131 NAGLE AVE. 5 STORY, 25 UNIT RESIDENTIAL BUILDING Located In Washington Heights, New York 131 NAGLE AVENUE 1

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1 3 NAGLE AVE 5 STORY, 25 UNIT RESIDENTIAL BUILDING Located In Washington Heights, New York 3 NAGLE AVENUE

2 3 NAGLE AVENUE - PROPERTY OVERVIEW Property Description 3 Nagle Avenue is a 44 wide, 8,500 square foot, 25 unit building located on the south side of Nagle Avenue between Arden and Sickles Avenue. This five-story walk-up building is comprised of 4 one-bedroom and two-bedroom apartments. All of the 25 units are rent stabilized. The property offers investors tremendous upside in the ability to convert units to larger bedroom counts and increase rents that are close to 40% below market. Apartments are currently renting for an average of $,27 per month and $24 per net square foot in a market that can achieve close to $37. Recent building improvements include work to roof and parapet wall, installation of new cameras/security system and gas burner conversation that was completed in 206. Tenants benefit from the property s close proximity to the Broadway, Dyckman and Nagle retail corridors which include national retail tenants like Starbucks, Dunkin Donuts, Rite Aid and Planet Fitness as well as long established neighborhood gems. Public transportation is easily accessible via the and A subway lines at Dyckman Street in addition to numerous bus lines that service the area. Highlights 5 Story building with 25 units Approximately 8,500 Gross Square Feet 4 one-bedroom and two-bedroom units Renting close to 40% below market Close proximity to both Harlem River and Ft Tryon Parks 2 blocks from Dyckman Street Subway station and 5 blocks from A station 2 CUSHMAN & WAKEFIELD

3 PROPERTY OVERVIEW Tax Map Nagle Avenue Sickles Street Hillside Avenue Retail Map A A 3 NAGLE AVENUE 3 NAGLE AVENUE 3

4 3 NAGLE AVENUE - PROPERTY FEATURES ASKING PRICE: $5,900,000 PPSF: $39 PPU: $236,000 Property Features: Location: Located on the south side of Nagle Avenue between Hillside Avenue and Sickles Street. Block & Lot: Lot Dimensions: 50' x 05' Lot Square Footage: 5,250 sq ft (approx.) Building Dimensions: 44' x 92' Stories: 5 Residential Units: 25 Gross Square Footage: 8,500 sq ft (approx.) Net Square Footage: 5,725 sq ft (approx.) less 5% loss factor Avg. Net Unit Size: 629 sq ft (approx.) Zoning: R7-2 / C-4 FAR: 4.00 (Wide Street) Total Buildable Sq. Ft.: 2,000 sq ft (approx.) Minus Existing Structure: 8,500 sq ft (approx.) Available Air Rights: 2,500 sq ft (approx.) Assessment (7/8): $455,400 Taxes (7/8): $58,70 Financial Summary: GROSS ANNUAL REVENUE: $38,288 VACANCY LOSS & EXPENSES: ($57,269) NET OPERATING INCOME: $224,09 PRICE PER SQUARE FOOT: $39 PRICE PER UNIT: $236,000 CAPITALIZATION RATE: 3.80% GROSS RENT MULTIPLE: 5.47x 4 CUSHMAN & WAKEFIELD

5 TRANSPORTATION 207TH STREET A 207TH STREET LA MARINA - RESTAURANT, BAR & BEACH LOUNGE DYCKMAN STREET DYCKMAN STREET 3 NAGLE AVENUE 40 to Penn Station via 40 to Penn Station via A 45 to Grand Central via min min min 90TH STREET 9ST STREET 8ST STREET 8ST STREET GEORGE WASHINGTON BRIDGE BUS STATION 75TH STREET 3 NAGLE AVENUE 5

6 3 NAGLE AVENUE - RENT ROLL UNIT STATUS BEDS EXP. LEGAL RENT PREF ACTUAL RENT RS Bdrm Apr-8 $,904 ($329) $,575 2 RS Bdrm Sep-7 $822 $822 4 TEMP Bdrm Sep-7 $,550 $,550 5 RS 2 Bdrm Jan-9 $99 $99 6 RS 2 Bdrm Vacant $2,200 $2,200 2 RS 2 Bdrm May-9 $2,54 ($34) $2, RS Bdrm Jul-8 $647 $ TEMP Bdrm May-9 $,600 $, RS 2 Bdrm Sep-7 $754 $ RS 2 Bdrm Dec-7 $906 $906 3** RS Bdrm Vacant $2,200 $2, RS Bdrm Apr-9 $646 $ RS Bdrm Mar-8 $,947 ($97) $, RS 2 Bdrm Jun-8 $727 $ TEMP 2 Bdrm Oct-7 $,950 $,950 4 TEMP Bdrm Oct-7 $,550 $, RS Bdrm Jun-7 $649 $ RS/S8 Bdrm May-7 $,30 $,30 45 RS 2 Bdrm Jun-8 $723 $ RS/S8 2 Bdrm May-9 $,374 $,374 5 RS Bdrm Jan-9 $,604 ($37) $, RS Bdrm Dec-7 $2,20 ($535) $, RS Bdrm Oct-7 $87 $87 55 RS 2 Bdrm Oct-7 $999 $ RS 2 Bdrm Oct-7 $764 $764 GROSS MONTHLY RESIDENTIAL RENT: $3,774 GROSS ANNUAL RESIDENTIAL RENT: $38,288 AVERAGE RENT PER UNIT: $,27 RESIDENTIAL RENT PER NET SQUARE FOOT: $24.25 *Units 22, 25, 26, 35, 54 & 55 are SCRIE. **This unit can be converted to a 2br. 6 CUSHMAN & WAKEFIELD

7 BREAKDOWN - INCOME & EXPENSES RESIDENTIAL REVENUE Gross Annual Residential Revenue $38,288 Vacancy 3% of Gross Annual Revenue ($,439) Effective Gross Annual Residential Revenue $369,850 EXPENSES (ESTIMATED) CW PROJECTED Adjusted Taxes (6/7) Actual $58,70 $,000 / Unit $25,000 $400 / Unit $0,000 Fuel $.00 / GSF $8,500 $0.5 / GSF $2,775 $550 / Unit $3,750 $500 / Month $6, % / EGR $,095 Total Expenses: $45,83 Effective Gross Annual Residential Revenue $369,850 Less Expenses: ($45,83) Net Operating Income: $224,09 3 NAGLE AVENUE 7

8 3 NAGLE AVENUE For more information contact: Ian Brooks Senior Associate (22) Robert M. Shapiro Executive Managing Director (22)