4791 A 69 Unit Corner Mixed-Use Building Northern 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 and the 196 acre 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.