Elan Gabai Licensed Real Estate Salesperson O: M:

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Julius Fitzgerald
5 years ago
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1 EQUAL HOUSING OPPORTUNITY DOUGLAS ELLIMAN REAL ESTATE.

2 PROPERTY DETAILS Douglas Elliman is pleased to offer 202 Eighth Avenue, New York, NY for sale. Built in 1901, the building is situated between 20th and 21st street on Eighth Avenue. The building is approximately 6,200 sq. ft and consists of 5 floors and a basement. The first floor has a commercial tenant in place since 1990 and floors 2 through 5 contain 8 one bedroom rent stabilized apartments. This mixed use building is totally occupied and makes for a great investment with significant upside potential. The current retail tenant ( Intermezzo ) has been operating since 1990 and is a staple in the neighborhood. Besim Kukal has decades of experience in the restaurant business and wanted to create an at home Italian feeling which he accomplished with Intermezzo. The lease for the restaurant expires in February of 2026 and has a 3% annual increase therefore creating stable income for a new owner. The lease also includes a personal guarantee of rent payment by the tenant. All eight apartments are rent stabilized so there is tremendous upside potential as the units are destabilized. The average monthly rent is under $900 which is about 1/3 of what a market rate apartment would rent for in the area. PRICE $8,850,000 NO. UNITS 9 PROPERTY TYPE Multifamily PROPERTY SUB-TYPE Apartments APARTMENT STYLE Mid Rise BUILDING CLASS C SALE TYPE Investment CAP RATE 3.75% LOT SIZE 0.03 AC BUILDING SIZE 6,200 SF NUMBER OF UNITS 9 NUMBER OF STORIES 5 YEAR BUILT 1901 ZONING DESCRIPTION C1-6A APN / PARCEL ID PRICE: $8,850,000 Incredible location and tremendous foot traffic from the explosive growth of the area Tremendous upside potential with the apartments becoming destabilized Retail component - lease expires in 2026 The owners have recently updated the building with new plumbing and electric as well as a new boiler and hot water heater. Convenient to all transportation The building is 100% occupied View the full listing here:

3 ZONNING MAP TAX MAP

4 FINANCIAL SUMMARY Income ASKING PRICE $8,850, RENT ROLL Unit Status Size Lease Exp. Monthly Annual Rent COMMERCIAL TENANT INTERMEZZO - RESTAURANT B&R Sorento Corp sq ft. 1/31/26 $27,583* $330,996* RESIDENTIAL TENANTS 1A Rent Stabilized Studio 8/31/19 $1,122 $13,462 1B Rent Stabilized Studio 8/31/19 $938 $11,255 2A Rent Stabilized Studio 8/31/19 $1,036 $12,429 2B Rent Stabilized Studio 8/31/19 $853 $10,241 3A Rent Stabilized Studio 8/31/19 $727 $8,720 3B Rent Stabilized Studio 5/31/17 $837 $10,040 4A Rent Stabilized Studio 5/31/17 $661 $7,932 4B Rent Stabilized Studio 10/31/17 $576 $6,917 TOTAL COMMERCIAL INCOME $330,996 TOTAL RESIDENTIAL INCOME $80,996 TOTAL INCOME $34,333 $411,992 *Restaurant has 3% annual increase

5 FINANCIAL SUMMARY Expenses R/E Tax $45,951 Electric/Gas $9,024 Water/Sewer $8,741 Insurance $6,125 Payroll (super & accounting) $5,650 Repairs Maintenance & Exterminator $5,000 Exterminator $600 TOTAL ANNUAL EXPENSES $81,091 GROSS ANNUAL INCOME $411,992 ANNUAL EXPENSES $81,091 NET OPERATING INCOME $330,901 CAP RATE AT ASKING PRICE 3.7%

202 8TH AVENUE THE NEIGHBORHOOD Chelsea is located at the heart of everything Manhattan has to

restaurants, shopping, galleries and cultural institutions.

streets that have some of the most beautiful brownstones in the city.

that spans an entire city block to the Zaha Hadid s newest building on 28th street.

grow therefore driving the prices for both commercial and residential units to all-time highs.

history was the purchase by Google of the Chelsea Market building located at 75 Ninth Avenue for

This also claims the highest price per square foot among city buildings that sold for $2 billion

The building is perhaps the most important food related venue in Chelsea spanning an entire city

Google, which is located at 111 Eighth Avenue continues to drive trafﬁc to the neighborhood as

Bringing in over a ½ billion dollars in revenue and located within blocks of 202 Eighth are some

be one of the busiest tourist attractions in the city.

