Exclusive 1588-1600 Amsterdam Avenue Aka 500 – 502 West 139Th Street Prime Hamilton Heights Across from City College of New York
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OFFERING SUMMARY EXCLUSIVE 1588-1600 AMSTERDAM AVENUE AKA 500 – 502 WEST 139TH STREET PRIME HAMILTON HEIGHTS ACROSS FROM CITY COLLEGE OF NEW YORK TWO CONTIGUOUS RESIDENTIAL BUILDINGS 44 UNITS | 9 STORES | 38,400 ± SF 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY EXECUTIVE SUMMARY Meridian Investment Sales is pleased to present 1588-1600 Amsterdam Avenue aka. 500–502 West 139th Street (the “Property”). These two contiguous corner 5-story walkups feature 44 apartments, 9 stores, 2 rooftop antennas and 38,400± Sq. Ft. The property is across the street from The City College of New York, two blocks from the [1] Train at 137th Street – City College and walking distance to Columbia University. This Hamilton Heights property is situated on the southwest corner of Amsterdam Avenue and West 139th Street, just four blocks east of the Henry Hudson Parkway (9A). The current ownership has implemented a tremendous renovation program over the past few years and the building is in excellent condition. This exciting opportunity offers an investor a stable asset with lots of upside due to the low average rents in the buildings. ASKING PRICE: $22,000,000 2 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS PRIME LOCATION The Property is located in Hamilton Heights, one of the most desirable neighborhoods in Northern Manhattan. Home to the City College of New York, the Harlem School of the Arts and the Dance Theatre of Harlem, Hamilton Heights is filled with history, academia and culture. Hamilton Heights architecture is characterized by grand Gothic buildings, Romanesque arches and terracotta details. The Property is located across the street from City College of New York, one block from the bustling Broadway and walking distance to Columbia University and St. Nicholas Park. EXCELLENT PROPERTY CONDITION Over the past few years, the current ownership has maintained and improved the property significantly. The ownership has renovated approximately one-third of the units with new floors, electric, kitchens, and bathrooms. Units feature granite counters and stainless steel appliances. In addition, new front doors have been installed and all common hallways have been renovated with new flooring, lighting and painting. A brand new roof was installed and a dual fuel boiler was installed in 2015. RENTAL UPSIDE The buildings are primarily comprised of two and three bedroom units. The average monthly rent is $1,390 offering an investor rental upside. The retail is approximately 5,391 SF and is 100 % leased with an average rental rate of $58 per square foot. The retail is comprised of four busy eateries (Indian, Chinese, Pizza and Italian) and a bike store. Two of the restaurants offer outdoor seating and are well attended by the neighborhood clientele. STABLE ASSET The proximity of the property to CUNY (located across the street) and public transportation combined with the low rents make this property a safe and stable investment opportunity for an investor. The demand for housing from City College students will be a dominant factor in increasing rents in the neighborhood. Currently, there are 17,300 students enrolled full time at this campus up from 16,150 in 2016. Northern Manhattan continues to gentrify, attracting more permanent tenants and area will continue to appreciate over the long term. 3 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY OVERVIEW PROPERTY OVERVIEW Neighborhood Hamilton Heights Block / Lot 2070 / 36 Lot & Built/Size 99.92’ x 100’ & 99.92’ x 85’ Building Square Feet 38,381± SF Description Two 5-story walkup building with stores Total Apartments & Rooms 44 & 202 Layout 1/3, 16/4, 27/5 Zoning R7A, C1-4 Assessment / Taxes (2018/19) $1,283,490 / $163,247 