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157 EAST 118TH STREET 5 STORY, 10 UNIT WALK-UP BUILDING Located in the Heart of East Harlem CUSHMAN & WAKEFIELD 1 157 EAST 118TH STREET - PROPERTY FEATURES

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157 EAST 118TH STREET 5 STORY, 10 UNIT WALK-UP BUILDING Located in the Heart of East Harlem CUSHMAN & WAKEFIELD 1 157 EAST 118TH STREET - PROPERTY FEATURES 157 EAST 118TH STREET 5 STORY, 10 UNIT WALK-UP BUILDING Located In The Heart Of East Harlem CUSHMAN & WAKEFIELD 1 157 EAST 118TH STREET - PROPERTY FEATURES ASKING PRICE: $3,975,000 PPSF: $466 CAP RATE: 3.90% Property Features: The Subject Property is located on the north side of Location: East 118th Street between Third and Lexington Avenues. Block & Lot: 1767-26 Lot Dimensions: 25' x 100.92' Lot Square Footage: 2,523 sq ft (approx.) Building Dimensions: 25' x 74' Stories: 5 Residential Units: 10 Gross Square Footage: 8,525 sq ft (approx.) Net Square Footage: 7,246 sq ft (approx.) less 15% loss factor Avg. Net Unit Size: 853 sq ft (approx.) Zoning: R7A FAR: 4.00 (Wide Street) Total Buildable Square Feet: 10,092 sq ft (approx.) Minus Existing Structure: (8,525) sq ft (approx.) Available Air Rights: 1,567 sq ft (approx.) Assessment (17/18): $47,433 Taxes (17/18): $6,115 (Tax Class 2B) Financial Summary: GROSS ANNUAL REVENUE: $207,574 PRICE PER SQUARE FOOT: $466 PRICE PER UNIT: $397,500 VACANCY LOSS & EXPENSES: ($52,486) CAPITALIZATION RATE: 3.90% NET OPERATING INCOME: $155,087 GROSS RENT MULTIPLE: 19.15x 2 PROPERTY OVERVIEW Property Description 157 East 118th Street is a 10 unit walk-up apartment building located in one of East Harlem’s most desired neighborhoods. The property qualifies as tax class 2B and benefits from limited tax increases. The building totals approximately 8,525 gross square feet and contains 10 two-bedroom apartments. Of the 10-units, 4 are free market, 4 are rent stabilized, and 2 are rent controlled. Units are achieving rents of $28.65 per net square foot in a market that can achieve close to $45 per square foot. Current vacancies provide the prospect of unit renovations and income growth. Tenants can easily access the 66 subway line which is available at 116th Street and Lexington Avenue, as well as numerous bus lines that run throughout Manhattan and the Bronx. Tenants benefit from the property’s proximity to the 3rd Avenue and 116th street retail corridors which includes national retail tenants such as Chase Bank, Dunkin Donuts, and GNC. The building provides investors with the opportunity to capitalize on a property in one of New York City’s most up and coming areas. Highlights • 10 units in one of Manhattan’s greatest potential submarkets • Close proximity to the 3rd Avenue & 116th Street retail corridors • Two Blocks from the 116th Street 66 Subway Station • Located within the new East Harlem Rezoning district • The property qualifies as tax class 2B & benefits from limited tax increases 3RD AVENUE RETAIL CORRIDOR CUSHMAN & WAKEFIELD 3 157 EAST 118TH STREET - RESIDENTIAL REVENUE UNIT STATUS EXP. MONTHLY RENT MARKET RENT 1 RS $1,554 $2,750 2 RS $1,825 $2,750 3 RC $112 $2,750 4 FM Vacant $2,750 $2,750 5 FM Vacant $2,750 $2,750 6 RC $114 $2,750 7 RS $1,850 $2,750 8 RS $1,713 $2,750 9 FM $1,880 $2,750 10 FM Vacant $2,750 $2,750 BSMT Vacant GROSS MONTHLY RESIDENTIAL RENT: $17,298 $27,500 GROSS ANNUAL RESIDENTIAL RENT: $207,574 $330,000 AVERAGE RENT PER UNIT: $1,730 $2,750 AVERAGE RENT PER NET SQ FT: $28.65 $45.54 4 INCOME & EXPENSES RESIDENTIAL REVENUE Gross Annual Residential Revenue $207,574 Vacancy Allowance @ 3% of Gross Annual Revenue ($6,227) Effective Gross Annual Residential Revenue $201,346 EXPENSES (ESTIMATED) CW PROJECTED Adjusted Taxes (17/18) Actual $6,115 Water/Sewer @ $1,000 / Unit $10,000 Insurance @ $450 / Unit $4,500 Fuel (Gas) @ $1.00 / GSF $8,525 Electric @ $0.15 / GSF $1,279 Repairs @ $500 / Unit $5,000 Super @ $400 / Month $4,800 Management @ 3.0% / EGR $6,040 Total Expenses: $46,259 Effective Gross Annual Residential Revenue $201,346 Less Expenses: 25% ($46,259) Net Operating Income: $155,087 CUSHMAN & WAKEFIELD 5 157 EAST 118TH STREET - TAX MAP & RETAIL MAP East 119th Street Third Avenue Third Lexington Avenue East 118th Street 4 E 125TH ST RFK 5 6 E 124TH ST FDR DRIVE WILLIS BRIDGE AVE E 123RD ST E 122ND ST 157 EAST ST E 121 ST TH MEMORIAL PARK MARCUS GARVEY MARCUS 118 STREET E 120TH ST E 118TH ST MADISON AVE AVE PARK LEXINGTON AVE AVE 3RD 2ND AVE E 116TH ST 6 1ST AVE AVE PLEASANT 6 SUFFOLK ST T TRANSPORTATION MAP 1 4 M A C B D 2 N 5 R 157 EAST 3 6 118TH STREET COLUMBIA UNIVERSITY 116TH STREET Travel Times 20 6 min to Grand Central via 2nd Avenue Subway Expansion Subway 2nd Avenue 96TH STREET Q 96TH STREET 86TH STREET 72ND STREET COLUMBUS CIRCLE 59TH STREET 20 TIMES SQUARE min GRAND CENTRAL CUSHMAN & WAKEFIELD 7 157 EAST 118TH STREET For more information contact: Jonathan Squires Director (212) 660 7775 [email protected] Robert M. Shapiro Executive Managing Director (212) 660 7717t [email protected] Jonathan Trock Associate (212) 589 5156 [email protected] Jordan Sutton Associate (212) 589 5101 [email protected] Cushman & Wakefield Copyright 2017. 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..
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