PowerPoint Presentation · 2020. 2. 13. · Danny Handweiler. Tel: (212) 430- 5138. RESIDENTIAL...

20TOTAL UNITS

$638PRICE /SF

4.4%CAP RATE

25 'FRONTAGE

9,790TOTAL SQUARE FEET

$136,426PROJECTED TAXES

12.5GRM

L I S T I N G M E T R I C S

515 West 48th StreetIs being offered at $6,250,000

Peter Von Der AheTel: (212) 430-5114 [email protected]

Joe KoicimTel: (212) [email protected]

Logan MarkleyTel: (212) [email protected]

Danny HandweilerTel: (212) [email protected]

• First sale in 35+ years • 20-unit multifamily property with

strong existing cash-flow• 25’ of frontage on 48th between

10th and 11th Avenues• Rapidly appreciating

neighborhood: short walk to restaurant row, Hudson yards, Columbus Circle, Central Park, & Times Square

T H E O P P O RT U N I T Y

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates usedherein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap

F INANCIAL OVERVIEW

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Peter Von Der AheTel: (212) 430-5114

Joe KoicimTel: (212) 430-5147

Logan MarkleyTel: (212) 430-5194

Danny HandweilerTel: (212) 430-5138

$/SF $638 INCOME CURRENT PRO FORMA$/UNIT $312,500 Gross Potential Residential Rent $500,664 $528,791TOTAL SF 9,790 Gross Potential Commercial Rent $0 $0TOTAL UNITS 20 Gross Income $500,664 $528,791

CURRENT METRICS Effective Gross Income $490,651 $518,215CAP RATE 4.4% Average Residential Rent/Month/Unit $2,086 $2,203GRM 12.5

PRO FORMA METRICS EXPENSESCAP RATE 4.8% Property Taxes Tax Class: 2 $136,426 $136,426GRM 11.8 Fuel $16,500 $16,500CASH ON CASH 2.99% Insurance $11,000 $11,000

Water and Sewer $15,000 $15,000Repairs and Maintenance $7,500 $7,500

EXPENSE RATIO UPSIDE ANALYSIS Common Electric (PPSF) $2,448 $2,448Super Salary $10,000 $10,000Management Fee $19,626 $20,729Total Expenses $218,499 $219,602Net Operating Income $272,152 $298,613

LEASE STATUS ANALYSISUNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENTTotal Units -- 20 $2,086Total RS Units 40% 8 $1,779Total RC Units 5% 1 $324Total FM Units 55% 11 $2,470

PROPOSED DEBT Total Commercial -- 0 $0Debt Service ($231,320)Debt Coverage Ratio 1.18 UNIT TYPE ANALYSISNet Debt Cash Flow After Debt Service $67,293 TYPE % OF TOTAL TOTAL AVG. RENTLoan Amount $4,000,000 Studio 0% 0 $0Interest Rate 4.00% 1 Bedroom 100% 20 $2,086Amortization 30 2 Bedroom 0% 0 $0

3 Bedroom 0% 0 $04 Bedroom 0% 0 $05 Bedroom 0% 0 $06 Bedroom 0% 0 $0SRO 0% 0 $0

Vacancy/Collection Loss

$2,203 PRO FORMAAVERAGE MONTHLY RENT

55%

$6,250,000($10,576)($10,013)

GROSS TOTAL SF

9,790 $638$/SF

OFFERING PRICE

45%

RATIO OFFAIR MARKET UNITS

28% PROPERTY TAXESRATIO

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Current Avg RS UnitsMarket RentsCurrent Avg FM Rents

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates usedherein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap

RENT ROLL

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RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA LEGAL

1FE FM 1 Bedroom 3 Aug-19 $2,892 $3,0071FW FM 1 Bedroom 3 Aug-19 $2,008 $2,5001RE RS 1 Bedroom 3 Apr-19 $2,060 $2,060 $2,0601RW RS Preferential Rent 1 Bedroom 3 Jul-19 $1,745 $1,745 $2,4002FE RS 1 Bedroom 3 Aug-19 $1,628 $1,628 $1,6282FW RS 1 Bedroom 3 May-19 $1,593 $1,593 $1,5932RE RS Preferential Rent 1 Bedroom 3 Jun-19 $1,930 $1,930 $2,3222RW FM 1 Bedroom 3 May-19 $2,830 $2,9433FE FM 1 Bedroom 3 Jun-19 $2,264 $2,5003FW RS Preferential Rent 1 Bedroom 3 Aug-19 $2,010 $2,010 $2,1223RE FM 1 Bedroom 3 Jan-20 $2,866 $2,9813RW FM 1 Bedroom 3 Aug-19 $2,519 $2,6204FE FM 1 Bedroom 3 Mar-19 $2,304 $2,5004FW FM 1 Bedroom 3 Mar-19 $2,077 $2,5004RE RC 1 Bedroom 3 $324 $3244RW RS 1 Bedroom 3 Aug-19 $1,493 $1,493 $1,4935FE FM 1 Bedroom 3 Apr-19 $2,157 $2,5005FW FM 1 Bedroom 3 Oct-19 $2,507 $2,6075RE RS Preferential Rent 1 Bedroom 3 Aug-19 $1,775 $1,775 $2,5215RW FM 1 Bedroom 3 Mar-19 $2,742 $2,852MONTHLY RESIDENTIAL REVENUE 20 60 $41,722 $44,066 $16,137

ANNUAL RESIDENTIAL REVENUE $500,664 $528,791 $193,647

ACTUAL PRO FORMATOTAL ANNUAL REVENUE $500,664 $528,791There are currently 0 vacant units in the building. The super lives off site.There are 20 total units.

515 West 48th Street

CITY: New Yorki

STATE: NYi

BLOCK & LOT: 1077 / 23i

LOT DIMENSIONS: 25 ft X 100 fti

LOT SF: 2,500i

BUILDING DIMENSIONS: 25 ft X 79 fti

BUILDING SF: 9,790i

ZONING: R8i

MAX FAR: 6.02i

AVAILABLE AIR RIGHTS: 5,260i

LANDMARK DISTRICT: Nonei

HISTORIC DISTRICT: Nonei

ANNUAL TAX BILL: __$136,426

TAX CLASS: 2i

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PROPERTY DESCR IPT ION





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EXTER IORS









www.newyorkmultifamily.com 212 430 5114

PowerPoint Presentation · 2020. 2. 13. · Danny Handweiler. Tel: (212) 430- 5138. RESIDENTIAL...

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