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56 West 11Th Street TABLE of CONTENTS

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56 West 11Th Street TABLE of CONTENTS 56W MARKETING TEAM Peter Von Der Ahe 260 Madison Avenue, 5th Floor New York, NY 10016 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 Fax: (212) 500-7565 [email protected] David Lloyd 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 430-5110 [email protected] Noah Kossoff 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (646) 805-1426 Fax: (212) 430-5110 [email protected] Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected] 56 West 11th Street TABLE OF CONTENTS Section I INVESTMENT OVERVIEW Section II PRICING & FINANCIAL ANALYSIS Section III PROPERTY DESCRIPTION Section IV MARKET OVERVIEW INVESTMENT OVERVIEW 56 West 11th Street INVESTMENT OVERVIEW 56 West 11th Street is being offered for $42,500,000 THE OFFERING PROPERTY HIGHLIGHTS Marcus & Millichap is pleased to • Nine Story Elevator Trophy exclusively offer 56 West 11th Building on “Gold Coast Block” Street, located in the heart of • Excellent In-Place Cash Flow: the city’s most desirable $1,653,163 neighborhood, Greenwich • All Fair Market Units Have Been Village. Located on 11th Street Renovated to Condo Quality between 5th and 6th Avenue, • The 18 rent-stabilized this 36 unit elevator building is apartments contain an approximately 27,184 square average rent of $1,574, which is feet. The 44’ x 78’ building is more than 225% below the free situated on a 44’ x 94’ lot. market rent (Block: 574 and Lot: 15). The • Steps from Washington Square property is zoned R6 and is & Union Square: Located near located in Tax Class 2. B, D, F, M, N, R, L, 6 Subway lines • Condos at Greenwich Lane (145 West 11th) Selling between $3,500-$6,000 Per Square Foot 56 West 11th Street INVESTMENT OVERVIEW 56 West 11th is being offered for The 16 free-market apartments $42,500,000. This sale offers have been renovated to investors the opportunity to condominium level finishes with acquire a cash-flowing, elevator bleached-plank hardwood floors, building with condominium level recessed lighting, granite finishes and tremendous upside countertops, stainless steel on 11th Street. Of the 36 units, 17 appliances, cherry wood are free-market, 18 are rent- cabinets, crown and baseboard stabilized, and one is rent moldings, and marble controlled. bathrooms. The building has 20 one-bedroom This a rare opportunity to acquire units and 16 two-bedroom an income-producing property apartments. The 19 rent- on a Gold Coast Block in stabilized units contain an Greenwich Village, one of the average rent of $1,574 per hottest markets in Manhattan. month, which is more than 225% The property is located within below free-market rents, close proximity to Washington providing an investor with Square and Union Square, promising future upside. providing easy access to multiple subway lines, trains and buses. PRICING & FINANCIAL ANALYSIS 56 West 11th Street PRICING & FINANCIAL ANALYSIS FINANCIAL OVERVIEW INCOME CURRENT PRICING METRICS Gross Potential Residential Rent $1,683,840 OFFERING PRICE $42,500,000 Vacancy / Collection Loss ($33,677) Number of Units 36 Laundry Income $3,000 Price/Unit $1,180,556 Effective Gross Income $1,653,163 Gross Square Feet 27,184 Price / SF $1,563 Current Cap Rate 3.0% EXPENSES Current GRM 25.7 Property Taxes $198,821 Fuel $44,639 SCHEDULE OF INCOME Insurance $13,254 Unit Breakdown Total % Rent Water and Sewer $27,655 Total RS Units 18 50% $28,329 Repairs and Maintenance $16,200 Total RC Units 1 3% $641 Common Electric (PSF) $5,858 Total FM Units 17 47% $111,350 Super Salary $12,400 Total Commercial 0 0% $0 Management Fee $56,367 Total Units 36 100% $140,320 Elevator Contract $10,000 Total Expenses $385,194 Net Operating Income $1,267,969 PROPOSED DEBT ANALYSIS Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service Cash on Cash Return EXPENSES BY TYPE GROSS POTENTIAL INCOME BY TYPE Property Taxes Fuel 3% 15% Insurance Water and Sewer 3% 1% 4% Repairs and 52% Maintenance 7% Common Electric (PSF) 3% Super Salary 12% Management Fee Resi. Elevator Contract 100% CONFIDENTIAL OFFERING MEMORANDUM 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, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 Marcus & Millichap 56 West 11th Street PRICING & FINANCIAL ANALYSIS RENT ROLL RESIDENTIAL UNIT# LEASE STATUS NOTES BEDROOMS ROOMS EXPIRATION ACTUAL PRO FORMA 1FE RS 1 Bedroom 3 Aug-18 $995 $995 1FW FM 1 Bedroom 3 Jan-18 $4,500 $4,500 1RE FM 1 Bedroom 3 Feb-17 $6,500 $6,500 1RW FM Vacant Projected 1 Bedroom 3 $6,500 $6,500 2FE RS 2 Bedroom 4 Mar-17 $1,732 $1,732 2FW RS 2 Bedroom 4 Aug-17 $1,658 $1,658 2RE RS 1 Bedroom 3 Dec-17 $1,247 $1,247 2RW FM Vacant Projected 1 Bedroom 3 $5,900 $5,900 3FE RS 2 Bedroom 4 Aug-17 $1,695 $1,695 3FW RS 2 Bedroom 4 Jul-17 $1,030 $1,030 3RE FM 1 Bedroom 3 Mar-17 $6,000 $6,000 3RW RC 1 Bedroom 3 $641 $641 4FE RS 2 Bedroom 4 Jul-17 $2,069 $2,069 4FW RS Lease Expired - Please discuss with listing 2 Bedroom 4 May-14 agent $2,051 $2,051 4RE RS 1 Bedroom 3 Jul-17 $1,074 $6,500 4RW FM 1 Bedroom 3 Oct-17 $5,500 $5,500 5FE FM Vacant Projected 2 Bedroom 4 $7,500 $7,500 5FW RS 2 Bedroom 4 Jun-17 $1,444 $1,444 5RE FM Vacant Projected 1 Bedroom 3 $6,500 $6,500 5RW RS Lease Expired - Please discuss with listing 1 Bedroom 3 Oct-14 agent $1,871 $1,871 6FE RS 2 Bedroom 4 Jan-18 $1,559 $1,559 6FW FM 2 Bedroom 4 Sep-17 $7,600 $7,600 6RE RS 1 Bedroom 3 Apr-18 $2,094 $2,094 6RW RS 1 Bedroom 3 Sep-17 $1,405 $1,405 7FE FM 2 Bedroom 4 Sep-17 $7,500 $7,500 7FW RS 2 Bedroom 4 Jun-18 $1,711 $1,711 7RE RS 1 Bedroom 3 Jul-17 $1,092 $1,092 7RW FM 1 Bedroom 3 Sep-18 $6,150 $6,150 8FE FM 2 Bedroom 4 Mar-17 $7,600 $7,600 8FW RS 2 Bedroom 4 Aug-17 $2,033 $2,033 8RE RS 1 Bedroom 3 Jul-18 $1,569 $1,569 8RW FM 1 Bedroom 3 Mar-17 $6,000 $6,000 9FE FM 2 Bedroom 4 Oct-17 $7,500 $7,500 9FW FM Vacant Projected 2 Bedroom 4 $7,500 $7,500 9RE FM 1 Bedroom 3 Aug-17 $6,600 $6,600 9RW FM Vacant Projected 1 Bedroom 3 $6,000 $6,000 Monthly Residential Revenue 52 124 $140,320 $145,746 Total Annual Revenue $1,683,840 $1,748,952 There are 6 Vacant units currently in the building The super lives off site CONFIDENTIAL OFFERING MEMORANDUM 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, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 Marcus & Millichap 56 West 11th Street PRICING & FINANCIAL ANALYSIS CASH FLOW Building Size (SF) 27,184 Number of Units 36 Commercial Units 0 Residential Units 36 INCOME ACTUAL Gross Potential Income %EGI $/Unit / $/SF Gross Potential Residential Rent $1,683,840 $46,773 Vacancy / Collection Loss ($33,677) 2% ($935) Laundry Income $3,000 $83 Effective Gross Income $1,653,163 $45,921 Average Residential Rent/Month/Unit $3,898 EXPENSES Property Taxes $198,821 12% $5,523 Fuel $44,639 3% $1,240 Insurance $13,254 1% $368 Water and Sewer $27,655 2% $768 Repairs and Maintenance $16,200 1% $450 Common Electric (PSF) $5,858 0% $0.22 Super Salary $12,400 1% $344 Management Fee $56,367 3% $1,566 Elevator Contract $10,000 1% $278 Total Expenses $385,194 23% $10,700 Net Operating Income $1,267,969 CONFIDENTIAL OFFERING MEMORANDUM 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, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
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