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51 East Houston Street MARKETING TEAM 51 East Houston Street MARKETING TEAM Peter Von Der Ahe 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected] Joe Koicim 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Cell: (516) 425-2785 [email protected] Noah Kossoff 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (646) 805-1426 Cell: (917) 880-1475 [email protected] Andrew Dansker | Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected] 51 East Houston Street TABLE OF CONTENTS INVESTMENT OVERVIEW Section I PRICING & FINANCIAL ANALYSIS Section II PROPERTY DESCRIPTION Section III MARKET OVERVIEW Section IV 51 East Houston Street INVESTMENT OVERVIEW 51 East Houston Street | $9,995,000 Is being offered at THE OFFERING LISTING METRICS New York Multifamily is pleased to offer the following opportunity located in the booming 10 8,845 NoLiTa neighborhood. 51 East Houston Street is TOTAL UNITS APPROXIMATE SQUARE FEET located between Mott and Mulberry Streets, and contains an approximate gross square footage of 8,845. The building is built 25 ft X 71 ft feet on a 25 $1,130 $34,820 ft X 82 ft lot (Block: 509 Lot: 23). The property is PRICE /SF PROJECTED TAXES zoned C6-3. THE OPPORTUNITY 4.8% 17.3 CAP RATE GRM • 25’ 10-Unit Mixed-Use on East Houston Street between Mott & Mulberry Streets • Protected Tax Class 2B: Taxes Are 6% of Gross 25 ' Income FRONTAGE • Over $1M spent in recent building upgrades. The property features newly renovated free-market apartments along with new/upgraded building systems (boiler, gas lines, electrical, roof, etc.) • Prime NoLIta location: Seamless Access to B, D, F, J, M, N, R, W, Z & 6 Trains OFFERING MEMORANDUM PRICING & FINANCIAL ANALYSIS PRICING & FINANCIAL ANALYSIS FINANCIAL OVERVIEW OFFERING PRICE $/SF $1,130 INCOME CURRENT PRO FORMA $/UNIT $999,500 Gross Potential Residential Rent $269,875 $289,217 $9,995,000 TOTAL SF 8,845 Gross Potential Commercial Rent $305,124 $305,124 TOTAL UNITS 10 Gross Income $574,999 $594,341 Vacancy/Collection Loss ($8,096) ($8,676) RATIO OF CURRENT METRICS Other Income $4,350 $4,350 50% FAIR MARKET UNITS CAP RATE 4.8% Effective Gross Income $571,253 $590,015 PROPERTY TAXES GRM 17.3 Average Residential Rent/Month/Unit $2,811 $3,013 RATIO 6% PRO FORMA METRICS PRO FORMA CAP RATE 5.0% EXPENSES $3,013 AVERAGE MONTHLY GRM 16.7 Property Taxes Tax Class: 2B $34,820 $34,820 RENT Fuel $10,400 $10,400 Insurance $4,500 $4,500 Water and Sewer $8,700 $8,700 EXPENSE RATIO UPSIDE ANALYSIS Repairs and Maintenance $7,500 $7,500 $6,000 Common Electric (PPSF) $2,211 $2,211 $5,000 Super Salary $5,000 $5,000 $4,000 Management Fee $17,138 $17,700 $3,000 Total Expenses $90,269 $90,832 $2,000 Net Operating Income $480,984 $499,183 16% $1,000 $0 LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENT Total Units -- 8 $5,990 Current Avg RS Units Total RS Units 50% 4 $1,222 Market Rents Total RC Units 0% 0 $0 Current Avg FM Rents Total FM Units 50% 4 $4,400 PROPOSED DEBT Total Commercial -- 2 $12,714 Debt Service ($397,471) Debt Coverage Ratio 1.21 UNIT TYPE ANALYSIS Net Debt Cash Flow After Debt Service $101,712 TYPE % OF TOTAL TOTAL AVG. RENT Loan Amount $7,000,000 Studio 0% 0 $0 Interest Rate 3.85% 1 Bedroom 50% 4 $1,222 Amortization 30 2 Bedroom 50% 4 $4,400 3 Bedroom 0% 0 $0 4 Bedroom 0% 0 $0 5 Bedroom 0% 0 $0 6 Bedroom 0% 0 $0 8,845 $1,130 SRO 0% 0 $0 GROSS TOTAL SF $/SF 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, 51 East Houston Street opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property.Marcus & MillichapReal EstateInvestmentServicesis aservicemarkof Marcus&MillichapReal EstateInvestmentServices,Inc.