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249 Broome Street TABLE of CONTENTS 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 Cell: (516) 425-2785 [email protected] Corey Isdaner 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5162 Cell: (917) 242-1899 [email protected] Jared Bernstein 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (646) 805-1451 Cell: (862) 207- 9441 [email protected] Andrew Dansker | Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected] 249 Broome Street TABLE OF CONTENTS INVESTMENT OVERVIEW Section I PRICING & FINANCIAL ANALYSIS Section II PROPERTY DESCRIPTION Section III MARKET OVERVIEW Section IV 249 Broome Street INVESTMENT OVERVIEW 249 Broome Street | $23,500,000 Is being offered at THE OFFERING Recent High-End Renovations. This turn-key asset has been significantly renovated over the past few years including hallways and Marcus & Millichap is pleased to offer the following opportunity the lobby, a communal rooftop, and a newly upgraded video system. located in the booming Lower East Side neighborhood. 249 Broome The free market units have been renovated to include brand new Street is located on Broome Street between Orchard and Ludlow kitchens with stainless steel appliances, dishwashers, upgraded Street, and contains a gross square footage of 19,053. The building is bathrooms, exposed brick, recessed lighting and new hardwood floors. built 41.5 ft X 76 ft feet on a 41.5 ft X 87.5 ft lot (Block: 408 Lot: 11). In addition, there are brand new washer and dryers in every newly The property is zoned C4-4A. renovated apartment as well as plumbing lines throughout the building. Also, every unit and retail space has been converted and THE OPPORTUNITY upgraded to electric. This significantly reduces cost to Landlord and eliminates the risk of suspending gas service to the building which is a Rare Opportunity. This property represents a rare opportunity to major problem for Manhattan Landlords. All the apartments include acquire a 19,053 Square Foot mixed-use building in the heart of the large bedrooms with large open space common areas, unlike most of Lower East Side. The property contains 33 apartments and 2 retail buildings in the Lower East Side. stores. Of the 33 apartments, there are 12 three-bedroom apartments, 13 two-bedroom apartments, 6 one-bedroom Proven Location. 249 Broome Street is located one block south of apartments, and 2 studio apartments. Delancey Street. Within a short walk are galleries, museums, and popular night-life spots including: The DL, Hotel Chantelle, Grey Lady, The Future of the Lower East Side. One block away from 249 Los Feliz, The Flower Shop, and Son’s of Essex. Trendy restaurants Broome Street is the Essex Crossing Development, which is include the world renown Russ & Daughter’s Café, Vandal, and Dirty transforming the largest stretch of undeveloped land in Manhattan French. The F train is located two blocks away at Delancey Street, the B below 96th Street. With an estimated cost of $1.1 Billion, Essex & D train is located a few blocks away at Chrysie Street and the M, J, & Z Crossing will bring 2 Million SF of development, 1,000 apartments, trains are located a few blocks away at Essex Street as well. and 850,000 SF of commercial space among other amenities. Essex crossing will also include a public park, residential and commercial rooftop terraces, an urban farm, and a publicly accessible interior LISTING METRICS garden facing Broome Street. Most recently, the Essex Crossing developers have closed on a deal for a new Trader Joe's to lease 30K SF at the base of the mixed-use building at 145 Clinton St., and Planet 35 19,053 Fitness will lease 22K SF in the second floor of the same building. TOTAL UNITS TOTAL SQUARE FEET NYU Langone Medical Center signed a 15-year lease taking 55K SF for an ambulatory facility at 175 Delancey St., and Regal Cinemas signed a 15-year lease for 65K SF on the second and third floors of the building on Essex and Delancey streets. In addition, world renown investment bank Goldman Sachs has been a main equity source for 4.3 $156,000 the entire project to come to fruition. CAP RATE PROJECTED TAXES Cash Flow with Upside. With a going in cap rate at over 4% and 30% of units regulated, the property presents an investor a rare opportunity to acquire a cash flowing deal with long term upside. 