1761 AMSTERDAM AVE 5 STORY, CORNER MIXED USE BUILDING

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1 1761 AMSTERDAM AVE 5 STORY, CORNER MIXED USE BUILDING 13 Residential Units & 2 Commercial Tenants

2 1761 AMSTERDAM AVENUE - PROPERTY OVERVIEW Property Description Cushman & Wakefield has been retained on an exclusive bases to arrange for the sale of 1761 Amsterdam Avenue. The 25 wide, corner mixed-use building is approximately 11,000 square feet and contains 13 residential units and 2 commercial tenants. The property has a mix of 6 fair market and 7 rent stabilized apartments Amsterdam is located on the northwest corner of Amsterdam Avenue and West 147th Street in the historic Sugar Hill neighborhood. The property benefits from its close proximity to The City College of New York, Riverbank State Park, Jackie Robinson Park and the trains. The opportunity presents future ownership with the ability to own a turnkey asset in a rapidly improving neighborhood with the ability to capitalize on the remaining upside. Highlights Just 2 blocks from trains 3 Blocks north of The City College of New York 6 Fair Market, 7 Rent Stabilized apartments 25 wide corner building Expense reimbursements from retail tenant Retail Map 1761 AMSTERDAM AVENUE 3 1 A C B D 2

3 1761 AMSTERDAM AVENUE - PROPERTY FEATURES ASKING PRICE: $6,450,000 GRM: 15.72x CAP RATE: 4.23% Property Features: Location: Located on the northeast corner of Amsterdam Avenue and West 147th Street. Block & Lot: Lot Dimensions: 25' x 100' Lot Square Footage: 2,500 sq ft (approx.) Building Dimensions: 25' x 92' Building Square Footage: 11,080 sq ft (approx.) Stories: 5 Residential Units: 13 Commercial Units: 1 Total Units: 14 Gross Residential SF; 9,080 sq ft (approx.) Net SF: 7,718 sq ft (approx.) less 15% loss factor Avg. Net Unit Size: 594 sq ft (approx.) Gross Commercial SF: 2,000 sq ft (approx.) Zoning: R7A / C1-4 Residential FAR: 4.00 Community Facility FAR: 4.00 Total Buildable Sq. Ft.: 10,000 sq ft (approx.) Minus Existing Structure: 11,080 sq ft (approx.) Available Air Rights: Overbuilt Assessment (17/18): $638,130 Taxes (17/18): $82,268 (Tax Class 2) Financial Summary: GROSS ANNUAL REVENUE: $410,260 VACANCY LOSS & EXPENSES: ($137,686) CAPITALIZATION RATE: 4.23% GROSS RENT MULTIPLE: 15.72x NET OPERATING INCOME: $272,574 CUSHMAN & WAKEFIELD 3

4 1761 AMSTERDAM AVENUE - REVENUE Residential Income: UNITS BEDS STATUS EXP. MONTHLY RENT 1 2 RS May-19 $ FM Sep-18 $2,450 2A 1 FM May-18 $1, FM Feb-18 $2, RS Aug-18 $2, RS Vacant $2, RS Jun-19 $ FM Jul-18 $2, FM Jun-18 $1, RS Sep-19 $ FM Vacant $2, RS Mar-18 $613 GF 2 RS Dec-18 $1,012 GROSS MONTHLY RESIDENTIAL RENT: $22,655 GROSS ANNUAL RESIDENTIAL RENT: $271,855 AVERAGE RENT PER UNIT: $1,743 AVERAGE RENT PER NET SQUARE FOOT: $35.22 Retail Income: TENANT SQ FT EXP. RPSF MONTHLY RENT Chapel 2,000 Mar-17 *$47 *$7,854 Metro PCS Antenna Roof Aug-18 *$3,680 GROSS MONTHLY RETAIL RENT: $11,534 GROSS ANNUAL RETAIL RENT: $138,405 **AVERAGE RETAIL RENT PER SQUARE FOOT: $47 *Rents reflect 3% increase that will be in effect April 2018 ** Metro PCS Roof Antenna is not included in Average Rent Per Square Foot GROSS TOTAL MONTHLY RENT: $34,188 GROSS TOTAL ANNUAL RENT: $410,260 4

5 1761 AMSTERDAM AVENUE - INCOME & EXPENSES RESIDENTIAL REVENUE Gross Annual Residential Revenue $271,855 Vacancy 3% of Gross Annual Revenue ($8,156) Gross Annual Commercial Revenue $138,405 Effective Gross Annual Combined Revenue $402,104 EXPENSES (ESTIMATED) CW PROJECTED Taxes (17/18) Actual $82,268 Tax Reimbursements From Commercial Tenant Actual ($15,108) Water/Sewer Actual $23,027 Water Reimbursements From Commercial Tenant Actual ($2,400) $400 / Unit $5,600 Fuel $0.85 / GSF $9,418 Common $0.15 / GSF $1,662 Repairs & $500 / Unit $7,000 $500 / Month $6, % / EGR $12,063 Total Expenses: $129,530 EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $402,104 LESS EXPENSES: 32% ($129,530) NET OPERATING INCOME: $272,574 CUSHMAN & WAKEFIELD 5

6 1761 AMSTERDAM AVENUE - LOCATION OVERVIEW Tax Map East 148th Street Amsterdam Avenue Convent Avenue East 147th Street Transportation Map 1761 AMSTERDAM AVE 1 A C B D 3 RIVERBANK STATE PARK 145 th Street Travel Times: 19 min to Bryant Park via B D 15 min to Times Square via A 22 min to Times Square via TH STREET M N R 12 min to Columbus Circle via A B D COLUMBIA UNIVERSITY 6

7 1761 AMSTERDAM AVENUE - PROPERTY PICTURES CUSHMAN & WAKEFIELD 7

8 1761 AMSTERDAM AVENUE For more information contact: Robert M. Shapiro Executive Managing Director (212) Eric Roth Senior Associate (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.