4791 BROADWAY. A 69 Unit Corner Mixed-Use Building Northern Manhattan

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1 4791 BROADWAY A 69 Unit Corner Mixed-Use Building Northern Manhattan

2 4791 BROADWAY - PROPERTY OVERVIEW Property Description: Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 4791 Broadway. This investment property is a 69 unit, mixed-use, 6-story, 58,260 GSF corner building located in the Inwood neighborhood of Northern Manhattan. The property is located on the northwest corner of Broadway and Cumming Street (just one block north of Dyckman) and boasts 101 of prime Broadway frontage. 65% of the property s income is derived from the residential component and 35% from the ground floor retail. The building contains 63 residential units, including one super s unit in the basement, and 6 retail spaces. The 63 residential apartments are a combination of 51 onebedroom, and 11 two-bedroom apartments (plus 1 Super unit) that average a spacious 732 sqft. The residential portion of the building is currently renting at approximately $22 per net square foot in a market that can easily achieve over $30. Given the building s desirable location, and strong foot traffic, retail rents in the building are averaging $90 per square foot. Inwood is one of Manhattan s most exciting and thriving neighborhoods and recently passed a major large scale rezoning. This rezoning impacts 59 blocks of Inwood and will have a positive impact on the entire neighborhood Broadway is ideally situated between major retail corridors along Dyckman and West 207th Streets which offer tenants both neighborhood gems and large national chains. Some of these businesses include Tryon Public House, Papasiot, Tabu, Mamasushi, Mamajunana Café, Starbucks, Dominos, GNC, Planet Fitness, Duane Reade, CVS, Dunkin Donuts, Foot Locker and many more. A short walk from the building is the world famous Fort Tryon Park and the 196 acre Inwood Hill Park which further add to the desirability of the neighborhood. The property is one block from the Dyckman Street A train stop and less than 4 blocks from the Dyckman Street! stop. Highlights: Located in Inwood, one of Manhattan s thriving and most desirable neighborhoods 6-Story, 68 unit corner mixed-use building 101 of frontage on Broadway Long term ownership Major MCI opportunities remaining Spacious one-bedroom and two-bedroom apartments averaging 732 sqft Steps from A train and in close proximity to the! 2 CUSHMAN & WAKEFIELD

3 PROPERTY FEATURES ASKING PRICE: $21,000,000 PPSF: $360 PPU: $304,348 Property Features: Location: Located on the northeast corner of Broadway & Cumming Street. Block & Lot: Lot Dimensions: ' x 137' Lot SF: Building Dimensions: Building SF: 12,850 SF (approx.) 101' x 114' (irregular) 58,260 SF (approx.) Stories: 6 Residential Units: 63 Commercial Units: 6 Total Units: 69 Gross SF: Net SF: Avg. Net Unit Size: Gross Commercial SF: 54,260 SF (approx.) 46,121 SF (approx.) less 15% loss factor 732 SF (approx.) 4,000 SF (approx.) Zoning: R7-2 C1-4 Residential FAR: 4.00 (Wide Street) Facility FAR: 6.50 Total Buildable SF: Minus Existing Structure: Available Air Rights: 51,400 SF (approx.) 58,260 SF (approx.) Overbuilt Assessment (18/19): $2,364,569 Property Taxes (18/19): $300,750 Financial Summary: GROSS ANNUAL REVENUE: $1,397,896 VACANCY LOSS & EXPENSES: $585,570 NET OPERATING INCOME: $812,326 PRICE PER SQUARE FOOT: $360 PRICE PER UNIT: $304,348 CAPITALIZATION RATE: 3.87% GROSS RENT MULTIPLE: 15.02x 4791 BROADWAY 3

4 4791 BROADWAY - RESIDENTIAL REVENUE UNIT ROOMS STATUS EXP. LEGAL RENT PREF. APPLIANCE CHARGE MONTHLY RENT 0A 3 RS Apr-20 $1,157 ($144) $1,013 0B 4 RS Vacant $1,202 $2,100 1A 3 FM Nov-18 $1,550 $1,550 1B 4 RS $1,382 $17 $1,398 1C 3 RS Apr-20 $1,245 $13 $1,259 1D 4 FM May-19 $2,050 $2,050 1E 3 RS Mar-19 $1,801 ($376) $1,425 1F 3 RS Sep-19 $1,112 $1,112 1G 3 RS Apr-20 $1,082 $1,082 1H 3 RS Sep-19 $1,280 $1,280 1I 3 RS Nov-18 $1,324 $1,324 1J 3 RS Jul-19 $1,405 ($326) $1,079 1K 3 RS Sep-19 $1,346 $1,346 1L 3 RS Jun-19 $1,168 ($137) $1,031 2A 3 RS Jan-20 $1,456 $1,456 2B 4 RS Apr-19 $1,141 $1,141 2C 3 RS Jan-20 $2,107 ($457) $1,650 2D 4 RS May-20 $1,355 $17 $1,372 2E 3 RS Jun-19 $1,784 ($259) $1,525 2F 3 RS Jul-20 $1,307 $1,307 2G 3 RS Oct-19 $2,139 ($564) $1,575 2H 3 RS Jul-19 $1,330 $1,330 2I 3 RS Vacant $1,359 $1,750 2J 3 RS Apr-20 $1,333 $1,333 2K 3 RS Oct-19 $1,507 ($249) $1,258 2L 3 RS Feb-19 $1,732 ($307) $1,425 3A 3 RS Mar-19 $1,517 $1,517 3B 4 RS Aug-19 $1,345 $1,345 3C 3 RS Apr-19 $1,244 $1,244 3D 4 RS Sep-20 $1,440 $1,440 3E 3 RS May-19 $1,161 $1,161 3F 3 RS Mar-19 $1,697 $1,697 3G 3 FM Mar-19 $1,625 $1,625 3H 3 RS Dec-18 $1,378 ($53) $1,325 3I 3 RS Sep-19 $1,490 $1,490 4 CUSHMAN & WAKEFIELD

