INVICTUS PROPERTY ADVISORS

Transcription

1 40 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE ASKING PRICE $17,100,000 Steps Away From CCNY and Columbia University Manhattanville, 100' of Frontage, Large Apartments, Low Average Rents, Imminent Value-Add JOSH LIPTON ANDREW LEVINE 303 Fifth Avenue, #1102, New York, NY info@invictusnyc.com josh.lipton@invictusnyc.com andrew.levine@invictusnyc.com Invictus Property Advisors LLC makes no warranty or representation as to the accuracy and completeness of the information contained herein. This information is presented subject to errors, omissions and other conditions which may change without notice. The information contained herein shall be independently evaluated.

2 BUILDING FEATURES LOCATION: On the south side of West 136th Street between Amsterdam Avenue and Broadway. BLOCK / LOT: LOT DIMENSIONS: 1988 / ' X 99.92' LOT AREA: 9,992 SF STORIES: BUILDING DIMENSIONS: GROSS SQUARE FOOTAGE: RESIDENTIAL UNITS: COMMERCIAL UNITS: ZONING: APARTMENT LAYOUTS: / MIX: AVERAGE APARTMENT SQUARE FOOTAGE: COMMERCIAL SQUARE FOOTAGE: ASSESSMENT 18/19: TAXES 18/19: GROSS ANNUAL REVENUE: EXPENSES + VACANCY LOSS: NET OPERATING INCOME: CAP RATE: PPSF: PPU: 6 100' X 84' 42,520 SF 38 Units 2 Units (currently occupied by 1 tenant) R7A 19 Four-Bedrooms, 11 Three-Bedrooms, 8 Two-Bedrooms 31 Rent Stabilized / 7 Free Market 950 SF (approx.) 1,450 SF (approx.) $672,930 $85,590 (Tax Class 2) $893,520 $272,161 $621, % $402 / SF $427,500 / Unit PROPERTY FEATURES Property Advisors has been retained on an exclusive basis for the sale of 530 West 136th Street, a six (6) story, mixed-use elevator building. The subject property is a pre-war multifamily, built in 1926, totaling thirty-eight (38) apartments and two (2) commercial units that are currently occupied by one (1) retail tenant. The property has 100' of frontage in an unparalleled location for an Upper Manhattan investment. Located between the City College of New York (CCNY) and The Columbia University Manhattanville Expansion Project, future ownership will benefit from an entrenched student tenancy with parental guarantors. The 17' acre Manhattanville Campus will ultimately stretch from West 125th Street to West 133rd Street, between Broadway and Twelfth Avenue, just three blocks away from 530 West 136th Street. The property boasts large apartments with an average apartment size of 950 square feet, presenting prospective purchasers with a value-add opportunity. Comparable apartments in terms of size and layout in the area have been converted into 5 and 6 bedrooms and are currently renting for $1,000/bedroom. Current ownership has gut renovated four (4) units (BSMT, 4, 25 & 36) and will deliver the building with cap-ex projects completed such as: new gas boiler with a new chimney, controls and decommissioning, and removing the existing oil tank. Additionally, there is a new elevator cab and machine, machine room, control, and guide rails. Several of the units are in late-stages of potential turnover and with average residential rents at $23.65/NSF and average monthly rents at $1,811, investors can capitalize on improving the rent roll and benefit from continued growth in West Harlem rental rates. The property is located adjacent to the Broadway retail corridor and the 1 subway line is a block away. Located in a newly designated tax-friendly Opportunity Zone, 530 West 136th Street will benefit from anticipated development and conversion projects in the immediate area and Upper Manhattan more generally.

3 RESIDENTIAL RENT ROLL APT # STATUS ROOMS LEASE EXP. MONTHLY REVENUE ANNUAL REVENUE 1 /S8 1/31/19 $1,155 $13, /31/17 $907 $10,884 3 /S8 9/30/20 $1,813 $21, /30/19 $4,200 $50, /31/20 $1,535 $18,420 6 /S8 4/30/20 $1,594 $19, /31/20 $910 $10, /S8 12/31/19 $1,813 $21, /S8 1/31/20 $1,920 $23, $1,061 $12, /30/19 $4,200 $50, /S8 4/30/20 $1,731 $20, /S8 4/30/20 $1,369 $16, /S8 11/30/18 $1,848 $22, /31/19 $1,906 $22, /30/19 $842 $10, /30/18 $908 $10, /30/19 $3,300 $39, /S8 1/31/19 $1,605 $19, /31/20 $884 $10, /29/20 $601 $7, /S8 2/28/19 $1,612 $19, /30/20 $4,200 $50, /28/19 $747 $8, /S8 1/31/19 $1,701 $20, /30/18 $1,669 $20, /31/19 $934 $11,208 54* N/A $4,200 $50,400 *Late-Stages of Tenant Holdover Proceeding, More Information Available Upon Request

