Property Setup - Massey Knakal
86-08/10 Atlantic Avenue, Woodhaven 12-Unit Rent-Stabilized Apartment Building FOR SALE
NEW TO MARKET
ASKING PRICE:
$2,950,000 – 5.05% Cap Rate $393/SF I 13.19 GRM I $245,833/Unit Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 86-08/10 Atlantic Avenue. The subject property is a 12-Unit rent-stabilized apartment building which sits on a 5,000 SF lot on the border of Woodhaven & Ozone Park. Each unit is a two-bedroom railroad apartment. Currently, one apartment is vacant, and a total of three (3) apartments will be vacant in the comings weeks. There is significant upside to be captured throughout the building. The building offers easy access to Manhattan & Brooklyn via the subway line at 85th St. – Forest Pkwy, as well as the line at 80th St – Hudson St. Additionally, the Q24 bus stop is right in front of the building. Please contact the exclusive brokers to coordinate a property inspection or to request additional information. Do not solicit the tenants for any reason.
PROPERTY HIGHLIGHTS Address:
86-08/10 Atlantic Avenue
Neighborhood:
Woodhaven
Block / Lot(s):
9020 / 5
Gross Building SF:
7,500 SF (Approx.)
Net Apartment SF:
6,900 SF (Approx.)
Lot SF:
5,000 SF
Lot Dimensions:
50’ x 100’
Zoning:
R5 / C2-3
Total Units:
12
Property Tax:
$27,324
For More Information, Please Contact: Daniel A. Abbondandolo, Director 718 512 2606, [email protected] Kevin Schmitz, Associate 718 512 2628, [email protected] Cushman & Wakefield Copyright 2017. 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.
86-08/10 ATLANTIC AVENUE, OZONE PARK, NY FINANCIAL SUMMARY RENT ROLL (AS OF 7/18/2017) Unit
Unit Type
LXP
Sq. Ft.
Legal Rent
Preferential Rent
Rent/SF
Annual Rent
86-08 1L
RS
4/30/2018
575
$1,815
$1,425
$30
$17,100
86-08 1R
RS
12/31/2018
575
$690
$690
$14
$8,280
86-08 2L
V
Vacant
575
$1,367 (1)
$1,613 (2)
$34
$19,356
86-08 2R
RS
3/31/2019
575
$1,932
$1,683
$35
$20,196
86-08 3L
RS
5/31/2017
575
$1,947
$1,650
$34
$19,800
86-08 3R
RS
8/31/2017
575
$2,038
$1,650
$34
$19,800
86-10 1L
RS
5/31/2017
575
$1,995
$1,515
$32
$18,180
86-10 1R
RS
10/31/2017
575
$1,850
$1,400
$29
$16,800
86-10 2L
RS
7/31/2017
575
$2,040 (1)
$1,800 (2)
$37
$21,600
86-10 2R
RS
7/31/2017
575
$1,414 (1)
$1,668 (2)
$35
$20,016
86-10 3L
RS
9/30/2017
575
$1,262
$1,205
$25
$14,460
86-10 3R
TE
5/1/2018
575
$1,615
$34
$19,380
Residential Total
6,900
$18,350
Units Delivered Vacant: (86-08 – 2L), (86-10 - 2L), (86-10 – 2R)
$17,914
$214,968
Occupied by non-profit. Will be freemarket 5/1/2018.
Parking Revenue
$600
$7,200
Billboard Revenue
$125
$1,500
Miscellaneous Revenue
$725
$8,700
Gross Annual Revenue
$223,668
Average Rent
$1,493
(1) Current legal rent of vacant unit per DHCR Report – May 19, 2017 (2) Each vacant unit is projected to include an 18% vacancy lease rent increase over the previous legal rent – up to $1,800 Cushman & Wakefield Copyright 2017. 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.
86-08/10 ATLANTIC AVENUE, OZONE PARK, NY FINANCIAL SUMMARY EXPENSES - ACTUAL REVENUE
CURRENT RENTS
Gross Income (In Place): Vacancy & Credit Loss:
$223,668 5.0%
($11,183)
Effective Gross Income: EXPENSES
$212,485 C & W METRICS
CURRENT EXPENSES
$/SF
Full Taxes
$27,325
$3.64
Insurance
Per Ownership
$6,100
$0.81
Electricity
Per Ownership
$1,800
$0.24
Heat
Per Ownership
$7,200
$0.96
Water & Sewer
Per Ownership
$11,000
$1.47
Projected @ $300 / Unit
$3,600
$0.48
Estimated at 3% of EGI
$6,375
$0.85
EXP. RATIO: 31%
$63,400
$8.45
Real Estate Taxes (16/17)
Repairs & Maintenance Management Fee TOTAL: Effective Gross Income:
$212,485
Less Expenses:
$63,400
Net Operating Income:
$149,085
Transportation Map
Subject Property Cushman & Wakefield Copyright 2017. 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.