42' 17.2 There is also 2,000 SF of usable basement space to create a potential FRONTAGE GRM duplex in both front units, or extra amenity space for tenants. OFFERING MEMORANDUM PRICING & FINANCIAL ANALYSIS PRICING & FINANCIAL ANALYSIS FINANCIAL OVERVIEW INCOME CURRENT PRO FORMA $23,500,000 Gross Potential Residential Rent $1,141,038 $1,249,806 OFFERING PRICE Gross Potential Commercial Rent $197,760 $203,693 Gross Income $1,338,798 $1,453,499 PRICE PER SQUARE FOOT $1,233 Vacancy/Collection Loss ($34,231) ($37,494) PRICE PER UNIT $671,429 Other Income $27,099 $27,099 TOTAL SQUARE FEET 19,053 Effective Gross Income $1,331,666 $1,443,103 TOTAL UNITS 35 Average Residential Rent/Month/Unit $2,881 $3,156 CURRENT CAP RATE 4.3% CURRENT GRM 17.2 EXPENSES PRO FORMA CAP RATE 4.8% Property Taxes Tax Class: 2 $156,000 $156,000 PRO FORMA GRM 15.9 Fuel - Oil #2 $39,770 $39,770 PRO FORMA CASH ON CASH RETURN 2.89% Insurance $25,000 $25,000 Water and Sewer $29,700 $29,700 Repairs and Maintenance $7,250 $7,250 PROPOSED DEBT Common Electric (PPSF) $4,763 $4,763 Loan Amount $13,500,000 Super Salary $8,500 $8,500 Interest Rate 4.50% Management Fee $49,937 $54,116 Amortization 30 Total Expenses $320,921 $325,100 Annual Debt Service ($828,786) Net Operating Income $1,010,745 $1,118,004 Debt Coverage Ratio 1.22 Net Cash Flow After Debt Service $289,218 UPSIDE ANALYSIS $7,000 SCHEDULE OF INCOME $6,000 UNIT BREAKDOWN TOTAL % OF TOTAL RENT $5,000 Studio 2 6% $2,650 $4,000 1 Bedroom 6 18% $2,450 $3,000 2 Bedroom 13 39% $2,087 $2,000 3 Bedroom 12 36% $3,996 $1,000 $0 Studio 1 Bedroom 2 Bedroom 3 Bedroom Current Avg RS Units Market Rents Current Avg FM Rents 19,053 $1,233 17.20 4.3% SQUARE FEET GROSS TOTAL SF $/SF GRM CAP RATE 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, 249 Broome Street opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property.Marcus & MillichapReal EstateInvestmentServicesis aservicemarkof Marcus&MillichapReal EstateInvestmentServices,Inc.©2018 Marcus&Millichap PRICING & FINANCIAL ANALYSIS RENT ROLL COMMERCIAL RENT UNIT TENANT NAME REIMBURSEMENTS NOTES LEASE START SF EXPIRATION ACTUAL PRO FORMA $/PSF 25% of Tax Increase Over Base Year 2017/2018, 2,000 Jan-60 $10,300 $10,609 $64 1 Zest 3% Annual Increases 25% of Tax Increase Over Base Year 2016/2017, 1,000 Jan-60 $6,180 $6,365 $76 2 Yaf Jewelry 3% Annual Increases MONTHLY COMMERCIAL REVENUE 3,000 $16,480 $16,974 RESIDENTIAL RENT UNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA 1 FM Private Terrace Studio 2 May-19 $2,800 $3,000 2 FM Studio 2 Jul-19 $2,500 $3,000 3 FM Private Terrace 2 Bedroom 4 Aug-19 $3,900 $4,000 4 FM 2 Bedroom 4 Sep-19 $2,750 $4,000 5 FM 1 Bedroom 3 Aug-19 $3,250 $3,600 6 RC 2 Bedroom 4 Jan-19 $145 $145 7 FM Private Terrace 3 Bedroom 5 Aug-19 $5,400 $5,750 8 FM 3 Bedroom 5 Aug-19 $5,450 $5,750 9 FM 2 Bedroom 4 Oct-18 $3,050 $4,000 10 FM 1 Bedroom 3 Jul-19 $3,150 $3,600 11 RS Vacant 2 Bedroom 4 Apr-20 $804 $804 12 RS 3 Bedroom 5 Apr-20 $1,152 $1,152 13 FM 3 Bedroom 5 Aug-19 $5,150 $5,750 14 FM 2 Bedroom 4 Jul-19 $2,850 $4,000 15 FM 1 Bedroom 3 May-19 $3,250 $3,600 16 RC 2 Bedroom 4 Jan-19 $134 $134 17 FM 3 Bedroom 5 Jun-19 $5,650 $5,750 18 FM 3 Bedroom 5 Jun-19 $5,700 $5,750 19 FM 2 Bedroom 4 Jul-19 $3,500 $4,000 20 RS 1 Bedroom 3 May-19 $986 $986 21 RS 2 Bedroom 4 Jan-19 $826 $826 22 RS 3 Bedroom 5 Jul-20 $841 $841 23 FM 3 Bedroom 5 May-20 $5,300 $5,750 24 FM 2 Bedroom 4 Jul-19 $3,450 $4,000 25 RS Vacant 1 Bedroom 3 May-19 $917 $917 26 FM 2 Bedroom 4 Jun-19 $4,100 $4,264 27 RS 3 Bedroom 5 Aug-20 $1,101 $1,101 28 FM 3 Bedroom 5 Jul-19 $5,700 $5,750 29 RS 2 Bedroom 4 Jun-20 $842 $842 30 FM 1 Bedroom 3 Aug-19 $3,150 $3,600 31 RS 2 Bedroom 4 Sep-20 $777 $777 32 RS 3 Bedroom 5 Feb-20 $963 $963 33 FM 3 Bedroom 5 May-19 $5,550 $5,750 MONTHLY RESIDENTIAL REVENUE 70 134 $95,087 $104,151 ANNUAL RESIDENTIAL REVENUE $1,141,038 $1,249,806 ANNUAL COMMERCIAL REVENUE $197,760 $203,693 ACTUAL PRO FORMA TOTAL ANNUAL REVENUE $1,338,798 $1,453,499 There are currently 2 vacant units in the building.
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