801 Coop City Boulevard

Transcription

1 BRONX DEVELOPMENT SITE FOR SALE 801 Coop City Blvd. Superior Northeast Bronx Location Location: 801 Coop City Boulevard Block/Lot: 5141 / 270 Zoning: C4-1 FAR: 1.25 Residential; 1.0 Commercial; 2.0 Community Use Lot Size: Buildable SF: 87,900 SF (Approximately) 109,875 (Approximately) $ Per BSF: $45.51 Description: Massey Knakal Realty Services is pleased to offer 801 Coop City Boulevard for sale. This development site is located in Coop City in the Northeast Bronx and will be sub-divided from a larger senior care facility site. The new lot will be almost 88,000 SF and zoned C4-1. This highly visible property will feature easy access to I-95 and the Hutchinson River Parkway and offers an attractive development opportunity for a variety of residential, commercial or community facility end uses. ASKING PRICE: $4,950,000 For Further Information or Inspection, Please Contact Exclusive Sales Agents: Karl Brumback ext. 7731, Shimon Shkury ext Massey Knakal Realty Services Madison Avenue, 3rd Floor - New York, NY P: (212) (212) (Fax) All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

2 280 West 231 st Street Kingsbridge, The Bronx Steps from Broadway and the #1 subway line! Property Description: Massey Knakal is pleased to present 280 West 231 st Street, the former Kingsbridge Public Library. This 1-story 7,866sf property is configured into 2 levels and offers column free space, ceiling heights between 12-13, and elevator access. Located at the corner of Corlear Avenue and West 231 Street and offering almost 60 of highly visible frontage, this property is perfect for a professional space, retail or non-profit use. Locally there have been several new residential construction projects completed and the new library is directly across the street. Located only 3 blocks west of the Broadway commercial corridor and steps from the MTA #1 subway line. Please call for more information on this exciting offering. Property Information: Block / Lot: 5711 / 30 Lot Dimensions: 65' x 89.67' Lot Size SF: 5,837 Building Dimensions: 57.17' x 69.17' Gross Square Footage: 7,866 Stories: 1 (ground + lower level) Zoning: C1-3/R6 FAR: 2.43 Available Air Rights: 6,318 Assessment (11/12) : $ 373,050 Taxes (11/12): $ 38,469 ASKING PRICE: $1,800,000 or $228 / PSF For further information or inspection, please contact Exclusive Agents: Robert Shapiro First Vice President of Sales rshapiro@masseyknakal.com Karl Brumback kbrumback@masseyknakal.com Joshua Rubin Senior Associate jrubin@masseyknakal.com James Yetter Associate jyetter@masseyknakal.com Joshua Gruber Associate jgruber@masseyknakal.com

3 MIXED USE PROPERTY FOR SALE North Avenue, New Rochelle, NY PROPERTY INDICATORS Section/Block/Lot: Lot Dimensions: Lot Sq. Ft.: Building Dimensions: Building Sq. Ft.: Stories: Commercial Units: Residential Units: Zoning: F.A.R: Buildable SF: Assessment: RE Taxes: 4/806/7 Irregular 11, X 63.4 (Irr.) (Approx.) 9,104 Sq. Ft DB ,652 Sq. Ft. $27, (Approx.) $27, (Approx.) PROPERTY DESCRIPTION The subject property is a two story mixed-use building with offstreet parking located on North Avenue in the downtown retail shopping area. The property consist of (4) retail stores on the ground floor and (4) 2-bedroom apartments and (3) 1-bedroom apartments on the second floor. The are (16) off-street parking spaces, of which (9) are available. There is an additional as of right development potential of approx. 13,548 Buildable Sq. Ft. The entire property is currently occupied, making this an excellent opportunity for an investor. FINANCIAL SUMMARY Projected Gross Annual Income: $178, Real Estate Taxes: $27, Operating Expenses: $ Net Operating Income: $101, ASKING PRICE: $1,450, Montague Street, 3rd Floor Brooklyn, NY T: / F: Madison Avenue, 3rd Floor For further information Queens or inspection, Boulevard, 14 th Floor New York, NY please contact Exclusive Forest Hills, Agents: NY T: / F: T: / F: Thomas A. Donovan Managing Director, Partner Nicholas Burns tdonovan@masseyknakal.com nburns@masseyknakal.com x Queens Blvd. 14 th Floor Forest Hills, NY Fax