©2019 Marcus&Millichap PRICING & FINANCIAL ANALYSIS RENT ROLL COMMERCIAL RENT UNIT TENANT NAME NOTES SF EXPIRATION ACTUAL PRO FORMA $/PSF 51E 51 Good Foods Inc 750 Aug-20 $11,014 $11,014 $176 51W Preserve Milano's LLC Tenant Pays Portion of RE Tax 750 Dec-21 $14,413 $14,413 $231 MONTHLY COMMERCIAL REVENUE 1,500 $25,427 $25,427 RESIDENTIAL RENT UNIT# LEASE STATUS BEDROOMS ROOMS EXPIRATION ACTUAL PRO FORMA 1A FM 2 Bedroom 4 Oct-19 $4,400 $4,800 2 RS 1 Bedroom 3 Dec-20 $1,851 $1,851 2A FM 2 Bedroom 4 Oct-19 $4,750 $4,800 3A FM 2 Bedroom 4 Mar-21 $4,250 $4,800 4 RS 1 Bedroom 3 Dec-19 $944 $956 4B FM 2 Bedroom 4 May-20 $4,200 $4,800 6 RS 1 Bedroom 3 Apr-19 $384 $384 7 RS 1 Bedroom 3 Sep-19 $1,710 $1,710 MONTHLY RESIDENTIAL REVENUE 28 $22,490 $24,101 ANNUAL RESIDENTIAL REVENUE $269,875 $289,217 ANNUAL COMMERCIAL REVENUE $305,124 $305,124 ACTUAL PRO FORMA TOTAL ANNUAL REVENUE $574,999 $594,341 There are currently 0 vacant units in the building. The super lives off site. 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, 51 East Houston Street opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property.Marcus & MillichapReal EstateInvestmentServicesis aservicemarkof Marcus&MillichapReal EstateInvestmentServices,Inc.©2019 Marcus&Millichap PRICING & FINANCIAL ANALYSIS INCOME AND EXPENSE ANALYSIS GROSS POTENTIAL INCOME ACTUAL PRO FORMA %EGI $/UNIT %EGI $/UNIT AVERAGE RENT Gross Potential Residential Rent $269,875 47% $26,987 $289,217 49% $28,922 PER MONTH Gross Potential Commercial Rent $305,124 53% $30,512 $305,124 51% $30,512 Gross Income $574,999 $57,500 $594,341 $59,434 $2,811 Vacancy/Collection Loss ($8,096) 3% ($810) ($8,676) 3% ($868) Other Income $4,350 $435 $4,350 $435 PERCENT Effective Gross Income $571,253 $57,125 $590,015 $59,001 FAIR MARKET Average Residential Rent/Month/Unit $2,811 $3,013 EXPENSES Property Taxes Tax Class: 2B $34,820 6% $3,482 $34,820 6% $3,482 Fuel $10,400 2% $1,040 $10,400 2% $1,040 50% Insurance $4,500 1% $450 $4,500 1% $450 Water and Sewer $8,700 2% $870 $8,700 1% $870 Repairs and Maintenance $7,500 1% $750 $7,500 1% $750 Common Electric (PPSF) $2,211 0.4% $0.25 $2,211 0.4% $0.25 Super Salary $5,000 1% $500 $5,000 1% $500 Management Fee $17,138 3% $1,714 $17,700 3% $1,770 Total Expenses $90,269 16% $9,027 $90,832 15% $9,083 TAXES AS Net Operating Income $480,984 $499,183 PERCENT OF EGI LEASE STATUS MIX UNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENT Total Units -- $47,917 8 $5,990 Total RS Units 50% $4,890 4 $1,222 6% Total RC Units 0% $0 0 $0 Total FM Units 50% $17,600 4 $4,400 Total Commercial -- $25,427 2 $12,714 RENTAL ANALYSIS BY UNIT TYPE TYPE % OF TOTAL RENT TOTAL AVG. RENT Studio 0% $0 0 $0 EXPENSE RATIO 1 Bedroom 50% $4,890 4 $1,222 2 Bedroom 50% $17,600 4 $4,400 3 Bedroom 0% $0 0 $0 4 Bedroom 0% $0 0 $0 5 Bedroom 0% $0 0 $0 16% 6 Bedroom 0% $0 0 $0 SRO 0% $0 0 $0 UPSIDE ANALYSIS $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO Current Avg RS Units Market Rents Current 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, 51 East Houston Street opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property.Marcus & MillichapReal EstateInvestmentServicesis aservicemarkof Marcus&MillichapReal EstateInvestmentServices,Inc.©2019 Marcus&Millichap 51 East Houston Street PROPERTY DESCRIPTION PROPERTY DESCRIPTION CITY: New Yorki STATE: NYi BLOCK & LOT: 509 / 23i LOT DIMENSIONS: 25 ft X 82 fti LOT SF: 1,968i BUILDING DIMENSIONS: 25 ft X 71 fti APPROXIMATE BUILDING SF: 8,845i ZONING: C6-3, LIi MAX FAR: 10i AVAILABLE AIR RIGHTS: 0i LANDMARK DISTRICT: Nonei HISTORIC DISTRICT: Nonei ANNUAL TAX BILL: __$34,820 TAX CLASS: 2Bi 51 East Houston Street BOROUGH Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states. CONFIDENTIAL 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.
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