1075 Nelson Avenue. Concourse, Bronx

Transcription

1 1075 Nelson Avenue Concourse, Bronx

2 38-Unit Elevator Building in Concourse FOR SALE Asking Price: $5,800,000 Property Features Location: 1075 Nelson Avenue is located on the west side of Nelson Avenue between West 165th and West 166th Streets. Block / Lot: Avg. Net Unit Size: 721 (appox.) Lot Dimensions: 75 x 102' Gross Building SF: 32,220 (approx.) Building Dimensions: 75 x 82' Stories: 6 Net Residential SF: 27,387 15% loss) Units: 38 + Super Assessment (16/17): $391,590 Lot Size (SF approx): 7,500 Taxes (16/17): $50,449 Zoning C1-4/R7-1 Financial Summary For More Information, Please Contact: Robert M. Shapiro Executive Managing Director (212) robert.shapiro@cushwake.com Asking Price: $ 5,800,000 Cap Rate: 4.42% Gross Annual Revenue: $ 476,955 GRM: 12.16x Vacancy Loss & Expenses: $ (220,383) PPSF: $180 Net Operating Income: $ 256,572 PPU: $152,632 Eric Roth Associate (212) eric.roth@cushwake.com Property Description Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 1075 Nelson Avenue in the Concourse neighborhood of the Bronx. The property is a 6-story, multifamily, elevator building totaling approximately 32,220 GSF and 38 units (plus super). The unit mix is 8 studios, 17 one-bedroom, 13 two-bedroom, and 1 three-bedroom apartments. A new dual fuel boiler was installed in December, The average apartment is 721 SF and rents at just $17.42/NSF in a market that can achieve about $25/SF. Additionally, the property is located in immediate proximity to the BronxCare Ogden Family Medical and Dental Hospital, Mullaly Park and Mullaly Recreation Center, as well as a short walk from Yankee Stadium. There are also two public schools located within a 4 block radius Nelson Avenue offers investors a unique opportunity to capitalize on below market rents in one of the Bronx s most centrally located neighborhoods. Public transportation is easily accessible via multiple 4 train stops. In addition to the subway, numerous bus lines service the area. David Simone Director (212) david.simone@cushwake.com Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY phone: nyinvestmentsales.com Cushman withdrawal & Wakefield without Copyright notice, and to any No special warranty listing or representation, conditions imposed express by or the implied, property is made owner(s). to the As accuracy applicable, or we completeness make no representation of the information as to the contained condition herein, of the and property same is (or submitted properties) subject in question. to errors, omissions, change of price, rental or other conditions,

3 Rent Roll 3 Unit Bedrooms Status Expiration Legal Rent Actual Rent Subhead 1A 1 RS 10/30/2016 $1,219 $1,029 1B 1 RS 10/31/2016 $1,369 $1,057 1C Studio RS 6/30/2017 $772 $772 1D 1 RS 1/31/2018 $799 $799 1E 1 RS 7/31/2017 $1,057 $1,057 1F Studio RS 3/31/2017 $1,352 $875 1G Studio RS 10/31/2016 $2,091 $785 2A 2* RS 2/28/2017 $2,344 $1,214 2B 2* RS-Sec 8 11/30/2016 $1,436 $1,391 2C 1 RS 8/31/2016 $1,307 $1,062 2D 2 RS-SCRIE 9/30/2016 $872 $808 2E 1 RS 6/30/2017 $959 $948 2F Studio RS 3/31/2017 $1,424 $959 3A 1 RS 5/31/2017 $1,452 $1,065 3B 2 RS-Sec 8 4/30/2017 $1,495 $1,367 3C 1 RS 4/30/2018 $915 $933 3D 2 RS 9/30/2018 $1,535 $1,535 3E 1 RS 6/30/2017 $943 $943 3F Studio RS 10/31/2016 $2,103 $925 4A 1 RS 4/30/2017 $983 $983 4B 1 RS 11/30/2016 $1,242 $1,058 4C 2* RS 1/31/2018 $2,608 $1,301 4D 2 RS 4/30/2017 $1,467 $1,173 4E 1 RS-SCRIE 10/31/2016 $772 $556 4F Studio RS 2/28/2017 $1,664 $996 5A 2* RS-Sec 8 2/28/2018 $1,405 $1,374 5B 2* RS-Sec 8 3/31/2017 $1,397 $1,372 5C 1 RS 3/31/2017 $985 $985 5D 2 RS-Sec 8 10/31/2016 $794 $794 5E 3* FM 5/31/2017 $2,100 $1,540 *Denotes converted apartment Unit Bedrooms Status Expiration Legal Rent Actual Rent 5F Studio RS-Sec 8 7/31/2018 $682 $695 6A 1 RS-Sec 8 3/31/2017 $749 $749 6B 2* RS VACANT - $1,650 6C 1 RS 4/30/2017 $1,060 $1,060 6D 2 RS 12/31/2016 $873 $873 6E 1 RS 8/31/2017 $1,114 $1,051 6F Studio RS 3/31/2017 $1,831 $926 B1 2 RS 2/28/2017 $1,331 $1,086 Super 1 Super N/A Unit Mix Gross Monthly Residential Rent: $39,746 Gross Annual Residential Rent: $476,955 Average Rent Per Unit: $1,046 Average Rent Per Net Square Foot: $17.42 Studio 1 Bed 2 Bed 3 Bed Studio 1 Bed 2 Bed 3 Bed $2,500 $2,000 $1,500 $1,000 $500 $0 1, 2% 13, 33% Upside Average of Actual Rent $1,100 21% 17, 44% 8, 21% Upside Chart $1,400 36% 27% 1, 3% 37, 97% $1,650 26% Status Mix RS FM $2,000 23%

4 Income and Expenses Residential Revenue Gross Annual Residential Revenue $476,955 Less Vacancy & Credit Loss (5%) ($23,848) Effective Gross Annual Revenue $453,107 Estimated Expenses Adjusted Taxes (16/17) Actual $50,449 Water/Sewer Actual $37,959 $400 / Unit $15,200 Fuel (Gas / Oil $1.00 / GSF $32,220 $0.15 / GSF $4,833 $500 / Unit $19,000 General & $125 / Unit $4,750 $5,000 / Year $5,000 $750 / Month $9,000 4% / EGR $18,124 Total Expenses: $196,535 Effective Gross Annual Revenue $453,107 Less Expenses ($196,535) Net Operating Income $256,572 4

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7 Subway Map 1075 Nelson Avenue 6