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5 West 91St Street OM.Pdf TABLE OF CONTENTS 04. EXECUTIVE SUMMARY 06. PROPERTY OVERVIEW 10. FINANCIAL OVERVIEW 14. FLOOR PLANS & PHOTOS 20. LOCATION OVERVIEW EXECUTIVE SUMMARY "LOCATED BETWEEN CENTRAL PARK WEST & COLUMBUS AVENUE IN THE UPPER WEST SIDE NEIGHBORHOOD OF MANHATTAN" Meridian Investment Sales is pleased to offer for sale 5 West 91st Street, New York, N.Y. 10024 (the “Property”), a well- maintained, 6-story, 49,000+/- square foot elevatored residential building with 48 apartments, located between Central Park West & Columbus Avenue in the Upper West Side neighborhood of Manhattan. The 100% occupied Property, which is situated across the street from Central Park, is comprised of 48 residential units plus a useable basement. Built in 1972, the property has been meticulously maintained and is in pristine condition. INVESTMENT HIGHLIGHTS • Prime Upper West Side location between Central Park • Mechanical Features: new Weil McLain cast-iron sectional boiler, West and Columbus Avenue, near Broadway’s bustling MPC Platinum series heating control panel, and dual Lochinvar retail corridor. 100-gallon hot water storage tanks. • Amenities: modern lobby, community space, on-site laundry • Family Friendly Neighborhood: excellent Upper West Side school and balconies. There is a concrete rear yard which has the districts, playgrounds, parks, restaurants, day-care, museums, potential to be converted into a garden community space. and shopping. There is also a live-in super and part time security guard from 5pm to midnight. • Near Mass Transit: short walk to either the 86th Street or 96th Street Subway [C,B] along Central Park West. • 40% of the units are Free Market • Upside Potential: significantly below-market rents with tremendous upside upon rollover. Current average rents are below $30 PSF and market rents are north of $65 PSF. ASKING PRICE: $35,000,000 ($714 PSF) -4- -5- -5- -6- PROPERTY OVERVIEW "EXCELLENT OPPORTUNITY FOR FUTURE CONDOMINIUM CONVERSION JUST STEPS FROM CENTRAL PARK" ADDRESS 5 WEST 91ST STREET Neighborhood Upper West Side Block / Lot 1205 / 22 Year Built 1972 Lot & Built Size Lot 148.08’ x 100.67’ & Built 148.08’ x 55’ Gross Building Area 49,000± SF Stories 6-Story Elevator Building (D1) Property Layout 48 Units: (15) one-bed (27) two-bed & (6) three bed one-bed 650 - 700 SF, two-bed 950 - 1,000 SF, Apartment SF Estimates three bed 1,150 - 1,200 SF Zoning R7-2 / R10A FAR (built / allowed) 3.29 / 3.44 Year Built Circa 1972 Assessed Value (Tax Class 2) $3,504,517 Real Estate Taxes (2019 / 2020) $441,989 Price $35,000,000 Price / SF $714 PSF Price / Unit $729,000 -7- -8- PROPERTY OVERVIEW -9- FINANCIAL OVERVIEW INCOME & EXPENSES REVENUE IN-PLACE Residential Income $1,441,200 Laundry Income $10,200 TOTAL GROSS INCOME $1,451,400 EXPENSES Real Estate Taxes $442,000 Water & Sewer $49,000 Payroll, Taxes & Benefits $85,400 Management Fee (3%) $43,500 Fuel (Gas) $35,000 Insurance $21,000 Utilities1 $18,500 Elevator Service $6,000 Cable2 $29,000 Repairs, Maintenance & Misc. $42,000 TOTAL EXPENSES $771,400 NET OPERATING INCOME $680,000 1. There is one master electric meter and tenants are sub-metered. The landlord uses Quadlogic, a third party billing vendor, to bill back the tenants their share of the electric bill. For 2018, the total electric bill was approximately $50,000, of which 30% can be attributed to common electric ($15,000) and $3,500 for Quadlogic’s processing fees. 2. The landlord pays Spectrum +/- $29,000 per year to enable tenants to get cable in the building. -10- UNIT MIX SUMMARY % UPSIDE # ROOMS UNIT TYPE # OF UNITS* % OF TOTAL AVERAGE MONTHLY RENT MARKET RENT POTENTIAL 3 1 - BR 15 31% $2,125 $3,500 65% 4 2 - BR 27 56% $2,611 $4,900 88% 5 3 - BR 6 13% $2,964 $5,800 96% TOTAL / AVG. 48 100% 82% FREE MARKET UNIT BREAKDOWN % UPSIDE # ROOMS UNIT TYPE # OF UNITS % OF TOTAL AVG. MONTHLY RENT MARKET RENT POTENTIAL 3 1 - BR 6 32% $3,274 $3,500 7% 4 2 - BR 11 58% $4,474 $4,900 10% 5 3 - BR 2 11% $5,375 $5,800 8% TOTAL / AVG. 19 100% 9% RENT STABILIZED UNIT BREAKDOWN % UPSIDE # ROOMS UNIT TYPE # OF UNITS % OF TOTAL AVG. MONTHLY