4 55 8/31/17 $1,143 $13, /S8 10/31/18 $1,309 $15, /S8 3/31/19 $1,341 $16, /S8 10/31/18 $1,877 $22, Vacant $4,200 $50, /31/20 $848 $10, /29/20 $1,069 $12, /S8 7/31/20 $1,355 $16,260 BSMT 11/30/18 $1,514 $18,168 BSMT 2/28/20 $3,000 $36,000 Blue Denotes Projections Due To Vacancy MONTHLY RESIDENTIAL REVENUE $68,821 ANNUAL RESIDENTIAL REVENUE $825,852 AVERAGE RESIDENTIAL RENT PER NET SQUARE FOOT $23.65 COMMERCIAL RENT ROLL UNIT TENANT SQ. FT. LEASE EXP. MONTHLY REVENUE ANNUAL REVENUE 1 & 2 Deli Grocery & Grill 1,450 03/31/2023 $4,714* $56,568 *Commercial Tenant Pays 10% of the Total Annual Tax Bill, Reflected in Their Rent MONTHLY COMMERCIAL REVENUE $4,714 ANNUAL COMMERCIAL REVENUE $56,568 AVERAGE COMMERCIAL RENT PER NET SQUARE FOOT $39.01 TOTAL MONTHLY REVENUE TOTAL $73,535 ANNUAL REVENUE $882,420 TOTAL ANNUAL REVENUE WITH MCI* $893,520 *Expected Annual Rental Increase of $11,100 Due to MCI Pass-Throughs

5 EXPENSES R.E. TAXES (18/19) INSURANCE WATER & SEWER COMMON ELECTRIC Elevator OIL* REPAI & MAINTENANCE Management Actual Actual Actual $0.15 / SF $5,000 / Year $1.00 / SF $250 / Unit 3% of EGI $85,590 $22,703 $37,063 $6,378 $5,000 $42,520 $9,500 $24,602 SUPER $1,000 / Month $12,000 TOTAL EXPENSES $245,356 *Ownership is in the Process of Converting Boiler from Oil to Gas GROSS ANNUAL REVENUE (GAR) VACANCY 3% OF GAR EFFECTIVE GROSS ANNUAL REVENUE LESS ANNUAL EXPENSES NET OPERATING INCOME CAP RATE GRM $893,520 $26,805 $866,715 $245,356 $621, % 19.9x POINTS OF INTEREST

6 BUILDING STATISTICS UNIT MIX BEDROOM MIX

7 PROPERTY PHOTOS DINING ROOM RENOVATED KITCHEN

8 The forty (40) unit mixed-use elevator building has been improved significantly since current ownership purchased the asset. Four (4) units were gut renovated with new hardwood floors, kitchens and stainless steel appliances and modern bathrooms. Large units cater to the demand of students in the immediate area at Columbia University ("CU") and City College of NY ("CCNY") that continue to grow. CU's total enrollment count has increased by 2.7% annually from , a trend that is expected to continue due to Columbia Manhattanville and Columbia Medical establishing a key presence in Upper Manhattan. PRIOR TO EXISTING OWNEHIP TAKING POSSESSION OF THE BUILDING, THERE HADN'T BEEN TURNOVER OF ANY OF THE TENANTS FOR 20+ YEA. The stabilized units are renting at approximately $13/NSF, while the free market units are achieving rents of approximately $50/NSF. Accordingly, this asset represents a value-add opportunity in Manhattanville that will continue to appreciate as renters get priced out of areas South of 96th Street.

9 MAP 530 West 136th HQ 40 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE ASKING PRICE $17,100,000 Steps Away From CCNY and Columbia University Manhattanville, 100' of Frontage, Large Apartments, Low Average Rents, Imminent Value-Add