO
$188.45
B9
7
SRO
$346.67
MONTHLY
$73,046
ANNUAL
$876,552
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.
342 West 71st Street
Broker Contact information Hall Oster Senior Director (212) 696 2500 x7723 [email protected] Paul Smadbeck Executive Director (212) 696 2500 x7760 [email protected] Teddy Galligan Senior Associate (212) 696 2500 x5137 [email protected] Robert Stufano Senior Associate (212) 696 2500 x7706 [email protected] Bryan Smadbeck Associate (212) 696 2500 x5169 [email protected]
For Information Regarding Possible Financing Please Contact Justin Boruchov Director – Capital Services (212) 696 2500 x7728 [email protected]
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.