4 MIXED USE PROPERTY FOR SALE North Avenue, New Rochelle, NY ACTUAL AND PROJECTED REVENUE: Gross Monthly Income: $14, Gross Annual Income: $178, Vacancy Loss Factor (5%): $8, Adjusted Gross Annual Income: $169, EXPENSES: (ESTIMATED) Real Estate Taxes (11/12): $27, Insurance: $4, Water & Sewer $1, Utilities: $15, Repairs: $7, Cleaning and Maintenance: $4, Management (4%): $6, Total: $67, Montague Street, 3rd Floor Brooklyn, NY T: / F: Gross Annual Income: $169, Less Expenses: $67, Net Operating Income: $101, Rent Roll Address Unit Layout/Type LED Monthly Income Annual Income 393 North Avenue 1F 1 Bedroom M/M $ 1, $ 14, North Avenue S Retail 12/31/14 $ 1, $ 16, North Avenue 1F 1 Bedroom 02/12/12 $ 1, $ 12, North Avenue 2R 2 Bedroom M/M $ 1, $ 13, North Avenue S Retail 11/30/15 $ 1, $ 22, North Avenue 1F 1 Bedroom 04/01/12 $ $ 11, North Avenue 2R 2 Bedroom M/M $ 1, $ 13, North Avenue S Retail 12/31/18 $ 1, $ 22, North Avenue 1F 1 Bedroom M/M $ 1, $ 12, North Avenue 2R 2 Bedroom 07/01/12 $ 1, $ 15, North Avenue S Retail 05/31/15 $ 1, $ 15, Parking-2 Spaces at $75 per month each $ $ 1, Parking-9 Spaces at $75 per month each* $ $ 8, Total Actual and Projected Revenue $ 14, $ 178, * Projected Potential Parking Revenue Note: There are a total of sixteen (16) parking Spaces, of which two (2) are leased to apartment tenants, 5 are included in the retail leases, and nine (9) are available for lease at $75 per space. Tommy Lin tlin@masseyknakal.com Madison Avenue, 3rd Floor New York, NY T: / F: ASKING PRICE: $1,450,000 For further information or inspection, please contact Exclusive Agents: Thomas A. Donovan Managing Director, Partner tdonovan@masseyknakal.com Nicholas Burns nburns@masseyknakal.com x Queens Boulevard, 14 th Floor Forest Hills, NY T: / F: Eugene Kim ekim@masseyknakal.com Queens Blvd. 14 th Floor Forest Hills, NY Fax

5 950 Summit Avenue Highbridge Residential Development Site Property Information Location: On the Northeast corner of Summit Avenue & W. 162nd Streets Block / Lot: 2524 / 33 Corner Parcel with 175 of frontage on Summit Avenue Lot Size: 95' x 175' Lot Area: 16,625' (Approx.) Zoning: R7-1 As of Right: Res. FAR: 3.44 Total Buildable SF (Res): 57,190 BSF (Approx.) Community Facility: Res. FAR: 4.8 Total Buildable SF (Res): 79,800 BSF (Approx.) Assessment (11/12): $157,982 Taxes (11/12): $16, Summit Avenue is an outdoor parking lot with two levels and a ramp. The lot is approximately 16,625 sq. ft. and is located on the Northeast corner of Summit Avenue and West 162 nd Street. The lot dimensions are 95 ft x 175 ft and can accommodate parking for approximately 54 cars. The zoning is R7-1, which equates to approximately 57,190 buildable square feet for a residential development. A developer would also have the ability to utilize a community facility FAR of 4.8, bringing the total buildable potential to 79,800 SF. With 175 of frontage on Summit Avenue and 95 of frontage on West 162 nd Street, this site represents a substantial opportunity for a residential developer to build a significant West Bronx multi-family building. ASKING PRICE: $1,325,000 Nicholas Burns nburns@masseyknakal.com For further information or inspection, please contact Exclusive Agents: David Simone First Vice President of Sales dsimone@masseyknakal.com Andrew Essick Senior Associate aessick@masseyknakal.com

