ASKING PRICE
$17,100,00040 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE
Steps Away From CCNY and Columbia University
Manhattanville, 100' of Frontage, Large Apartments,
Low Average Rents, Imminent Value-Add
INVICTUS PROPERTY ADVISORS
303 Fifth Avenue, #1102, New York, NY 10016
email: [email protected]
JOSH LIPTON
212 596 7579
201 364 1809
ANDREW LEVINE
212 596 7570
917 495 0446
Invictus Property Advisors LLC makes no warranty or representation as to the accuracy and completeness of the information
contained herein. This information is presented subject to errors, omissions and other conditions which may change without notice.
The information contained herein shall be independently evaluated.
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
BUILDING FEATURES
On the south side of West 136th Street between
Amsterdam Avenue and Broadway.
1988 / 127
100 ' X 99.92 '
9,992 SF
6
100' X 84'
42,520 SF
38 Units
2 Units (currently occupied by 1 tenant)
R7A
19 Four-Bedrooms, 11 Three-Bedrooms, 8 Two-Bedrooms
32 Rent Stabilized / 6 Free Market
950 SF (approx.)
1,450 SF (approx.)
$672,930
$85,590 (Tax Class 2)
$855,780
$271,029
$584,751
3 .42%
$402 / SF
$427,500 / Unit
PROPERTY FEATURES
INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 530 West 136th Street,
a six (6) story, mixed-use elevator building. The subject property is a pre-war multifamily, built in 1926,
totaling thirty-eight (38) apartments and two (2) commercial units that are currently occupied by one (1) retail tenant.
The property has 100' of frontage in an unparalleled location for an Upper Manhattan investment. Located between the
City College of New York (CCNY) and The Columbia University Manhattanville Expansion Project, future
ownership will benefit from an entrenched student tenancy with parental guarantors. The 17' acre Manhattanville
Campus will ultimately stretch from West 125th Street to West 133rd Street, between Broadway and Twelfth Avenue,
just three blocks away from 530 West 136th Street.
The property boasts large apartments with an average apartment size of 950 square feet, presenting prospective purchasers
with a value-add opportunity. Comparable apartments in terms of size and layout in the area have been converted into 5 and 6
bedrooms and are currently renting for $1,000/bedroom. Current ownership has gut renovated four (4) units (BSMT, 4, 25 &
36) and will deliver the building with cap-ex projects completed such as: new gas boiler with a new chimney, controls
and decommissioning, and removing the existing oil tank. Additionally, there is a new elevator cab and machine, machine
room, control, and guide rails.
Several of the units are in late-stages of potential turnover and with average residential rents at $22.58/NSF and
average monthly rents at $1,332, investors can capitalize on improving the rent roll and benefit from continued growth in
West Harlem rental rates. The property is located adjacent to the Broadway retail corridor and the 1 subway line is a block
away. Located in a newly designated tax-friendly “Opportunity Zone,” 530 West 136th Street will benefit from anticipated
development and conversion projects in the immediate area and Upper Manhattan more generally.
LOCATION:
BLOCK / LOT:
LOT DIMENSIONS:
LOT AREA:
STORIES:
BUILDING DIMENSIONS :
GROSS SQUARE FOOTAGE :
RESIDENTIAL UNITS:
COMMERCIAL UNITS:
ZONING:
APARTMENT LAYOUTS:
RS / FM MIX:
AVERAGE APARTMENT SQUARE FOOTAGE:
COMMERCIAL SQUARE FOOTAGE:
ASSESSMENT 18/19:
TAXES 18/19:
GROSS ANNUAL REVENUE :
EXPENSES + VACANCY LOSS :
NET OPERATING INCOME :
CAP RATE:
PPSF:
PPU:
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
RESIDENTIAL RENT ROLL
APT # STATUS MONTHLY REVENUE ANNUAL REVENUE
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
LEASE EXP.ROOMS
*Late-Stages of Tenant Holdover Proceeding , More Information Available Upon Request
RS/S8 $1,155 $13,860
$907 $10,884
$21,756
$4,200 $50,400
$1,535 $18,420
$1,594 $19 ,128
$910 $10,920
$1,813 $21,756
RS
FM
RS
RS
1
6
2
21
5
3
4
$1,813
22
$1,920 $23,040
$1,061 $12,732
$50,400
$1,731 $20,772
$1,369 $16,428
$1,848 $22,176
RS
FM
23
32
24
31
25
26
$4,200
1/31/19
3/31/17
4/30/19
7/31/20
4/30/20
1/31/20
12/31/19
9/30/20
1/31/20
-
4/30/20
4/30/20
11/30/18
4/30/19
4.0
5.0
6.0
6.0
4.0
5.0
5.0
6.0
6.0
6.0
4.0
5.0
5.0
6.0
RS $1,906 $22,872
$842 $10,104
$10,896
$3,300 $39,600
$1,605 $19,260
$884 $10,608
$601 $7,212
$1,612 $19,344
RS
RS
FM
RS
RS
33
42
34
43
41
35
36
$908
44
RS $1,055 $12,660
$747 $8,964
$20,412
$1,669 $20,028
$934 $11,208
$4,200 $50,400
RS
RS
RS
FM
45
54*
46
53
51
52
$1,701
5/31/19
11/30/19
4/30/19
1/31/19
1/31/20
2/29/20
2/28/19
9/30/18
4/30/20
2/28/19
11/30/18
3/31/19
N/A
1/31/19
6.0
6.0
4.0
5.0
5.0
6.0
6.0
6.0
6.0
4.0
5.0
6 .0
6.0
5.0
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
RS/S8
$65,676
$788,112
$22.58
MONTHLY RESIDENTIAL REVENUE
ANNUAL RESIDENTIAL REVENUE
AVERAGE RESIDENTIAL RENT PER NET SQUARE FOOT
$2,500 $28,800
$2,600 $30,600
FM
FM3A
2C 7/14/19
9/14/19
1 / 1
2 / 1
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
COMMERCIAL RENT ROLL
UNIT TENANT MONTHLY REVENUE ANNUAL REVENUELEASE EXP.SQ. FT.
