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257 WEST 12TH STREET New York, NY 10014

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257 WEST 12TH STREET New York, NY 10014 FOR SALE 257 WEST 12TH STREET New York, NY 10014 WEST VILLAGE APARTMENT BUILDING FOR SALE Property Information Block / Lot 615 / 90 Lot Size 25' x 70' Lot SF (Approx.) 1,755 Building Dimensions (Approx.) 25' x 59' Irr. Building SF (Approx.) 8,100 (Includes Step-Down LL) Stories 5 + Lower Level W/ Egress Residential Units 11 Zoning R6 Residential FAR 2.20 Air Rights (Approx.) None Historic District Greenwich Village RE Assessment (17/18) $911,880 (Tax Class 2) RE Taxes (17/18) $117,560 (Tax Class 2) Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $58 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are two- bedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village. ASKING PRICE James Nelson, Vice Chairman David Yaeli, Senior Associate 212.696.2500 x7710 // [email protected] 212.589.5116// [email protected] $10,950,000 David Shalom, Director Mitchell Levine, Director 212.660.7767 // [email protected] 212.660.7761 // [email protected] For Financing: Brandon Polakoff, Associate Director Carly Weinreb, Senior Associate Ryan Carlson, Equity & Debt Coordinator 212.660.7755 // [email protected] 212.589.5114 // [email protected] 212.660.7782// [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. FOR SALE 257 WEST 12TH STREET New York, NY 10014 FINANCIAL SNAPSHOT RESIDENTIAL REVENUE (1) UNIT STATUS TYPE NSF LXP MONTHLY RENT $/SF ANNUAL RENT MARKET $/SF MARKET ANNUAL BE FM Studio 432 May-17 $2,350 $65 $28,200 $95 $41,040 1E FM 1 BR / 1 BA 615 Jun-17 $3,800 $74 $45,600 $95 $58,425 1 BR / 1.5 BA 1W FM 1,140 Jul-17 $4,900 $52 $58,800 $100 $114,000 + Garden 2E RS 1 BR / 1 BA 615 Oct-18 $1,075 $21 $12,896 $21 $12,896 2W FM 1 BR / 1 BA 615 Jun-17 $3,700 $72 $44,400 $95 $58,425 3E FM 2 BR / 1 BA 615 Oct-18 $3,300 $64 $39,600 $95 $58,425 3W FM 2 BR / 1 BA 615 Jun-17 $3,800 $74 $45,600 $95 $58,425 4E FM 1 BR / 1 BA 615 Jul-17 $3,500 $68 $42,000 $95 $58,425 4W FM 2 BR / 1 BA 615 May-17 $3,600 $70 $43,200 $95 $58,425 5E RS 1 BR / 1 BA 615 Nov-18 $1,026 $20 $12,313 $20 $12,313 5W FM 2 BR / 1 BA 615 Apr-17 $3,200 $62 $38,400 $95 $58,425 TOTAL 7,107 $34,251 $58 $411,009 $83 $589,224 *Yellow denotes projection at market rent (1) Pending DHCR reconciliation EXPENSES METRIC AMOUNT AMOUNT RE Taxes (17/18) Actual $117,560 $117,560 Common Electric Projected @ $0.25/SF $2,025 $2,025 Water & Sewer Projected @ $1.00/SF $8,100 $8,100 Insurance Projected @ $1.00/SF $8,100 $8,100 Fuel Projected @ $1.50/SF $12,150 $12,150 Repairs & Maintenance Projected @ $500/Unit $5,500 $5,500 Super Projected @ $300/Unit $3,300 $3,300 Management Projected @ 3% of EGI $12,330 $17,677 TOTAL $169,065 $174,411 Residential Income $411,009 $589,224 Less Expenses ($169,065) ($174,411) Net Operating Income $241,945 $414,813 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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