6 140 West 238 th Street Kingsbridge, North Bronx 45 Unit Walkup Building NEW ASKING PRICE PLEASE SUBMIT OFFERS NEW ASKING PRICE: $4,150,000 Property Information: Block / Lot: 3270 / 113 Lot Dimensions: 90' x 106' Lot Size SF: 8,770 Building Dimensions: 81' x 105' Gross Square Footage: 42,525 Stories: 5 Units: 45 (44 res. + 1 Super) Zoning: R6 FAR: 2.43 Available Air Rights: None Assessment (12/13): $481,950 Taxes (12/13)*: $64,740 Year Built: 1921 *does not reflect SCRIE Property Description: Massey Knakal is pleased to present 140 West 238 th Street. Originally built as a hotel, this 5-story walkup building is constructed around a central courtyard/large garden and is divided into 4 separate sections (A, B, C and D lines). There are 44 residential units plus 1 basement Super s unit (on the C of O). Of the 45 total units, 29 have been gut renovated and feature: new sheetrock, new doors, better appliances, original wood floors/trim and upgraded electric and plumbing. There are heavy duty aluminum windows throughout and a relatively new front locking security door and voice intercom. The unit mix is comprised of 12 one-bedrooms, 26 two-bedrooms, 6 three-bedroom apartments, and a basement Super's unit (2-bedroom under renovation). About 60% of the units are Free Market (FM), there are only 4 Rent-Controlled (RC) units (2 of which are vacant), and no program tenants. There are currently 10 vacant units (includes site-office and Super s unit) due to management s desire to carefully select tenants and achieve higher all-cash rents. 5 of the vacant units are renovated and turn-key with the remainder being delivered in as-is condition. Average monthly rents are $1,289 and the potential gross annual revenue is about $681k. The buildings are well managed as evidenced by the very low number of DOB/ECB and HPD Violations. Located at the corner of Bailey Avenue and West 238 th Street, the property is steps from shopping along the Broadway commercial corridor and the soon to be redeveloped former Stella D oro Bakery which will be anchored by a wholesale club and new retail. The MTA #1 subway line along Broadway and MTA #3,9, 10, and BxM bus lines are steps away. This building is perfect for a local operator or someone looking to enter the rapidly improving Kingsbridge market. Please call for more information. Pricing Indicators: Asking Price: $ 4,150,000 CAP Rate: 8.5% GRM: 6.1 Price Per Unit: $ 92,222 Price PSF: $ 98 For further information or inspection, please contact Exclusive Agents: Karl Brumback First Vice President of Sales kbrumback@masseyknakal.com Joshua Rubin Associate jrubin@masseyknakal.com

7 140 West 238 th Street Kingsbridge, North Bronx 45 Unit Walkup Building NEW ASKING PRICE PLEASE SUBMIT OFFERS Rent assumptions for vacant units Studio $ - One-bedroom $ 1,050 Two-bedroom $ 1,250 Three-bedroom $ 1,550 *owner supplied as of # of Vacant Unit Lease Lease Monthly A/C Charge Total Monthly Unit # Rooms Condition Status Type Expiration Rent $5 / month Charges A1 4.0 RS 5/31/13 $ 1,396 $ 5 $ 1,401 A2 5.0 FM 7/31/12 $ 1,800 $ 1,800 A FM 8/31/12 $ 1,500 $ 1,500 A FM M-2-M $ 1,495 $ 1,495 A Renovated FM - Vacant $ 1,250 $ 1,250 A FM 7/31/12 $ 1,510 $ 1,510 A Needs Renovation Previously RC - Vacant $ 1,250 $ 1,250 A FM 1/31/13 $ 1,450 $ 1,450 A FM - Supt.currently occupying but will move to basement $ 1,250 $ 1,250 A FM 4/30/12 $ 1,444 $ 1,444 B1 3.0 FM 1/31/13 $ 1,185 $ 1,185 B2 5.0 FM 3/31/13 $ 1,700 $ 1,700 B RS 3/31/13 $ 1,170 $ 1,170 B Renovated FM - Vacant $ 1,550 $ 1,550 B FM 2/28/13 $ 1,220 $ 1,220 B RS 12/31/12 $ 1,449 $ 5 $ 1,454 B FM 1/31/13 $ 1,210 $ 1,210 B Under Renovation RS - Vacant $ 1,315 $ 1,315 B RS 3/31/13 $ 1,150 $ 5 $ 1,155 B Renovated FM - Vacant $ 1,550 $ 1,550 C1 4.0 Needs Renovation Previously RC - Vacant $ 1,250 $ 1,250 C2 4.0 RS 8/31/12 $ 1,285 $ 5 $ 1,290 C FM 6/30/13 $ 1,300 $ 1,300 C FM 8/31/12 $ 1,185 $ 5 $ 1,190 C RC $ 878 $ 5 $ 883 C FM 7/31/12 $ 1,360 $ 1,360 C FM 3/28/12 $ 1,280 $ 1,280 C FM 5/31/14 $ 1,335 $ 1,335 C FM 1/31/13 $ 1,280 $ 1,280 C RS 6/30/13 $ 950 $ 950 D2 3.0 Needs Renovation RS/TE - Vacant (being used as site office) $ 1,050 $ 1,050 D3 4.0 FM 12/31/12 $ 1,275 $ 1,275 D Renovated FM - Vacant $ 1,250 $ 1,250 D FM 10/31/12 $ 1,185 $ 1,185 D RS 5/31/13 $ 1,160 $ 1,160 D FM 6/30/12 $ 1,207 $ 5 $ 1,212 D FM 4/30/13 $ 1,185 $ 1,185 D FM 5/31/12 $ 1,250 $ 1,250 D RC $ 900 $ 900 D Renovated RS - Vacant $ 1,050 $ 1,050 D FM 6/30/12 $ 1,330 $ 5 $ 1,335 D FM 7/31/12 $ 1,365 $ 1,365 D RS 10/31/13 $ 1,275 $ 1,275 D FM 1/31/13 $ 1,300 $ 1,300 BSMT 4.0 Under Renovation Super's Unit under renovation - temp. in A51 $ - $ - Total Monthly Residential Revenue $ 56,729 $ 56,769 Total Annual Residential Revenue $ 680,750 $ 681,230

