460 West 51st Street. Property Description

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Dustin Wilkinson
5 years ago
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Property Description This five story walk up is located at 460 West 51st street in the heart of Hell's Kitchen, one of Manhattan's most upand-coming neighborhoods.

1 Property Description This five story walk up is located at 460 West 51st street in the heart of Hell's Kitchen, one of Manhattan's most upand-coming neighborhoods. Almost 21 feet wide, this mid-block building consist of five pristinely renovated units. Sunlight floods in to the rear of the building and because of the distance to the block behind, apartments enjoy rare views from their living areas of sitting underneath mature trees, gardens and green spaces. This is a turn-key opportunity. The owner will enjoy reduced monthly expenses as separate electric heating systems for each unit were installed as a part of the recent renovations with tenants being responsible for paying for their electricity. The building has a very large back yard with a potential to build on. It also has 16,500 SF of air rights. This is a great opportunity for solid returns now coupled with the potential for increased rents as the neighborhood appreciates. As a 1031 exchange or for developers, this purchase offers great upside. The ever popular restaurants along Ninth Avenue are at the end of the block. Next to the E C B D A and 1 trains. Lot Renovated BLOCK 1060 LOT 59 LOT SqFT 2092 LOT Demensions ft x ft Air Rights MAX FAR 6.02 FAR as BUILT 2.12 AIR RIGHTS 8471 Building Building BLD CLASS LANDMARK (C2) FIVE to SIX FAMILY NONE STORIES 4 YEAR BUILT 1920 (estimated) Size GROUND FIRST FLOOR SECOND FLOOR THIRD FLOOR FOURTH FLOOR Building SIZE ft x 59 ift = 1,229 SF ft.x 59 ft = 1,229 SF ft.x 59 ft= 1,229 SF ft X 50 ift = 1,-0 21 SF ft X 50 it= 1,021 SF 5729 Zoning DISTRICT CODE R8/CI LG Fairmont Group TRUSTED REAL ESTATE ADVJSORS hfried@lgfairmont.com

2 Financial Analysis Building Unit Unit Type* Lease Expiration Monthly Rent Annual Rent Renovated Garden Level 2 Bed+Backyard Occupied $4, $57, Parlor Floor 2 Bed+Home Office Occupied $5, $60, Second Floor 3 Bed+Home Office Occupied $5, $68, Third Floor Apt 4 3 Bed+Home Office 6/30/18 $5, $67, Fourth Floor Apt 5 3 Bed+Home Office 5/31/18 $5, $65, Monthly Income Total $26, Annual Income Total $318, EXPENSES Monthly Annual Current Real Estate Taxes $1, $23, Water and Sewer Charges (Projected) $ $ 6, Insurance $ $ 5, Heat (Projected) Tenant Pays Tenant Pays Common Electric (Projected) $ $ 2, Management & Repairs $ $ 6, Super $ $ 3, Monthly Expenses Total $3, Annual Expenses Total $46, PROJECTED ANNUAL INCOME $318, LESS EXPENSES ($46,377.96) NOI $272, *All Units are Free Market LG Fairmont Group TRUSTED REAL ESTATE ADVJSORS hfried@lgfairmont.com

3 Unit Photos TRUSlED REAL ESTATE AOVJSORS

4 Unit Photos libi LG Fairmont Group l!iil TRUSTED REAL ESTATE ADVISORS

5 liiil LG Fairmont Group l!iil TRUSTED REAL ESTATE ADVISORS

6 Floor Plans r :: TRUSTED REAL ESTATE ADVISORS hfried@lgfairmont.com

Neighborhood Insights - Hell's Kitchen Conveniently located in a prime Hell's Kitchen location, these properties are well positioned to access all the neighborhood has to off er, including: -Easy

7 Neighborhood Insights - Hell's Kitchen Conveniently located in a prime Hell's Kitchen location, these properties are well positioned to access all the neighborhood has to off er, including: -Easy access to the dynamic and destination restaurant row on 9th Avenue -Located just south of the Theater District and near many of New York's most famous entertainment venues. -Just eight blocks from Central Park and Columbus Circle shopping arena. - Easy travel access In and Out of Manhattan. -Walking distance from the Port Authority Bus Terminal at 42nd Street r -Proximity to new Hudson Yards development on the west side, which is estimated to add over 12,000,000 sq. ft. of retail, commercial, residential, and public space to the area in the next few years with the first tower delivering this year. -Close to Times Square, 42nd St. and Bryant Park -Excellent train access within the city. C,E subway lines at 50th St. and 9th Ave. Metro buses at the corner. 1,2,3,N,Q,R,B,D are all less than a ten minute walk away. TRUSTED REAL ESTATE ADVISORS hfried@lgfairmonit.com

8 Propery Map Intrepid Sea, Air a & Spac-e Museum Alvin Ailey Amencan Dance Theater 9 St - Columbus Cirr;le 131 $0St.:..fl, ;s... 50StaJ 49St[tl ;s I+' f;>, li,.s, Times SQuare PlayStation Tneater 42 St - Port Authority " Bus Terminal eo camegie Hall I) 57St- 7 Av 7 Av Ii!) TheM1 of Mod, 47-S0 Sts Rockefeller Cl Rockefeller Cenlt Times Sq - 42 St t!j 34S1-HudsonYards aj ' Time Square 4-2 Street ml Times Sq - 42 St al II'.'...,.. TRUSTED REAL ESTATE ADVISORS

9 TRUSTED REAL E';TATE ADVISORS TRUSlED REAL ESTATE AOVJSORS

EXCLUSIVE OFFERING MEMORANDUM. 202 Eighth Avenue

EXCLUSIVE OFFERING MEMORANDUM. 202 Eighth Avenue EXCLUSIVE OFFERING MEMORANDUM 202 Eighth Avenue Prime Chelsea - Avenue Property 8 Apartments Ground Floor Retail Tremendous Residential Upside Besen & Associates, as exclusive agent for Ownership, is pleased