214 East 111 th Street, New York, NY East Harlem Residential Building

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1 214 East 111 th Street, New York, NY East Harlem Residential Building Asking Price: $2,495,000 Exclusive Listing By Shay Zach Senior Associate Broker (646)

2 Building will be delivered out of AEP (owner already removed a substantial amount of violations). It will be delivered with a new roof and upgraded electric system. Some tenants are not the original ones on the DHCR. Ownership didn t receive any rents this year, and they intend to start no payment and tenant cases after the renovation is done. Property Company Description Overview I-card has building registered as a 6-family but there are 7 units in the building. The best suggested use would be to convert the additional unit and the 2 stores on the ground floor into 4 apartments, thus creating a 10-family. 2

3 Property Description 214 East 111 th Street New York, NY Lot Dimensions 25 X Lot SF 2,523 SF Built Dimensions 25 X 60 Built SF Additional Buildable Total Buildable 6,000 SF 4,092 SF 10,092 SF Layout 7/4, 2/Retails Zoning C7 FAR 4 Block/Lot 1660/42 Assessment $36,487 Taxes (17/18) $4,704 Asking Price $2,495,000 Property Company Overview Overview 3

4 INCOME Gross Residential Income Act. $76,206 Gross Residential Income Proj. $48,000 Gross Commercial Proj. $60,000 Effective Gross Income $184,206 EXPENSES Property Taxes (17/18) $4,704 Water and Sewer $7,200 Insurance $4,500 Fuel $9,600 Utilities $1,500 Repairs & Maintenance $5,950 Total Expenses $33,454 Net Operating Income $150,752 Cap Rate 6.1% Cap (Projected) RENT ROLL Units Rooms Status Lease End Rent/Month Rent/Year 1 3 RS - $1,250 $15, Vacant Projected $2,000 $24, RS - $1,147 $13, RS - $1,150 $13, RS - $1,154 $13, Vacant Projected $2,000 $24, RS - $1,650 $19,800 Store 1 - Vacant Projected $2,500 $30,000 Store 2 - Vacant Projected $2,500 $30,000 Total 21 $15,351 $184,206 Financial Overview 4

5 Company Gallery Overview 5

6 Company Gallery Overview 6

7 East Harlem has a huge variety of building types in terms of apartments, from prewar walkups and brownstones, to mid-rise post-war elevator buildings, and newly constructed luxury towers. Commuters living in East Harlem apartments have is a quick and easy commute to midtown via the subway's [4, 5] express trains, or the [6] local trains. Though the East Harlem community has seen plenty of hard times, there has been a recent resurgence, as both East Harlem neighborhood newcomers and long-time East Harlem residents work to make pockets of this sprawling area both safe and comfortable. East Harlem has also seen a change in the quality of goods and services available to its residents in the past decade, including the opening of a several large-scale supermarkets and a weekly, seasonal Greenmarket near Mt. Sinai Hospital. The neighborhood also boasts of its presence on upper Museum Mile. Few Manhattan neighborhoods hold a similar culture and energy that East Harlem so naturally displays. Neighborhood Company Highlights Overview 7

8 EPIC Commercial Realty prides itself on providing quality and excellence to all our clients, specializing in investment sales in the bustling New York metropolitan area. We provide the highest level of professionalism, comprehensive and innovative real estate solutions to investors, property owners, and corporations to ensure optimum, fast, and smooth transactions. Based in Soho, NY our clients include storefront owners, retail chains, institutional landlords and real estate developers. EPIC is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide. The measure of our successes is determined by the quality of business relationships we forge. A multi-tier approach allows every aspect of our service to manage transactions for each client with specialized attention to maintaining our focus on timing and the market place. Collectively, EPIC professionals bring nearly 70 years of commercial real estate experience to your portfolio. Not surprisingly, such teamwork produces results beyond expectations as we consistently deliver full consultation services based on detailed research and evaluation. Our talented and accomplished professionals perform well beyond the industry standard for commercial real estate firms, producing with distinction and providing expert brokerage services. EPIC continues to expand and share it s expertise of commercial real estate investments with valued customers throughout the Greater New York Metropolitan Area. Company Overview Overview Shay Zach Senior Associate Broker 8

9 Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY Tel: (212) Shay Zach Senior Associate Broker (646)