Deli Grocery & Grill $4,714* $56,5681 & 2 03/31/20231,450
$4,714
$56,568
$39.01
$70,390
$844,680
*Commercial Tenant Pays 10% of the Total Annual Tax Bill , Reflected in Their Rent
Blue Denotes Projections Due To Vacancy
$855,780
MONTHLY COMMERCIAL REVENUE
ANNUAL COMMERCIAL REVENUE
AVERAGE COMMERCIAL RENT PER NET SQUARE FOOT
TOTAL MONTHLY REVENUE TOTAL
ANNUAL REVENUE
TOTAL ANNUAL REVENUE WITH MCI*
$1,143 $13,716
$1,309 $15,708
RS55
56
$1,341 $16,092
$1,877 $22,524
$50,400
$848 $10,176
$1,069 $12,828
$1,355
FM
RS
RS/S8
61
66
62
65
63
64
$4,200
8/31/17
10/31/18
3/31/19
10/31/18
1/31/20
2/29/20
7/31/20
Vacant
6.0
4.0
5.0
5.0
6.0
6.0
4.0
6.0
$1,514 $18,168
$3,000 $36,000BSMT
BSMT 11/30/18
2/28/20
4.0
6.0
RS/S8
RS/S8
RS/S8
RS
RS
FM
$16,260
*Expected Annual Rental Increase of $11,100 Due to MCI Pass-Throughs
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
POINTS OF INTEREST
EXPENSES
$855,780
3.42%
$25,673
$830,107
$245,356
$584,751
$85,590
$42,520
$22,703
$9,500
$37,063
$245,356
$6,378
$5,000
R.E. TAXES (18/19)
INSURANCE
WATER & SEWER
COMMON ELECTRIC
Elevator
OIL*
REPAIRS & MAINTENANCE
Management
SUPER
TOTAL EXPENSES
GROSS ANNUAL REVENUE (GAR)
VACANCY ALLOWANCE @ 3% OF GAR
EFFECTIVE GROSS ANNUAL REVENUE
LESS ANNUAL EXPENSES
NET OPERATING INCOME
CAP RATE
GRM
Actual
Actual
Actual
Projected @ $0.15 / SF
Projected @ $5,000 / Year
Projected @ $1.00 / SF
Projected @ $250 / Unit
Projected @ 3% of EGI
Projected @ $1,000 / Month $12,000
$24,602
19.9x
*Ownership is in the Process of Converting Boiler from Oil to Gas
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
BUILDING STATISTICS
BEDROOM MIXUNIT MIX
DINING ROOM
RENOVATED KITCHEN
530 WEST 136TH STREET
MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS
PROPERTY PHOTOS
The forty (40) unit mixed-use elevator building has been improved significantly
since current ownership purchased the asset.
Four (4) units were gut renovated with new
hardwood floors, kitchens and stainless steel
appliances and modern bathrooms.
Large units cater to the demand of students
in the immediate area at Columbia University
("CU") and City College of NY ("CCNY") that
continue to grow. CU's total enrollment
count has increased by 2.7% annually from
2008-2017, a trend that is expected to
continue due to Columbia Manhattanville and
Columbia Medical establishing a key
presence in Upper Manhattan.
The stabilized units are renting at
approximately $13/NSF, while the free
market units are achieving rents of
approximately $50/NSF. Accordingly, this
asset represents a value-add opportunity in
Manhattanville that will continue to
appreciate as renters get priced out of areas
South of 96th Street.
PRIOR TO EXISTING OWNERSHIP
TAKING POSSESSION OF THE
BUILDING, THERE HADN'T BEEN
TURNOVER OF ANY OF THE
TENANTS FOR 20+ YEARS.
INVICTUSPROPERTY ADVISORS
530 WEST 136TH STREET
MANHATTAN, NY 10031
530 WEST 136TH STREET
MANHATTAN, NY 10031
MAP
INVICTUSPROPERTY ADVISORS
INVICTUS HQ |
INVICTUS HQ|
530 West 136th
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ASKING PRICE
$17,100,00040 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE
Steps Away From CCNY and Columbia University
Manhattanville, 100' of Frontage, Large Apartments,
Low Average Rents, Imminent Value-Add