15 Unit Co-Op Package - LoopNet€¦ · 2C FM Studio 2 275 $1,825 $2,250 $798 $98 2D FM Vacant;...
15
15 Unit Co-Op Package “Top Three Blocks in New York City” -Timeout New York A rare opportunity located on Chelsea’s highly-desirable seminary block
Transcript of 15 Unit Co-Op Package - LoopNet€¦ · 2C FM Studio 2 275 $1,825 $2,250 $798 $98 2D FM Vacant;...
15 Unit Co-Op Package
“Top Three Blocks in New York City”-Timeout New York
A rare opportunity located onChelsea’s highly-desirable seminary block
M A R K E T I N G T E A M
4 5 8 We s t 2 0 t h S t r e e t
Peter Von Der Ahe260 Madison Avenue, 5th FloorNew York, NYTel: (212) 430-5114Fax: (646) [email protected]
Joe Koicim260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5147Cell: (516) [email protected]
Logan Markley260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5194Cell: (917) [email protected]
Danny Handweiler 260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5138Cell: (917) [email protected]
INVESTMENT OVERVIEW
PRICING & FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
MARKET OVERVIEW
Section I
Section II
Section III
Section IV
TA B L E O F C O N T E N T S
4 5 8 We s t 2 0 t h S t r e e t
I N V E S T M E N T O V E R V I E W
4,775NET SQUARE FOOTAGE
$166,936MAINTENANCE & TAXES
5.2%PRO FORMA CAP RATE
THE OFFERING
The Offering. Marcus & Millichap is pleased to offerthe following cooperative package located in thebooming Chelsea neighborhood. 458 West 20thStreet is located on 20th Street between 9th and10th Avenues, and the building contains a grosssquare footage of 8,588. The property is built full ona 25 ft X 92 ft lot (Block: 717 Lot: 73). The property iszoned R7B.
THE OPPORTUNITY
The Opportunity: The Opportunity: This offeringpresents the opportunity to acquire 15 cooperativeunits in one of Manhattan’s most highly-demandedrental markets. Of the 15 units, there are two one-bedroom apartments and 13 studio-apartments.The net square footage of the 15 apartments is4,475.
Rare Offering. This presents a prime opportunity toacquire coops within an elevatored property thathas 25-feet of frontage in the heart of West Chelsea.With over 30+ years under the same ownership,assets of this nature rarely trade hands. Havingshort-term leases in place, any investor will have theability to execute a business plan almostimmediately upon purchase. There is a wide rangeof flexibility given that 14 of the 15 units are freemarket. The average price per unit is $383,333,which is significantly lower than any available condoor coop in West Chelsea.
458 West 20th Street| $5,750,000
O F F E R I N G M E M O R A N D U M
LISTING METRICS
15TOTAL UNITS
25’FRONTAGE
$383,333PRICE / UNIT
Located in the heart of Chelsea, 458 West 20thStreet sits in one of Manhattan’s most desirableneighborhoods. The building is a block away fromthe world renown General Theological Seminary, atranquil and peaceful escape from the hustle andbustle of New York City. High profile renters andtenants are especially eager to enjoy this exclusiveneighborhood’s proximity to The Highline, over 300art galleries, gourmet dining, mass transit, nightlife,the prestigious Avenues school, and the newly-opened Hudson Yards Development. Due to thesefactors, rental buildings in this immediate areacommand top-of-the-market rents and typicallyhave minimal vacancies. This tranquil tree-linedblock is conveniently located within walking distancefrom The High Line, Chelsea Piers, and providesseamless access to the A, C, E, L, 1, 2, & 3 SubwayLines.
Co-Op Package
P R I C I N G & F I N A N C I A L A N A LY S I S
P R I C I N G & F I N A N C I A L A N A LY S I S
FINANCIAL OVERVIEW
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
4 5 8 We s t 2 0 t h S t r e e t
$/SF $1,204 INCOME CURRENT PRO FORMA$/UNIT $383,333 Gross Potential Residential Rent $354,005 $477,003TOTAL SF 4,775 Gross Income $354,005 $477,003TOTAL UNITS 15 Vacancy/Collection Loss ($7,080) ($9,540)
Effective Gross Income $346,925 $467,463
Average Residential Rent/Month/Unit $1,967 $2,650CURRENT METRICS
CAP RATE 3.1% EXPENSESGRM 16.2 Maintenance & Taxes Tax Class: 2 $166,936 $166,936PRO FORMA METRICS Net Operating Income $179,989 $300,527CAP RATE 5.2%GRM 12.1 LEASE STATUS ANALYSISCASH ON CASH 4.47% UNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENT
Total Units -- 15 $1,967Total RS Units 7% 1 $985
EXPENSE RATIO UPSIDE ANALYSIS Total RC Units 0% 0 $0Total FM Units 93% 14 $2,037Total Commercial -- 0 $0
UNIT TYPE ANALYSISTYPE % OF TOTAL TOTAL AVG. RENTStudio 87% 13 $1,8601 Bedroom 13% 2 $2,663
PROPOSED DEBTDebt Service ($148,542)Debt Coverage Ratio 1.21Net Debt Cash Flow After Debt Service $151,984Loan Amount $2,350,000Interest Rate 4.75%Amortization 30
OFFERING PRICE
48%
RATIO OFFAIR MARKET UNITS
48% PROPERTY TAXESRATIO
$2,650 PRO FORMAAVERAGE MONTHLY RENT
93%
$5,750,000
$0$500
$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500
Current Avg RS UnitsMarket RentsCurrent Avg FM Rents
15UNITSGROSS TOTAL SF
4,775
P R I C I N G & F I N A N C I A L A N A LY S I S
RENT ROLL
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF ACTUAL PRO FORMA MAINTENANCE
AND TAXES$/PSF
1B RS Studio 2 300 $985 $1,000 $839 $401C FM Studio 2 275 $1,995 $2,250 $771 $982B FM Studio 2 300 $1,945 $2,350 $867 $942C FM Studio 2 275 $1,825 $2,250 $798 $982D FM Vacant; Convertible 2bd 1 Bedroom 3 500 $3,000 $4,250 $1,335 $1023A FM Studio 2 300 $1,845 $2,350 $826 $943B FM Vacant Studio 2 300 $1,995 $2,350 $894 $943C FM Studio 2 275 $1,975 $2,250 $826 $984A FM Studio 2 300 $1,975 $2,350 $853 $944B FM Studio 2 300 $1,795 $2,350 $922 $944C FM Studio 2 275 $1,945 $2,250 $853 $984D FM Convertible 2bd 1 Bedroom 3 500 $2,325 $4,250 $1,417 $1025A FM Studio 2 300 $1,975 $2,350 $881 $945B FM Studio 2 300 $1,945 $2,350 $949 $945C FM Studio 2 275 $1,975 $2,250 $881 $98MONTHLY RESIDENTIAL REVENUE 15 32 4,775 $29,500 $37,200 $13,911
ANNUAL RESIDENTIAL REVENUE $354,005 $446,403 $166,936
ACTUAL PRO FORMATOTAL ANNUAL REVENUE $354,005 $446,403There are currently 2 vacant units in the building. The super lives off site.There are 15 total units.
458 West 20th Street
4 5 8 We s t 2 0 t h S t r e e t
GROSS POTENTIAL INCOME ACTUAL PRO FORMA%EGI $/UNIT %EGI $/UNIT
Gross Potential Residential Rent $354,005 100% $23,600 $477,003 100% $31,800Gross Potential Commercial Rent $0 0% $0 $0 0% $0Gross Income $354,005 $23,600 $477,003 $31,800Vacancy/Collection Loss ($7,080) 2% ($472) ($9,540) 2% ($636)Other Income $0 $0 $0 $0Effective Gross Income $346,925 $23,128 $467,463 $31,164Average Residential Rent/Month/Unit $1,967 $2,650
EXPENSESMaintenance & Taxes Tax Class: 2 $166,936 48% $11,129 $166,936 36% $11,129Total Expenses $166,936 48% $11,129 $166,936 36% $11,129Net Operating Income $179,989 $300,527
LEASE STATUS MIXUNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENTTotal Units -- $29,500 15 $1,967Total RS Units 7% $985 1 $985Total RC Units 0% $0 0 $0Total FM Units 93% $28,515 14 $2,037Total Commercial -- $0 0 $0
RENTAL ANALYSIS BY UNIT TYPETYPE % OF TOTAL RENT TOTAL AVG. RENTStudio 87% $24,175 13 $1,8601 Bedroom 13% $5,325 2 $2,6632 Bedroom 0% $0 0 $03 Bedroom 0% $0 0 $04 Bedroom 0% $0 0 $05 Bedroom 0% $0 0 $06 Bedroom 0% $0 0 $0SRO 0% $0 0 $0
UPSIDE ANALYSIS
EXPENSES AS PERCENT OF EGI
48%
EXPENSE RATIO
48%
93%
AVERAGE RENTPER MONTH
$1,967PERCENT
FAIR MARKET
$0$500
$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO
Current Avg RS Units Market Rents Current Avg FM Rents
P R I C I N G & F I N A N C I A L A N A LY S I S
INCOME AND EXPENSE ANALYSIS
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
EXPENSES AS PERCENT OF EGI
4 5 8 We s t 2 0 t h S t r e e t
P R O P E R T Y D E S C R I P T I O N
PROPERTY DESCRIPTION
CITY: New Yorki
STATE: NYi
BLOCK & LOT: 717 / 73i
LOT DIMENSIONS: 25 ft X 92 fti
LOT SF: 2,300i
BUILDING DIMENSIONS: 25 ft X 80 fti
BUILDING SF: 8,588i
ZONING: R7Bi
MAX FAR: 3.00i
AVAILABLE AIR RIGHTS: 0i
LANDMARK DISTRICT: Nonei
HISTORIC DISTRICT: Chelsea Historic District
ANNUAL TAX BILL: __$72,914i
TAX CLASS: 2i
4 5 8 We s t 2 0 t h S t r e e t
B O R O U G H
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.
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. Referencesto 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 forexample 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 RealEstate Investment Services, Inc. © 2019 Marcus & Millichap
C O N F I D E N T I A L
www.newyorkmultifamily.com
212 430 5114
