4791 BROADWAY A 69 Unit Corner Mixed-Use Building Northern Manhattan 4791 BROADWAY - PROPERTY OVERVIEW
Property Description:
Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 4791 Broadway. This investment property is a 69 unit, mixed-use, 6-story, 58,260 GSF corner building located in the Inwood neighborhood of Northern Manhattan. The property is located on the northwest corner of Broadway and Cumming Street (just one block north of Dyckman) and boasts 101’ of prime Broadway frontage.
65% of the property’s income is derived from the residential component and 35% from the ground floor retail. The building contains 63 residential units, including one super’s unit in the basement, and 6 retail spaces. The 63 residential apartments are a combination of 51 one- bedroom, and 11 two-bedroom apartments (plus 1 Super unit) that average a spacious 732 sqft. The residential portion of the building is currently renting at approximately $22 per net square foot in a market that can easily achieve over $30. Given the building’s desirable location, and strong foot traffic, retail rents in the building are averaging $90 per square foot.
Inwood is one of Manhattan’s most exciting and thriving neighborhoods and recently passed a major large scale rezoning. This rezoning impacts 59 blocks of Inwood and will have a positive impact on the entire neighborhood. 4791 Broadway is ideally situated between major retail corridors along Dyckman and West 207th Streets which offer tenants both neighborhood gems and large national chains. Some of these businesses include Tryon Public House, Papasiot, Tabu, Mamasushi, Mamajunana Café, Starbucks, Dominos, GNC, Planet Fitness, Duane Reade, CVS, Dunkin Donuts, Foot Locker and many more. A short walk from the building is the world famous Fort Tryon Park and the 196 acre Inwood Hill Park which further add to the desirability of the neighborhood. The property is one block from the Dyckman Street A train stop and less than 4 blocks from the Dyckman Street ! stop.
Highlights:
• Located in Inwood, one of Manhattan’s thriving and most desirable neighborhoods
• 6-Story, 68 unit corner mixed-use building
• 101’ of frontage on Broadway
• Long term ownership
• Major MCI opportunities remaining
• Spacious one-bedroom and two-bedroom apartments averaging 732 sqft
• Steps from A train and in close proximity to the !
2 CUSHMAN & WAKEFIELD PROPERTY FEATURES
ASKING PRICE: $21,000,000 PPSF: $360 PPU: $304,348
Property Features:
Location: Located on the northeast corner of Broadway & Cumming Street.
Block & Lot: 2237-59
Lot Dimensions: 101.42' x 137'
Lot SF: 12,850 SF (approx.)
Building Dimensions: 101' x 114' (irregular)
Building SF: 58,260 SF (approx.)
Stories: 6
Residential Units: 63
Commercial Units: 6
Total Units: 69
Gross SF: 54,260 SF (approx.)
Net SF: 46,121 SF (approx.) less 15% loss factor
Avg. Net Unit Size: 732 SF (approx.)
Gross Commercial SF: 4,000 SF (approx.)
Zoning: R7-2 C1-4
Residential FAR: 4.00 (Wide Street)
Facility FAR: 6.50
Total Buildable SF: 51,400 SF (approx.)
Minus Existing Structure: 58,260 SF (approx.)