8 140 West 238 th Street Kingsbridge, North Bronx 45 Unit Walkup Building NEW ASKING PRICE PLEASE SUBMIT OFFERS REVENUE: Gross Monthly Revenue $ 56,769 Gross Annual Revenue $ 681,230 Less Vacancy & Credit Loss 7% $ 47,686 Effective Gross Annual Revenue $ 633,544 Bldg SF : 42,525 Total Units : 45 EXPENSES: MK Estimates Real Estate Taxes (12/13) Actual $ 64,740 SCRIE Recovery $ - $ 1.25 / Sq. Ft. Common Areas $ 7,973 Water and Sewer (on $ 0.80 / Sq. Ft. $ 34,020 Fuel (Boiler is #6 but running on $ 1.65 / Sq. Ft. $ 70,166 $ 450 / Unit $ 20,250 Repairs and $ 500 / Unit $ 22,500 Payroll & Benefits (Part-time Union Super + $ 1,500 / Mo. $ 18,000 Legal & 1% / EGR $ 6,335 Misc. & 1% / EGR $ 6,335 5% / EGR $ 31,677 Total Annual Expenses: Expenses Per Unit: $ 6,267 $ 281,998 Exp/SF ex taxes: $ 5.11 Effective Gross Annual Revenue: $ 633,544 Less Expenses: 45% $ 281,998 Net Operating Income: $ 351,546 NEW ASKING PRICE: $4,150,000 For further information or inspection, please contact Exclusive Agents: Karl Brumback First Vice President of Sales kbrumback@masseyknakal.com Joshua Rubin Associate jrubin@masseyknakal.com

9 16 Unit Walk-up MOSTLY VACANT 1243 Webster Avenue Bronx, NY Property Description: Massey Knakal Realty Services is pleased to present 1243 Webster Avenue, located on the West side of Webster Avenue between East 168 th Street and East 169 th Street in the Morrisania section of the Bronx. The subject property features sixteen (16) residential units, with eight (8) studios and eight (8) onebedroom units. The building features a new boiler and 2 above ground 275 gallon oil storage tanks. The owner recently renovated ten of the sixteen units. These ten units are currently vacant. Property Information: Property Address: 1243 Webster Ave Block / Lot Number 2427 / 43 Number of Units: 16 Stories: 4 Zoning: R7-1 / C2-4 Lot Dimensions 26' x 100' Building Dimensions: 26' x 78' Lot Size (SF): 2,600 Building SF: 6,480 Assessment 2012: $102,150 Taxes 2012: $13,722 For further information or inspection, please contact Exclusive Agent: David R. Simone First Vice President - Sales x 7725 dsimone@masseyknakal.com ASKING PRICE: $1,499,000

