INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
315
20 - UNIT CENTRAL HARLEM REDUCED ASKING PRICE MULTIFAMILY BUILDING FOR SALE $3,750,000
15 Minutes to Midtown Manhattan via A, B, C & D Subways Lines, 25' of Frontage, Close Proximity to Columbia University
INVICTUS PROPERTY ADVISORS JOSH LIPTON ANDREW LEVINE Partner Partner
303 Fifth Avenue, #1102, New York, NY 10016 [email protected] [email protected] email: [email protected] 212 596 7579 212 596 7570 www.invictusnyc.com 201 364 1809 917 495 0446
Invictus Property Advisors LLC makes no warranty or representation as to the accuracy and completeness of the information contained herein. This information is presented subject to errors, omissions and other conditions which may change without notice. The information contained herein shall be independently evaluated. INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
BUILDING FEATURES
On the north side of West 121st Street between LOCATION: Frederick Douglass Boulevard & Manhattan Avenue.
BLOCK / LOT: 1948 / 22
LOT DIMENSIONS: 25' X 100.92'
LOT AREA: 2,523 SF
STORIES: 5
BUILDING DIMENSIONS: 25' X 86'
GROSS SQUARE FOOTAGE: 9,516 SF
NET RESIDENTIAL SQUARE FOOTAGE: 8,089 SF (assumes 15% loss factor)
RESIDENTIAL UNITS: 20 Units
ZONING: R7-2
TOTAL BUILDABLE SF: 10,092 BSF
TOTAL AVAILABLE AIR RIGHTS: 576 SF
ASSESSMENT 20/21: $418,590 (Tax Class 2)
TAXES 20/21: $51,348
GROSS ANNUAL REVENUE: $365,571
EXPENSES + VACANCY LOSS: $129,692
NET OPERATING INCOME: $235,879
CAP RATE 6.30%
PROPERTY FEATURES
INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 315 West 121st Street, a five (5) story, multifamily walk-up building, totaling twenty (20) rent stabilized residential units on the north side of West 121st Street between Frederick Douglass Boulevard & Manhattan Avenue.
Located adjacent to Restaurant Row along Frederick Douglass Blvd from 110th to 124th Streets, the property benefits from a wide range of cultural amenities and some of the City’s finest dining establishments that give the streets of West Harlem a unique dynamism.
In addition, there are several new developments that are either under construction or recently completed that will further transform the immediate area, including, but not limited to: The Vidro Condominiums at 313 West 121st Street, Happy Living's 13-Story, 169-residential unit development at 300 West 122nd Street, the condominium project at 370 West 125th Street and Harlem's future tallest building at 233 West 125th Street (aka the Victoria Theater Redevelopment), which will include 191 rental apartments and a 210-key Renaissance Marriott Hotel.
The property is near Morningside Park, The Columbia University campus, The Columbia University Expansion Project and the 125th Street Commercial Corridor. It is a few blocks away from the A, B, C, & D subway lines on West 125th Street and Saint Nicholas Avenue with access to Midtown Manhattan (i.e. Columbus Circle) in less than 15 minutes. INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
RENT ROLL
UNIT# STATUS BEDROOMS/BATHROOMS PREF RENTS MONTHLY REVENUE ANNUAL REVENUE
1 RS Studio / 1 $127 $1,598 $19,176
2 RS Studio / 1 $498 $5,971
3 RS 1 / 1 $80 $1,779 $21,348
4 RS 1 / 1 $1,439 $17,265
5 RS Studio / 1 $1,768 $21,217
6 RS 1 / 1 $1,776 $21,315
7 RS 1 / 1 $1,312 $15,739
8 RS 1 / 1 $1,298 $15,573
9 RS Studio / 1 $1,868 $22,414
10 RS Studio / 1 $1,277 $15,329
11 RS Studio / 1 $1,296 $15,546
12 RS 1 / 1 $1,379 $16,552
13 RS 1 / 1 $155 $1,695 $20,340
14 RS 1 / 1 $1,722 $20,663
15 RS 1 / 1 $1,879 $22,548
16 RS 1 / 1 $1,671 $20,051
17 RS 1 / 1 $1,276 $15,317
18 RS 1 / 1 $286 $1,559 $18,708
19 RS Studio / 1 $1,425 $17,100
20 RS 1 / 1 $1,950 $23,400
MONTHLY REVENUE $30,464
ANNUAL REVENUE $365,571
AVERAGE RENT PER NET SQUARE FOOT $45.19
FUTURE UPSIDE UPON TENANT TURNOVER
MONTHLY PREFERENTIAL RENT $648
ANNUAL PREFERENTIAL RENT $7,776
Blue Denotes Projections Based On Current Legal Rent Due To Vacancy INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
EXPENSES
R.E. TAXES (20/21) Actual $51,348
INSURANCE Projected @ $1.00 / SF $9,516
WATER & SEWER Projected @ $945 / Unit $18,900
COMMON ELECTRIC Projected @ $0.15 / SF $1,427
GAS Projected @ $1.25 / SF $11,895
REPAIRS & MAINTENANCE Projected @ $450 / Unit $9,000
SUPER Projected @ $500 / Month $6,000
MANAGEMENT Projected @ 3% of EGI $10,638
TOTAL EXPENSES $118,725
GROSS ANNUAL REVENUE (GAR) $365.571
VACANCY ALLOWANCE @ 3% OF GAR $10,967
EFFECTIVE GROSS ANNUAL REVENUE $354,604
LESS ANNUAL EXPENSES $118,725
NET OPERATING INCOME $235,879
CAP RATE 6.30%
GRM 10.25x
POINTS OF INTEREST INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
PROPERTY PHOTOS
FAÇADE
CUTOUTS ALLOW FOR 360° LIGHT & AIR HIGHLIGHTS
CENTRAL HARLEM NEW DEVELOPMENTS 6.4% CAP LOCATION NEARBY RATE 11x GRM
20 UNITS 100% OCCUPANCY STRONG CASH RATE FLOW INVICTUS 315 WEST 121st STREET PROPERTY ADVISORS MANHATTAN, NY 10027
MAP
MORNINGSIDE
PARK WEST 125TH ST
MORNINGSIDE AVE
MANHATTAN AVE WEST 122ND ST WEST 122 ND ST PROPERTY
ST. NICHOLAS AVE BLOCK 1948
ST. NICHOLAS AVE
MANHATTAN AVE 22
FREDERICK DOUGLASS BLVD
WEST 121 ST ST
20 - UNIT CENTRAL HARLEM REDUCED ASKING PRICE MULTIFAMILY BUILDING FOR SALE $3,750,000
15 Minutes to Midtown Manhattan via A, B, C & D Subways Lines, 25' of Frontage, Close Proximity to Columbia University