5 RESIDENTIAL REVENUE UNIT ROOMS STATUS EXP. LEGAL RENT PREF. APPLIANCE CHARGE MONTHLY RENT 3J 3 RS Apr-19 $2,193 ($718) $1,475 3K 3 RS Jun-20 $1,166 $1,166 3L 3 RS Jan-19 $2,258 ($568) $1,690 4A 3 RS Jun-19 $1,561 ($311) $1,250 4B 4 RS Vacant $1,451 $2,100 4C 3 RS Aug-19 $1,179 $1,179 4D 4 RS Jun-20 $2,093 ($68) $2,025 4E 3 RS Apr-19 $1,174 $17 $1,191 4F 3 RS Aug-19 $1,468 $1,468 4G 3 RS Jun-19 $1,338 $17 $1,355 4H 3 RS May-20 $1,074 $17 $1,091 4I 3 RS Mar-19 $1,540 ($20) $1,520 4J 3 RS Oct-18 $2,133 ($733) $1,400 4K 3 RS Jul-18 $1,906 ($581) $1,325 4L 3 RS Feb-19 $1,586 ($186) $1,400 5A 3 RS Jul-20 $1,509 ($84) $1,425 5B 4 RS Oct-18 $2,099 ($474) $1,625 5C 3 RS Oct-19 $1,013 $1,013 5D 4 RS Jun-20 $1,682 ($34) $1,648 5E 3 RS Dec-18 $2,475 ($1,050) $1,425 5F 3 RS Aug-19 $1,138 $1,138 5G 3 RS Oct-18 $1,084 $1,084 5H 3 RS Aug-20 $1,097 $1,097 5I 3 RS Vacant $2,088 $1,750 5J 3 RS Vacant $1,465 $1,465 5K 3 RS Apr-20 $1,644 ($394) $1,250 5L 3 RS Aug-18 $693 $693 BSMT Super Gross Monthly Residential Rent: $86,262 Gross Annual Residential Rent: $1,035,147 Average Rent Per Unit: $1,391 Average Rent Per Net Square Foot: $ BROADWAY 5

6 4791 BROADWAY - REVENUE & BREAKDOWN Commercial Revenue: UNIT TENANT LEASE START LEASE EXP. TOTAL MONTHLY RENT ST1 Lawrence Rosenblatt Jun-17 May-19 $7,846 ST3 Auto Leasing & Sales Dec-16 Nov-21 $2,678 ST4 Salud Para Todos Nov-14 Nov-19 $2,896 ST5 Beauty Salon Nov-17 Oct-22 $2,316 ST6 Inwood Coffee May-18 Apr-23 $3,650 ST7/8 JMC Holdings Jul-15 Jun-25 $10,843 Gross Monthly Retail Rent: $30,229 Gross Annual Retail Rent: $362,749 Average Retail Rent Per Square Foot: $90.69 Combined Revenue: Gross Total Monthly Rent: $116,491 Gross Total Annual Rent: $1,397,896 Unit Breakdown: Average Total Rent Breakdown: STATUS NUMBER % ROOMS NUMBER AVERAGE MONTHLY RENT MARKET RENT % OF MARKET FM 3 4.3% 3 51 $1,334 $1,750 76% RS % 4 11 $1,659 $2,100 79% Super 1 1.4% BSMT 1 Retail 6 8.7% Retail 6 $5,038 $5, % 69 77% 6 CUSHMAN & WAKEFIELD

7 INCOME & EXPENSES Combined Revenue: Gross Annual Residential Revenue $1,035,147 Vacancy 3% Of Gross Annual Revenue ($31,054) Gross Annual Commercial Revenue $362,749 Vacancy 5% Of Gross Annual Revenue ($18,137) Effective Gross Annual Combined Revenue $1,348,704 Expenses (Estimated): C&W Projected Taxes 2018 / 2019 Actual $300,750 Tax Reimbursements Actual ($46,972) Water/Sewer 2018 / 2019 Actual $69,691 $450 / Unit $31,050 Fuel $1.00 / GSF $58,260 Common $0.15 / GSF $8,739 Repairs & $550 / Resi. Unit $34,650 General & $250 / Resi. Unit $15,750 $2,000 / Elevator $24, % / EGR $40,461 Total Expenses: $536,378 EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $1,348,704 LESS EXPENSES: 40% ($536,378) NET OPERATING INCOME: $812, BROADWAY 7

8 4791 BROADWAY - PROPERTY PICTURES 8 CUSHMAN & WAKEFIELD

9 PROPERTY PICTURES 4791 BROADWAY 9

10 4791 BROADWAY - TRANSPORTATION OVERVIEW 207TH STREET A 1 LA MARINA - RESTAURANT, BAR & BEACH LOUNGE 207TH STREET DYCKMAN STREET 4791 BROADWAY DYCKMAN STREET Travel Times: 30 min 190TH STREET 191ST STREET 181ST STREET 181ST STREET GEORGE WASHINGTON BRIDGE BUS STATION 175TH STREET 10 CUSHMAN & WAKEFIELD to Penn Station via A

11 LOCATION OVERVIEW Se am an A ve n ue Tax Map: a Ac de e Str my et Cu m m in g St re et ad Bro y wa FORT TRYON PARK Retail Map: A 4791 BROADWAY 1 A BROADWAY 11

12 4791 BROADWAY For more information contact: ROBERT M. SHAPIRO Executive Managing Director (212) IAN BROOKS Director (212) Cushman & Wakefield Copyright 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.