Available Air Rights: Overbuilt
Assessment (18/19): $2,364,569
Property Taxes (18/19): $300,750
Financial Summary:
GROSS ANNUAL REVENUE: $1,397,896 PRICE PER SQUARE FOOT: $360
VACANCY LOSS & EXPENSES: $585,570 PRICE PER UNIT: $304,348
NET OPERATING INCOME: $812,326 CAPITALIZATION RATE: 3.87%
GROSS RENT MULTIPLE: 15.02x
4791 BROADWAY 3 4791 BROADWAY - RESIDENTIAL REVENUE
LEGAL APPLIANCE UNIT ROOMS STATUS EXP. PREF. MONTHLY RENT RENT CHARGE
0A 3 RS Apr-20 $1,157 ($144) $1,013
0B 4 RS Vacant $1,202 $2,100
1A 3 FM Nov-18 $1,550 $1,550
1B 4 RS $1,382 $17 $1,398
1C 3 RS Apr-20 $1,245 $13 $1,259
1D 4 FM May-19 $2,050 $2,050
1E 3 RS Mar-19 $1,801 ($376) $1,425
1F 3 RS Sep-19 $1,112 $1,112
1G 3 RS Apr-20 $1,082 $1,082
1H 3 RS Sep-19 $1,280 $1,280
1I 3 RS Nov-18 $1,324 $1,324
1J 3 RS Jul-19 $1,405 ($326) $1,079
1K 3 RS Sep-19 $1,346 $1,346
1L 3 RS Jun-19 $1,168 ($137) $1,031
2A 3 RS Jan-20 $1,456 $1,456
2B 4 RS Apr-19 $1,141 $1,141
2C 3 RS Jan-20 $2,107 ($457) $1,650
2D 4 RS May-20 $1,355 $17 $1,372
2E 3 RS Jun-19 $1,784 ($259) $1,525
2F 3 RS Jul-20 $1,307 $1,307
2G 3 RS Oct-19 $2,139 ($564) $1,575
2H 3 RS Jul-19 $1,330 $1,330
2I 3 RS Vacant $1,359 $1,750
2J 3 RS Apr-20 $1,333 $1,333
2K 3 RS Oct-19 $1,507 ($249) $1,258
2L 3 RS Feb-19 $1,732 ($307) $1,425
3A 3 RS Mar-19 $1,517 $1,517
3B 4 RS Aug-19 $1,345 $1,345
3C 3 RS Apr-19 $1,244 $1,244
3D 4 RS Sep-20 $1,440 $1,440
3E 3 RS May-19 $1,161 $1,161
3F 3 RS Mar-19 $1,697 $1,697
3G 3 FM Mar-19 $1,625 $1,625
3H 3 RS Dec-18 $1,378 ($53) $1,325
3I 3 RS Sep-19 $1,490 $1,490
4 CUSHMAN & WAKEFIELD RESIDENTIAL REVENUE
LEGAL APPLIANCE UNIT ROOMS STATUS EXP. PREF. MONTHLY RENT RENT CHARGE
3J 3 RS Apr-19 $2,193 ($718) $1,475
3K 3 RS Jun-20 $1,166 $1,166
3L 3 RS Jan-19 $2,258 ($568) $1,690
4A 3 RS Jun-19 $1,561 ($311) $1,250
4B 4 RS Vacant $1,451 $2,100
4C 3 RS Aug-19 $1,179 $1,179
4D 4 RS Jun-20 $2,093 ($68) $2,025
4E 3 RS Apr-19 $1,174 $17 $1,191
4F 3 RS Aug-19 $1,468 $1,468
4G 3 RS Jun-19 $1,338 $17 $1,355
4H 3 RS May-20 $1,074 $17 $1,091
4I 3 RS Mar-19 $1,540 ($20) $1,520
4J 3 RS Oct-18 $2,133 ($733) $1,400
4K 3 RS Jul-18 $1,906 ($581) $1,325
4L 3 RS Feb-19 $1,586 ($186) $1,400
5A 3 RS Jul-20 $1,509 ($84) $1,425
5B 4 RS Oct-18 $2,099 ($474) $1,625
5C 3 RS Oct-19 $1,013 $1,013
5D 4 RS Jun-20 $1,682 ($34) $1,648
5E 3 RS Dec-18 $2,475 ($1,050) $1,425
5F 3 RS Aug-19 $1,138 $1,138
5G 3 RS Oct-18 $1,084 $1,084
5H 3 RS Aug-20 $1,097 $1,097
5I 3 RS Vacant $2,088 $1,750
5J 3 RS Vacant $1,465 $1,465
5K 3 RS Apr-20 $1,644 ($394) $1,250
5L 3 RS Aug-18 $693 $693
BSMT Super
Gross Monthly Residential Rent: $86,262
Gross Annual Residential Rent: $1,035,147
Average Rent Per Unit: $1,391