10 16 Unit Walk-up Building for Sale 1243 Webster Avenue Bronx, NY Residential Income Unit Bedroom Count Tenant Status Monthly Rent 1A 2 RENTED $ B 2 RENTED $ C 3 VACANT $1, D 3 VACANT $1, A 2 VACANT $1, B 2 VACANT $1, C 3 VACANT $1, D 3 RENTED $ A 2 VACANT $1, B 2 VACANT $1, C 3 VACANT $1, D 3 RENTED $1, A 2 RENTED $ B 2 VACANT $1, C 3 RENTED $ D 3 VACANT $1, $18, Projected Gross Annual Rent $216,522 Projected Expenses $68,437 Projected Net Operating Income $148,085 Estimated Annualized Expenses: Real Estate Taxes (2012): $13,722 Insurance: $4,000 Fuel (@ $1.25/SF) $20,000 Electric (@ $.35/SF) $1,200 Water & Sewer ($600/Unit) $9,600 Management (4%) $8,661 Repair / Maintence ($550/Uni $8,800 Legal Feels & Misc. (2%) $4,330 Total Expenses $70,313 For further information or inspection, please contact Exclusive Agent: David R. Simone First Vice President of Sales x7725 dsimone@masseyknakal.com ASKING PRICE: $1,499,000

11 920 University Avenue Highbridge Mixed-Use Development Site Property Information Location: On the West side of Summit Avenue b/w W. 161st and W.165th Streets Block / Lot: 2523 / 53 Lot Size: Lot Area: 60' x ' (irr.) (Approx.) 7,735' (Approx.) Zoning: R7-1 / M1-5 As of Right: Res. FAR: 3.44 Comm. FAR: 5.00 Total Buildable SF (Res): 26,607 BSF (Approx.) Total Buildable SF (Comm): 38,673 BSF (Approx.) Community Facility: Res. FAR: 4.8 Comm. FAR: 6.5 Total Buildable SF (Res): Total Buildable SF (Comm): 37,126 BSF (Approx.) 50,275 BSF (Approx.) Assessment (11/12): $38,371 Taxes (11/12): $3, University Avenue is a block through vacant lot, consisting of 7,735 sq. ft. of total lot area and located within an R7-1 / M1-5 zone. The site benefits from over 61 of frontage on University Avenue, as well as 60 of frontage on Summit Avenue. With curb cuts in place, the property is currently being used as a parking lot. The site is partially paved and can accommodate for approximately 18 cars. The irregularly shaped lot also has significant development potential, totaling 26,607 sq. ft. of residential development and 38,673 sq. ft. of commercial development. The site could provide Harlem River views from the upper floors of a multifamily or mixed-use development and is also directly accessible from the Major Deegan Expressway, as well as multiple bus and subway lines. ASKING PRICE: $625,000 Nicholas Burns nburns@masseyknakal.com For further information or inspection, please contact Exclusive Agents: David Simone First Vice President of Sales dsimone@masseyknakal.com Andrew Essick Senior Associate aessick@masseyknakal.com

12 Address: 801 Coop City Bronx, NY Buyer: Sol Arker Seller: Bent Philipson Date: 1/29/2013 Price: $3,475,000 Price Per SF: $31.63 Cap Rate: n/a GRM: n/a Address: North Avenue New Rochelle, NY Buyer: Paul Libretta Seller: Anthony Millardi Date: 2/8/2013 Price: $ 1,100,000 Price Per SF: $ Cap Rate: 9.26% (Actual) GRM: 6.50 (Actual) Address: 140 West 238 th Street Bronx, NY Buyer: n/a Seller: n/a Date: 3/15/2013 Price: $4,350,000 Price Per SF: $ Cap Rate: 8.08% GRM: 6.39 Address: 920 University Avenue Bronx, NY Buyer: Prasanna Venk Seller: HW Wilson Date: 03/22/2013 Price: $500,000 Price Per SF: $ n/a Cap Rate: n/a GRM: n/a Address: 280 West 231 st Street Bronx, NY Buyer: n/a Seller: n/a Date: 2/7/2013 Price: $1,477,000 Price Per SF: $ Cap Rate: n/a GRM: n/a Address: 950 Summit Ave Bronx, NY Buyer: Bill Bollinger Seller: Harold Regan Date: 02/14/2013 Price: $ 875,000 Price Per SF: n/a Cap Rate: n/a GRM: n/a Address: 1243 Webster Avenue Bronx, NY Buyer: n/a Seller: n/a Date: 03/18/2013 Price: $ 1,350,000 Price Per SF: n/a Cap Rate: n/a GRM: n/a