RENT MARKET RENT POTENTIAL 3 1 - BR 9 32% $1,358 $3,500 158% 4 2 - BR 15 54% $1,419 $4,900 245% 5 3 - BR 4 14% $1,759 $5,800 230% TOTAL / AVG. 28 100% 215% Note: Projected residential income is using monthly market rents at $3,500 for a one bedroom, $4,900 for a two bedroom, and $5,800 for a three bedroom. -11- FINANCIAL OVERVIEW RESIDENTIAL RENT ROLL APT # TENANT NAME RENT/MONTH LXP ROOMS STATUS 1A Tenant 1 $4,275.00 3/31/2019 4 FM 1B Tenant 2 $5,375.00 4/30/2019 5 FM 1C Tenant 3 $3,195.00 11/30/2019 3 FM 1D Tenant 4 $3,250.00 7/31/2020 3 FM 1E Tenant 5 $3,250.00 7/31/2020 3 FM 1F Tenant 6 $1,140.75 11/30/2019 3 RS 1G Tenant 7 $- Super 4 EX. 1H Tenant 8 $1,103.23 10/31/2019 3 RS 2A Tenant 9 $3,800.00 3/31/2019 4 FM 2B Tenant 10 $1,431.98 2/28/2021 5 RS 2C Tenant 11 $3,150.00 5/31/2019 3 FM 2D Tenant 12 $4,250.00 9/30/2019 4 FM 2E Tenant 13 $4,550.00 5/31/2019 4 FM 2F Tenant 14 $3,300.00 5/31/2019 3 FM 2G Tenant 15 $1,536.89 10/31/2019 4 RS 2H Tenant 16 $1,552.14 10/31/2020 4 RS 3A Tenant 17 $1,480.72 10/31/2018 4 RS 3B Tenant 18 $1,801.66 10/31/2019 5 RS 3C Tenant 19 $1,122.67 10/31/2019 3 RS 3D Tenant 20 $1,516.67 10/31/2019 4 RS 3E Tenant 21 $4,395.00 5/31/2019 4 FM 3F Tenant 22 $1,020.96 10/31/2019 3 RS 3G Tenant 23 $1,538.67 5/31/2019 4 RS 3H Tenant 24 $1,396.43 5/31/2019 4 RS 4A Tenant 25 $4,900.00 Vacant 4 FM -12- RESIDENTIAL RENT ROLL APT # TENANT NAME RENT/MONTH LXP ROOMS STATUS 4B Tenant 26 $5,375.00 3/31/2019 5 FM 4C Tenant 27 $1,071.28 1/31/2020 3 RS 4D Tenant 28 $4,280.00 7/31/2019 4 FM 4E Tenant 29 $4,615.00 4/30/2019 4 FM 4F Tenant 30 $1,146.01 5/31/2019 3 RS 4G Tenant 31 $4,745.00 8/31/2020 4 FM 4H Tenant 32 $1,519.68 10/31/2019 4 RS 5A Tenant 33 $4,900.00 Vacant 4 FM 5B Tenant 34 $1,542.93 2/28/2021 5 RS 5C Tenant 35 $3,500.00 7/31/2019 3 FM 5D Tenant 36 $1,316.66 4/30/2019 4 RS 5E Tenant 37 $1,137.82 1/31/2021 4 RS 5F Tenant 38 $992.92 10/31/2019 3 RS 5G Tenant 39 $1,354.10 10/31/2020 4 RS 5H Tenant 40 $4,500.00 9/30/2019 4 FM 6A Tenant 41 $1,360.25 4/30/2019 4 RS 6B Tenant 42 $2,257.80 11/30/2019 5 RS 6C Tenant 43* $3,500.00 Vacant 3 RS 6D Tenant 44 $1,533.06 10/31/2019 4 RS 6E Tenant 45 $1,551.40 10/31/2019 4 RS 6F Tenant 46 $1,124.82 10/31/2019 3 RS 6G Tenant 47 $1,177.86 8/31/2019 4 RS 6H Tenant 48 $1,310.50 10/31/2019 4 RS RESIDENTIAL MONTHLY TOTAL $120,100.00 RESIDENTIAL ANNUAL TOTAL $1,441,200.00 *Tenant vacating; last legal rent $1,149.02 -13- -14- FLOOR PLANS -15- PROPERTY PHOTOS -16- -17- -18- PROPERTY OVERVIEW Large backyard presents value add opportunity to reposition as landscaped outdoor amenity space with lounges, grilling area, and swimming pool. -19- "THE UPPER WEST SIDE IS SOMETIMES ALSO CONSIDERED BY THE REAL ESTATE INDUSTRY TO INCLUDE THE NEIGHBORHOOD OF MORNINGSIDE HEIGHTS." The Upper West Side, sometimes abbreviated UWS, is a neighborhood in the borough of Manhattan, New York City, that lies between Central Park and the Hudson River and between West 59th Street and West 110th Street. The Upper West Side is sometimes also considered by the real estate industry to include the neighborhood of Morningside Heights. Like the Upper East Side, the Upper West Side is an affluent, primarily residential area with many of its residents working in commercial areas of Midtown and Lower Manhattan. It has the reputation of being New York City's cultural and intellectual hub, with Columbia University and Barnard College located at the north end of the neighborhood, and the Lincoln Center for the Performing Arts located at the south end. The Upper West Side is considered to be among New York City's wealthiest neighborhoods. Upper West Side is bounded on the south by 59th Street, Central Park to the east, and the Hudson River to the west. Its northern boundary is somewhat less obvious. Although it has historically been cited as 110th Street, which fixes the neighborhood alongside Central Park, it is now sometimes (primarily by the real estate industry) considered to be 125th Street, encompassing Morningside Heights. The area north of West 96th Street and east of Broadway is also identified as Manhattan Valley.
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