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OFFERING MEMORANDUM 165 Avenue B | New York • NY

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OFFERING MEMORANDUM 165 Avenue B | New York • NY OFFERING MEMORANDUM 165 Avenue B | New York • NY MARKETING TEAM Peter Von Der Ahe 260 Madison Avenue, 5th Floor New York, NY 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) 500-7565 [email protected] Corey Isdaner 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5162 Fax: (646) 808-3210 [email protected] Andrew Dansker | Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected] 165 Avenue B TABLE OF CONTENTS INVESTMENT OVERVIEW Section I PRICING & FINANCIAL ANALYSIS Section II PROPERTY DESCRIPTION Section III MARKET OVERVIEW Section IV 165 Avenue B 165 Avenue B INVESTMENT OVERVIEW 165 Avenue B | $7,500,000 Is being offered at THE OFFERING Marcus & Millichap is pleased to offer the following • Price Point Deal: $7,500,000 opportunity located in the booming Alphabet City • Tax Class 2A neighborhood. 165 Avenue B is located on the East • Terrific Location: Steps from Tompkins Square side of Avenue B between East 10th and East 11th Park and Several of East Village’s Trendiest Street, and contains a gross square footage of establishments 5,608 feet. The building is built 24 x 63 feet on a 23 x 93 lot (Block: 393 Lot: 4). The property is zoned C1-5/R7A. LISTING METRICS THE OPPORTUNITY • Prime 5 Story Mixed-Use Building Located on 5 5,608 UNITS TOTAL SQUARE FEET Avenue B • 4 Gut Renovated 3-Bedroom Apartments • Apartments Feature: high-end condo finishes, $1,337 $15,100 white oak floors, open views, renovated kitchen PRICE /SF PROJECTED TAXES with stainless steel appliances and dishwasher, and upgraded bathrooms • 1 Retail Tenant: Sum Restaurant, Newly signed 4.1% 21.13 lease, 1,000 Square Foot space, occupied by CAP RATE GRM restaurant that features outdoor seating • Building wide improvements have been made: new plumbing and electric 24' 3,196 FRONTAGE TOTAL AIR RIGHTS OFFERING MEMORANDUM P R I C I N G & FINANCIAL ANALYSIS PRICING & FINANCIAL ANALYSIS FINANCIAL OVERVIEW INCOME CURRENT PRO FORMA $7,500,000 Gross Potential Residential Rent $255,000 $270,744 OFFERING PRICE Gross Potential Commercial Rent $105,060 $105,060 Gross Income $360,060 $375,804 PRICE PER SQUARE FEET $1,337 Vacancy/Collection Loss ($5,100) ($5,415) PRICE PER UNIT $1,500,000 Effective Gross Income $354,960 $370,389 TOTAL SQUARE FEET 5,608 Average Residential Rent/Month/Unit $5,313 $5,641 TOTAL UNITS 5 CURRENT CAP RATE 4.1% CURRENT GRM 21.1 EXPENSES PRO FORMA CAP RATE 4.3% Property Taxes Tax Class: 2A $15,100 $15,100 PRO FORMA GRM 20.2 Fuel Includes Electric $3,000 $3,000 PRO FORMA CASH ON CASH RETURN 2.64% Insurance $6,500 $6,500 Water and Sewer $4,020 $4,020 Repairs and Maintenance $3,750 $3,750 PROPOSED DEBT Super Salary $4,200 $4,200 Loan Amount $4,750,000 Management Fee $10,649 $11,112 Interest Rate 3.25% Elevator Contract N/A N/A Amortization 30 Legal & Miscellaneous N/A N/A Annual Debt Service ($250,238) SCRIE/DRIE N/A N/A Debt Coverage Ratio 1.23 Other N/A N/A Net Cash Flow After Debt Service $72,469 Total Expenses $47,219 $47,682 Net Operating Income $307,741 $322,707 UPSIDE ANALYSIS $6,000 SCHEDULE OF INCOME UNIT BREAKDOWN TOTAL % OF TOTAL RENT $5,000 Studio 0 0% $0 $4,000 1 Bedroom 0 0% $0 $3,000 2 Bedroom 0 0% $0 3 Bedroom 4 100% $5,313 $2,000 4 Bedroom 0 0% $0 $1,000 5 Bedroom 0 0% $0 $0 6 Bedroom 0 0% $0 Studio 1 2 3 4 5 6 SRO SRO 0 0% $0 BedroomBedroomBedroomBedroomBedroomBedroom Current Avg RS Units Market Rents Current Avg FM Rents 5,608 $1,337 21.13 4.1% SQUARE FEET GROSS TOTAL SF PPSF GRM CAP RATE 165 Avenue B PRICING & FINANCIAL ANALYSIS RENT ROLL COMMERCIAL RENT UNIT TENANT NAME REIMBURSEMENTS NOTES LEASE START SF EXPIRATION ACTUAL PRO FORMA $/PSF Outdoor Space, pays 25% of RE Tax increase Apr-16 1,000 Aug-26 $8,755 $8,755 $105 1 Sum Restaurant above base year 2015/2016 MONTHLY COMMERCIAL REVENUE 1,000 $8,755 $8,755 RESIDENTIAL RENT UNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA $/PSF 1 FM 2 Bath, Washer/Dryer 3 Bedroom 6 1,300 Aug-17 $6,550 $6,812 $63 2 FM 3 Bedroom 5 1,000 Jul-17 $4,900 $5,250 $63 3 FM 3 Bedroom 5 1,000 May-17 $4,900 $5,250 $63 4 FM Skylight/Raised Ceiling 3 Bedroom 5 1,000 May-17 $4,900 $5,250 $63 MONTHLY RESIDENTIAL REVENUE 12 21 4,300 $21,250 $22,562 ANNUAL RESIDENTIAL REVENUE $255,000 $270,744 ANNUAL COMMERCIAL REVENUE $105,060 $105,060 ACTUAL PRO FORMA TOTAL ANNUAL REVENUE $360,060 $375,804 There are currently 0 vacant units in the building. The super lives off site. 165 Avenue B PRICING & FINANCIAL ANALYSIS INCOME AND EXPENSE ANALYSIS GROSS POTENTIAL INCOME ACTUAL PRO FORMA %EGI $/UNIT %EGI $/UNIT AVERAGE RENT Gross Potential Residential Rent $255,000 71% $63,750 $270,744 72% $67,686 PER MONTH Gross Potential Commercial Rent $105,060 29% $26,265 $105,060 28% $26,265 Gross Income $360,060 $90,015 $375,804 $93,951 $5,313 Vacancy/Collection Loss ($5,100) 2% ($1,275) ($5,415) 2% ($1,354) Effective Gross Income $354,960 $88,740 $370,389 $92,597 PERCENT Average Residential Rent/Month/Unit $5,313 $5,641 FAIR MARKET EXPENSES Property Taxes Tax Class: 2A $15,100 4% $3,775 $15,100 4% $3,775 Fuel Includes Electric $3,000 1% $750 $3,000 1% $750 80% Insurance $6,500 2% $1,625 $6,500 2% $1,625 Water and Sewer $4,020 1% $1,005 $4,020 1% $1,005 Repairs and Maintenance $3,750 1% $938 $3,750 1% $938 Super Salary $4,200 1% $1,050 $4,200 1% $1,050 Management Fee $10,649 3% $2,662 $11,112 3% $2,778 Total Expenses $47,219 13% $11,805 $47,682 13% $11,920 TAXES AS Net Operating Income $307,741 $322,707 PERCENT OF EGI LEASE STATUS MIX UNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENT Total Units 100% $21,250 5 $4,250 Total RS Units 0% $0 0 $0 4% Total RC Units 0% $0 0 $0 Total FM Units 80% $21,250 4 $5,313 Total Commercial 20% $0 1 $8,755 RENTAL ANALYSIS BY UNIT TYPE TYPE % OF TOTAL RENT TOTAL AVG. RENT Studio 0% $0 0 $0 EXPENSE RATIO 1 Bedroom 0% $0 0 $0 2 Bedroom 0% $0 0 $0 3 Bedroom 100% $21,250 4 $5,313 4 Bedroom 0% $0 0 $0 5 Bedroom 0% $0 0 $0 13% 6 Bedroom 0% $0 0 $0 SRO 0% $0 0 $0 UPSIDE ANALYSIS $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO Current Avg RS Units Market Rents Current Avg FM Rents 165 Avenue B PROPERTY DESCRIPTION PROPERTY DESCRIPTION CITY: New Yorki STATE: NYi BLOCK & LOT: 393 / 4i LOT DIMENSIONS: 23 x 93i LOT SF: 2,201i BUILDING DIMENSIONS: 24 x 63i BUILDING SF: 5,608i ZONING: C1-5/R7Ai MAX FAR: 4.00i AVAILABLE AIR RIGHTS: 3,196i LANDMARK DISTRICT: Nonei HISTORIC DISTRICT: Nonei ANNUAL TAX BILL: __$15,100i TAX CLASS: 2Ai 165 Avenue B BOROUGH Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states. CONFIDENTIAL 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. © 2016 Marcus & Millichap SUBJECT PROPERTY 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B PROPERTY DESCRIPTION | PROPERTY PHOTOS 165 Avenue B MARKET OVERVIEW MANHATTAN The island is one of New York City's five boroughs, is an island New York Harbor contains docks for freight and approximately 13 miles long and two miles wide. Solid bedrock provides passenger ships and provides ferry service to New a firm foundation for the high-rise buildings that dominate the skyline. Jersey and around the city. Manhattan's deep-water port and proximity to the nation's interior bolster its position as a global economic powerhouse. Manhattan also contains Central Park, which encompasses 843 acres in the center of the MARKET HIGHLIGHTS island and is considered one of the nation's premier public spaces. BOROUGH Large population: New York City is the United States’ largest city, Manhattan is home to over 1.6 million residents who are part of a much with upwards of 8 million residents.
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