6 202 8TH AVENUE THE NEIGHBORHOOD Chelsea is located at the heart of everything Manhattan has to offer and straddles the sensibilities of both uptown and downtown with some of the best restaurants, shopping, galleries and cultural institutions. Chelsea is also one of the most striking neighborhoods in the city with multiple tree lined streets that have some of the most beautiful brownstones in the city. You also have a combination of old and new such as the massive London Terrace apartment building that spans an entire city block to the Zaha Hadid s newest building on 28th street. 202 Eighth Avenue is beneﬁting from a surge in trafﬁc as the neighborhood continues to evolve and grow therefore driving the prices for both commercial and residential units to all-time highs. One of the most recent and the second-priciest deals for a single building in New York City history was the purchase by Google of the Chelsea Market building located at 75 Ninth Avenue for $2.4 billion. This also claims the highest price per square foot among city buildings that sold for $2 billion or more at $2,000 a foot. The building is perhaps the most important food related venue in Chelsea spanning an entire city block and boasts an impressive collection of gourmet food stores and restaurants. Google, which is located at 111 Eighth Avenue continues to drive trafﬁc to the neighborhood as well DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. Bringing in over a ½ billion dollars in revenue and located within blocks of 202 Eighth are some of the best restaurants in town such as Batali s Del Posto, TAO, Catch, Buddakan and La Sirena which is in The Maritime Hotel. You are also just blocks away from the Meatpacking District and the High Line which continues to be one of the busiest tourist attractions in the city. Another tremendous driver of foot trafﬁc to the area comes from all the shopping. One major component comes from Barneys New York which makes up almost 60,000 square feet of retail space alone. The cultural aspects of Chelsea are also stronger than ever with the multiple galleries and institutions such as the Rubin Museum of Art. Performing arts enthusiasts can head over to the Joyce Theater for both national and international dance performances th Avenue / Intermezzo Maritime Hotel Tao Restaurant Chelsea Market Google High Line

7 THE NEIGHBORHOOD TRAFFIC COLLECTION STREET CROSS STREET TRAFFIC VOL. YEAR DISTANCE 8 Ave W 19 St, SW 23, mi 8th Ave Central Park W, NE 24, mi W 20th St 8 Ave, SE 4, mi W 21 St 9 Ave, NW 9, mi W 21st St 7, mi PUBLIC TRANSPORTATION TRANSIT/SUBWAY DRIVE WALK DISTANCE 23 Street (A,C,E Line) 18 Street (1,2 Line) 23 Street (1,2 Line) 8 Avenue -14 Street (A, C, E, L Line) 23 St (PATH) (Hoboken - 33rd Street, Journal Square-33rd Street) 1 min 4 min 0.2 mi 3 min 5 min 0.3 mi 8 Ave, SE 4, mi 9 Ave, NW 9, mi 7, COMMUTER RAIL DRIVE WALK DISTANCE New York Penn Station (NJT) Commuter Rail (Northeast Corridor Line, North Jersey Coast Line, tvlorris & Essex Morristown Line, Montclair-Boonton Line, tvlorris & Essex Gladstone Branch) 5 min 15 min 0.8 mi New York Penn Station (LIRR) Commuter Rail (West Hempstead Branch, Ronkonkoma Branch, Long Beach Branch, Port Jefferson Branch, Hempstead Branch, tvlontauk Branch, Port Washington Branch, Far Rockaway Branch, Babylon Branch) 5 min 15 min 0.8 mi COMMUTER RAIL DRIVE DISTANCE La Guardia Airport 20 min 10.1 mi Newark Liberty International Airport 24 min 15.2 mi Newark Liberty International Airport John F. Kennedy International Airport 31 min 18.0 mi

EXCLUSIVE OFFERING MEMORANDUM. 202 Eighth Avenue

EXCLUSIVE OFFERING MEMORANDUM. 202 Eighth Avenue EXCLUSIVE OFFERING MEMORANDUM 202 Eighth Avenue Prime Chelsea - Avenue Property 8 Apartments Ground Floor Retail Tremendous Residential Upside Besen & Associates, as exclusive agent for Ownership, is pleased