4 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY OVERVIEW TAX MAP BLOCK 2070 WEST 139TH STREET 36 AMSTERDAM AVENUE AMSTERDAM WEST 138TH STREET ZONING MAP 1588-1600 AMSTERDAM AVENUE 5 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW INCOME AND EXPENSE PROJECTIONS REVENUE Apartments $728,000 Stores & Antennae $363,900 Surcharges (W/D & A/C) $8,400 Tax/Water Reimbursement $24,000 GROSS INCOME $1,124,300 ESTIMATED EXPENSES Taxes (18/19) $163,250 Water & Sewer $44,000 Payroll $20,800 Fuel $60,600 Insurance $26,400 Utilities $5,000 Repairs, Maintenance & Misc. $44,000 TOTAL EXPENSES $364,050 ESTIMATED NET OPERATING INCOME $760,250 COMMERCIAL RENT ROLL UNIT TENANT NAME RENT/MONTH REIMB. RENT PSF SQ. FT LXP Store 1-2 Chinese Restaurant $6,895.85 $512.54 $79.66 1,116 6/30/2025 Store 3* Indian Restaurant $3,200.00 $279.43 $50.92 820 5/31/2027 Store 4 Pizza Eatery $5,050.00 $38.80 $104.74 583 5/31/2026 Store 5-6* Italian Restaurant $7,165.00 $945.36 $64.03 1,520 6/30/2024 Store 7-9* Talent Cycles Inc. $3,850.00 $223.54 $36.16 1,352 2/28/2023 Roof Cellular Telephone Co. DBA $2,080.13 - - - Roof Nextel of NY LLC Sprint $2,080.40 - - - COMMERCIAL MONTHLY INCOME $30,321.38 $1,999.67 $58.23** 5,391 COMMERCIAL ANNUAL INCOME $363,856.56 $23,996.04 *Units contain additional lower level space * * R e n t PSF calculation excludes reimbursements 6 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW RENT ROLL UNIT BLDG APT# TENANT NAME RENT/MONTH ROOM LXP NOTES STATUS 1 1588 1 Tenant 1 $918.82 5 6/30/2019 RS 2 1588 2 Tenant 2 $2,250.00 4 MTM FM 3 1588 21 Tenant 3 $899.74 5 10/31/2019 RS 4 1588 22 Tenant 4 $2,875.00 5 10/31/2018 FM 5 1588 23 Tenant 5 $317.10 4 n/a RC 6 1588 24 Tenant 6 $817.93 4 11/30/2019 RS 7 1588 25 Tenant 7 $2,200.00 4 2/28/2019 FM 8 1588 31 Tenant 8 $796.26 5 9/30/2018 RS 9 1588 32 Tenant 9 $2,085.69 5 2/28/2019 S8 RS 10 1588 33 Tenant 10 $924.72 4 8/31/2019 DRIE RS 11 1588 34 Tenant 11 $699.43 4 12/31/2019 SCRIE RS 12 1588 35 Tenant 12 $1,677.15 4 2/28/2019 S8 RS 13 1588 41 Tenant 13 $1,048.94 5 8/31/2018 DRIE RS 14 1588 42 Tenant 14 $880.62 5 4/30/2020 DRIE RS 15 1588 43 Tenant 15 $722.77 4 4/30/2019 S8 RS 16 1588 44 Tenant 16 $2,115.00 3 2/28/2019 RS/PREF 17 1588 45 Tenant 17 $2,200.00 4 6/30/2019 FM 18 1588 51 Tenant 18 $395.00 5 n/a RC 19 1588 52 Tenant 19 $905.01 5 3/31/2020 SCRIE RS 20 1588 53 Tenant 20 $899.23 4 11/30/2018 SCRIE RS 21 1588 54 Tenant 21 $2,150.00 4 4/30/2019 RS/PREF 22 1588 55 Tenant 22 $1,050.23 4 3/31/2020 RS 23 1600 1 Tenant 23 $337.85 5 n/a RC 24 1600 2 Tenant 24 $3,200.00 5 Vacant RS 25 1600 21 Tenant 25 $1,926.70 5 MTM RS 26 1600 22 Tenant 26 $1,915.73 5 MTM RS 27 1600 23 Tenant 27 $2,200.00 4 12/31/2018 FM 28 1600 24 Tenant 28 $804.05 5 8/31/2018 SCRIE RS 29 1600 25 Tenant 29 $858.68 5 7/31/2020 SCRIE RS 30 1600 31 Tenant 30 $1,001.05 5 2/29/2020 SCRIE RS 31 1600 32 Tenant 31 $980.42 5 1/31/2020 DRIE RS 32 1600 33 Tenant 32 $1,900.00 4 6/30/2019 RS/PREF 33 1600 34 Tenant 33 $3,075.00 5 6/30/2019 RS 34 1600 35 Tenant 34 $800.53 5 9/30/2018 RS/PREF 35 1600 41 Tenant 35 $2,880.00 5 5/31/2019 FM 36 1600 42 Tenant 36 $1,900.00 5 MTM FM 37 1600 43 Tenant 37 $666.44 4 3/31/2020 RS 38 1600 44 Tenant 38 $727.56 5 3/31/2020 RS 39 1600 45 Tenant 39 $863.65 5 3/31/2020 SCRIE RS 40 1600 51 Tenant 40 $702.04 5 12/31/2019 RS 41 1600 52 Tenant 41 $3,000.80 5 4/30/2019 RS/PREF 42 1600 53 Tenant 42 $864.42 4 12/31/2018 RS 43 1600 54 Tenant 43 $848.29 5 3/31/2020 RS 44 1600 55 Tenant 44 $388.53 5 n/a RC RESIDENTIAL MONTHLY INCOME $60,670.38 202 RESIDENTIAL ANNUAL INCOME $728,044.56 7 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW RENT ANALYSIS # ROOMS UNIT TYPE # OF UNITS UNIT % TOTAL MONTHLY RENT AVERAGE MONTHLY RENT 3 1 - BR 1 2% $2,115 $2,115 4 2 - BR 16 36% $21,539 $1,346 5 3 - BR 27 61% $37,016 $1,371 TOTAL / AVG. 44 $60,670 $1,379 UNIT MIX FM RS # Rooms Count FM Avg. Rent # Rooms Count RS Avg.