Average Rent Per Net Square Foot: $22.44
4791 BROADWAY 5 4791 BROADWAY - REVENUE & BREAKDOWN
Commercial Revenue:
UNIT TENANT LEASE START LEASE EXP. TOTAL MONTHLY RENT
ST1 Lawrence Rosenblatt Jun-17 May-19 $7,846
ST3 Auto Leasing & Sales Dec-16 Nov-21 $2,678
ST4 Salud Para Todos Nov-14 Nov-19 $2,896
ST5 Beauty Salon Nov-17 Oct-22 $2,316
ST6 Inwood Coffee May-18 Apr-23 $3,650
ST 7/8 JMC Holdings Jul-15 Jun-25 $10,843
Gross Monthly Retail Rent: $30,229
Gross Annual Retail Rent: $362,749
Average Retail Rent Per Square Foot: $90.69
Combined Revenue:
Gross Total Monthly Rent: $116,491
Gross Total Annual Rent: $1,397,896
Unit Breakdown: Average Total Rent Breakdown:
AVERAGE MARKET STATUS NUMBER % ROOMS NUMBER MONTHLY % OF MARKET RENT RENT
FM 3 4.3% 3 51 $1,334 $1,750 76%
RS 59 85.5% 4 11 $1,659 $2,100 79%
Super 1 1.4% BSMT 1
Retail 6 8.7% Retail 6 $5,038 $5,038
69 100% 69 77%
6 CUSHMAN & WAKEFIELD INCOME & EXPENSES
Combined Revenue:
Gross Annual Residential Revenue $1,035,147
Vacancy Allowance @ 3% Of Gross Annual Revenue ($31,054)
Gross Annual Commercial Revenue $362,749
Vacancy Allowance @ 5% Of Gross Annual Revenue ($18,137)
Effective Gross Annual Combined Revenue $1,348,704
Expenses (Estimated): C&W Projected
Taxes 2018 / 2019 Actual $300,750
Tax Reimbursements Actual ($46,972)
Water/Sewer 2018 / 2019 Actual $69,691
Insurance @ $450 / Unit $31,050
Fuel (Oil) @ $1.00 / GSF $58,260
Common Electric @ $0.15 / GSF $8,739
Repairs & Maintenance @ $550 / Resi. Unit $34,650
General & Administrative @ $250 / Resi. Unit $15,750
Payroll @ $2,000 / Elevator $24,000
Management @ 3.0% / EGR $40,461
Total Expenses: $536,378
EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $1,348,704
LESS EXPENSES: 40% ($536,378)
NET OPERATING INCOME: $812,326
4791 BROADWAY 7 4791 BROADWAY - PROPERTY PICTURES
8 CUSHMAN & WAKEFIELD PROPERTY PICTURES
4791 BROADWAY 9 4791 BROADWAY - TRANSPORTATION OVERVIEW
207TH STREET A
207TH STREET LA MARINA - RESTAURANT, 1 BAR & BEACH LOUNGE
DYCKMAN STREET
4791 BROADWAY
DYCKMAN STREET
Travel Times:
30 min to Penn Station via A
190TH STREET
191ST STREET
181ST STREET
181ST STREET
GEORGE WASHINGTON BRIDGE BUS STATION
175TH STREET
10 CUSHMAN & WAKEFIELD
SUFFOLK ST
T LOCATION OVERVIEW
Tax Map:
Seaman Avenue Academy Street
Cumming Street
Broadway FORT TRYON PARK
Retail Map:
A
4791 BROADWAY
1
A
1
4791 BROADWAY 11
SUFFOLK ST
T 4791 BROADWAY
For more information contact:
ROBERT M. SHAPIRO Executive Managing Director (212) 660 7717 [email protected]
IAN BROOKS Director (212) 589 5107 [email protected]
Cushman & Wakefield Copyright 2018. 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.