86-08-10 ATLANTIC AVENUE, OZONE PARK, NY PHOTOS
Cushman & Wakefield Copyright 2017. 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.
NEW TO MARKET
ASKING PRICE:
$2,950,000 – 5.05% Cap Rate $393/SF I 13.19 GRM I $245,833/Unit Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 86-08/10 Atlantic Avenue. The subject property is a 12-Unit rent-stabilized apartment building which sits on a 5,000 SF lot on the border of Woodhaven & Ozone Park. Each unit is a two-bedroom railroad apartment. Currently, one apartment is vacant, and a total of three (3) apartments will be vacant in the comings weeks. There is significant upside to be captured throughout the building. The building offers easy access to Manhattan & Brooklyn via the subway line at 85th St. – Forest Pkwy, as well as the line at 80th St – Hudson St. Additionally, the Q24 bus stop is right in front of the building. Please contact the exclusive brokers to coordinate a property inspection or to request additional information. Do not solicit the tenants for any reason.
PROPERTY HIGHLIGHTS Address:
86-08/10 Atlantic Avenue
Neighborhood:
Woodhaven
Block / Lot(s):
9020 / 5
Gross Building SF:
7,500 SF (Approx.)
Net Apartment SF:
6,900 SF (Approx.)
Lot SF:
5,000 SF
Lot Dimensions:
50’ x 100’
Zoning:
R5 / C2-3
Total Units:
12
Property Tax:
$27,324
For More Information, Please Contact: Daniel A. Abbondandolo, Director 718 512 2606, [email protected] Kevin Schmitz, Associate 718 512 2628, [email protected] Cushman & Wakefield Copyright 2017. 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.
86-08/10 ATLANTIC AVENUE, OZONE PARK, NY FINANCIAL SUMMARY RENT ROLL (AS OF 7/18/2017) Unit
Unit Type
LXP
Sq. Ft.
Legal Rent
Preferential Rent
Rent/SF
Annual Rent
86-08 1L
RS
4/30/2018
575
$1,815
$1,425
$30
$17,100
86-08 1R
RS
12/31/2018
575
$690
$690
$14
$8,280
86-08 2L
V
Vacant
575
$1,367 (1)
$1,613 (2)
$34
$19,356
86-08 2R
RS
3/31/2019
575
$1,932
$1,683
$35
$20,196
86-08 3L
RS
5/31/2017
575
$1,947
$1,650
$34
$19,800
86-08 3R
RS
8/31/2017
575
$2,038
$1,650
$34
$19,800
86-10 1L
RS
5/31/2017
575
$1,995
$1,515
$32
$18,180
86-10 1R
RS
10/31/2017
575
$1,850
$1,400
$29
$16,800
86-10 2L
RS
7/31/2017
575
$2,040 (1)
$1,800 (2)
$37
$21,600
86-10 2R
RS
7/31/2017
575
$1,414 (1)
$1,668 (2)
$35
$20,016
86-10 3L
RS
9/30/2017
575
$1,262
$1,205
$25
$14,460
86-10 3R
TE
5/1/2018
575
$1,615
$34
$19,380
Residential Total
6,900
$18,350
Units Delivered Vacant: (86-08 – 2L), (86-10 - 2L), (86-10 – 2R)
$17,914
$214,968
Occupied by non-profit. Will be freemarket 5/1/2018.
Parking Revenue
$600
$7,200
Billboard Revenue
$125
$1,500
Miscellaneous Revenue
$725
$8,700
Gross Annual Revenue
$223,668
Average Rent
$1,493
(1) Current legal rent of vacant unit per DHCR Report – May 19, 2017 (2) Each vacant unit is projected to include an 18% vacancy lease rent increase over the previous legal rent – up to $1,800 Cushman & Wakefield Copyright 2017. 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.
86-08/10 ATLANTIC AVENUE, OZONE PARK, NY FINANCIAL SUMMARY EXPENSES - ACTUAL REVENUE
CURRENT RENTS
Gross Income (In Place): Vacancy & Credit Loss:
$223,668 5.0%
($11,183)
Effective Gross Income: EXPENSES
$212,485 C & W METRICS
CURRENT EXPENSES
$/SF
Full Taxes
$27,325
$3.64
Insurance
Per Ownership
$6,100
$0.81
Electricity
Per Ownership
$1,800
$0.24
Heat
Per Ownership
$7,200
$0.96
Water & Sewer
Per Ownership
$11,000
$1.47
Projected @ $300 / Unit
$3,600
$0.48
Estimated at 3% of EGI
$6,375
$0.85
EXP. RATIO: 31%
$63,400
$8.45
Real Estate Taxes (16/17)
Repairs & Maintenance Management Fee TOTAL: Effective Gross Income:
$212,485
Less Expenses:
$63,400
Net Operating Income:
$149,085
Transportation Map
Subject Property Cushman & Wakefield Copyright 2017. 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.
86-08-10 ATLANTIC AVENUE, OZONE PARK, NY PHOTOS
Cushman & Wakefield Copyright 2017. 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.
