1761 amsterdam ave - loopnet
TRANSCRIPT
1761 AMSTERDAM AVE5 STORY, CORNER MIXED USE BUILDING13 Residential Units & 2 Commercial Tenants
1761 AMSTERDAM AVENUE - PROPERTY OVERVIEW
Cushman & Wakefield has been retained on an exclusive bases to arrange for the sale of 1761 Amsterdam Avenue. The 25’ wide, corner mixed-use building is approximately 11,000 square feet and contains 13 residential units and 2 commercial tenants. The property has a mix of 6 fair market and 7 rent stabilized apartments. 1761 Amsterdam is located on the northwest corner of Amsterdam Avenue and West 147th Street in the historic Sugar Hill neighborhood. The property benefits from its close proximity to The City College of New York, Riverbank State Park, Jackie Robinson Park and the trains. The opportunity presents future ownership with the ability to own a turnkey asset in a rapidly improving neighborhood with the ability to capitalize on the remaining upside.
Property Description
• Just 2 blocks from trains
• 3 Blocks north of The City College of New York
• 6 Fair Market, 7 Rent Stabilized apartments
• 25’ wide corner building
• Expense reimbursements from retail tenant
Highlights
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Retail Map
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1761AMSTERDAM
AVENUE
1761 AMSTERDAM AVENUE - PROPERTY FEATURES
ASKING PRICE: $6,450,000 GRM: 15.72x CAP RATE: 4.23%
Property Features:Location: Located on the northeast corner of Amsterdam Avenue and West 147th Street.
Block & Lot: 2062-1
Lot Dimensions: 25' x 100'
Lot Square Footage: 2,500 sq ft (approx.)
Building Dimensions: 25' x 92'
Building Square Footage: 11,080 sq ft (approx.)
Stories: 5
Residential Units: 13
Commercial Units: 1
Total Units: 14
Gross Residential SF; 9,080 sq ft (approx.)
Net SF: 7,718 sq ft (approx.) less 15% loss factor
Avg. Net Unit Size: 594 sq ft (approx.)
Gross Commercial SF: 2,000 sq ft (approx.)
Zoning: R7A / C1-4
Residential FAR: 4.00
Community Facility FAR: 4.00
Total Buildable Sq. Ft.: 10,000 sq ft (approx.)
Minus Existing Structure: 11,080 sq ft (approx.)
Available Air Rights: Overbuilt
Assessment (17/18): $638,130
Taxes (17/18): $82,268 (Tax Class 2)
Financial Summary:
CAPITALIZATION RATE: 4.23%
GROSS RENT MULTIPLE: 15.72x
GROSS ANNUAL REVENUE: $410,260
VACANCY LOSS & EXPENSES: ($137,686)
NET OPERATING INCOME: $272,574
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CUSHMAN & WAKEFIELD 3
GROSS MONTHLY RETAIL RENT: $11,534
GROSS ANNUAL RETAIL RENT: $138,405
**AVERAGE RETAIL RENT PER SQUARE FOOT: $47
TENANT SQ FT EXP. RPSF MONTHLY RENT
Chapel 2,000 Mar-17 *$47 *$7,854
Metro PCS Antenna Roof Aug-18 *$3,680
Retail Income:
*Rents reflect 3% increase that will be in effect April 2018
1761 AMSTERDAM AVENUE - REVENUE
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UNITS BEDS STATUS EXP. MONTHLY RENT
1 2 RS May-19 $896
2 2 FM Sep-18 $2,450
2A 1 FM May-18 $1,900
3 2 FM Feb-18 $2,250
4 3 RS Aug-18 $2,200
5 1 RS Vacant $2,250
6 2 RS Jun-19 $904
7 2 FM Jul-18 $2,650
8 3 FM Jun-18 $1,900
9 2 RS Sep-19 $830
10 4 FM Vacant $2,800
11 2 RS Mar-18 $613
GF 2 RS Dec-18 $1,012
Residential Income:
GROSS MONTHLY RESIDENTIAL RENT: $22,655
GROSS ANNUAL RESIDENTIAL RENT: $271,855
AVERAGE RENT PER UNIT: $1,743
AVERAGE RENT PER NET SQUARE FOOT: $35.22
** Metro PCS Roof Antenna is not included in Average Rent Per Square Foot
GROSS TOTAL MONTHLY RENT: $34,188
GROSS TOTAL ANNUAL RENT: $410,260
EXPENSES (ESTIMATED) CW PROJECTED
Taxes (17/18) Actual $82,268
Tax Reimbursements From Commercial Tenant Actual ($15,108)
Water/Sewer Actual $23,027
Water Reimbursements From Commercial Tenant Actual ($2,400)
Insurance @ $400 / Unit $5,600
Fuel (Gas) @ $0.85 / GSF $9,418
Common Electric @ $0.15 / GSF $1,662
Repairs & Maintenance @ $500 / Unit $7,000
Super @ $500 / Month $6,000
Management @ 3.0% / EGR $12,063
Total Expenses: $129,530
RESIDENTIAL REVENUE
Gross Annual Residential Revenue $271,855
Vacancy Allowance @ 3% of Gross Annual Revenue ($8,156)
Gross Annual Commercial Revenue $138,405
Effective Gross Annual Combined Revenue $402,104
1761 AMSTERDAM AVENUE - INCOME & EXPENSES
CUSHMAN & WAKEFIELD 5
EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $402,104
LESS EXPENSES: 32% ($129,530)
NET OPERATING INCOME: $272,574
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145th Street Travel Times:
to Bryant Park via
to Times Square via
to Columbus Circle via
to Times Square via
19min
22min
12min
COLUMBIA UNIVERSITY
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MNR
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15min
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125TH STREET
1761 AMSTERDAM AVE
RIVERBANKSTATE PARK
1761 AMSTERDAM AVENUE - LOCATION OVERVIEW
East 148th Street
East 147th Street
Am
ster
dam
Ave
nue C
onvent A
venueTax Map
100’
25’
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Transportation Map
CUSHMAN & WAKEFIELD 7
1761 AMSTERDAM AVENUE - PROPERTY PICTURES
For more information contact:
Robert M. ShapiroExecutive Managing Director(212) 660 [email protected]
Eric RothSenior Associate(212) 660 [email protected]
1761 AMSTERDAM AVENUE
Cushman & Wakefield Copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.