Marcus & Millichap / IPA Multifamily Forum: New England Speaker Slide Compilation
34-26 41st Street - Amazon Web Services · 34-26 41st Street Marcus & Millichap is not affiliated...
Transcript of 34-26 41st Street - Amazon Web Services · 34-26 41st Street Marcus & Millichap is not affiliated...
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved p. 1
34-26 41st StreetLong Island City Queens, New York
Offering Memorandum
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 2
34-26 41st Street
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Non-endorsement Notice
All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details.
Pricing and Financial Analysis34-26 41st Street - Long Island City Queens, New York
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 4
34-26 41st StreetPricing and Financial AnalysisFinancial Overview
Value Indicators Annual Income Current
Price $11,250,000 Residential Gross Potential Income $712,408
Gross Square Feet 26,240 Vacancy/Collection Loss (3%) ($21,372)
Price Per SF $428.73 1B SCRIE Tax Credit $1,210
# Units 35 Effective Gross Income $692,246
Price Per Unit $321,429
Current Cap Rate 3.65% Annual Expenses Current
Current GRM 15.79 Property Taxes $168,559
Fuel $26,240
Water & Sewer $23,000
Insurance $15,750
Repairs & Maintenance $17,500
Common Area Electric $3,936
On Site Payroll $6,000
Management Fee (3%) $20,767
Total Expenses $281,752
Net Operating Income $410,494
Unit Mix AnalysisUnit Type No. of Units Avg Rent Monthly Rent RS/SCRIE FM
1 Bedroom 27 $1,625.11 $43,878.05 18 9
2 Bedroom 8 $1,936.16 $15,489.27 2 5
Total 35 $59,367 20 14
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 5
34-26 41st StreetPricing and Financial Analysis
Rent Roll34-26 41st Street, Long Island City, Queens, NY
Apartments
Unit Bedrooms Status Current Rent Legal Rent Lease Expiration
1A 1 FM $1,900.00 $0.00 9/30/2019
1B 2 SCRIE $725.25 $826.09 8/31/2019
1C 1 RS $0.00 $0.00 Month to Month
1D 1 RS $1,900.00 $2,843.09 9/30/2019
1F 1 RS $1,388.82 $1,388.82 7/31/2020
1G 1 RS $1,750.00 $2,183.39 3/31/2019
1H 2 FM $2,300.00 $0.00 9/30/2019
1I 1 FM $1,900.00 $2,025.00 7/31/2019
2A 1 FM $1,865.00 $0.00 4/30/2019
2B 1 FM $1,975.00 $0.00 12/31/2019
2C 1 RS $2,000.00 $2,336.96 10/31/2018
2D 1 RS $1,700.00 $2,656.19 1/31/2019
2E 2 FM $2,300.00 $0.00 4/30/2019
2F 2 RS $1,444.39 $1,444.39 6/30/2020
2G 1 FM $2,100.00 $0.00 1/31/2019
2H 1 RS $1,733.00 $1,862.44 4/30/2020
2I 1 RS $2,065.57 $2,065.57 8/31/2019
3A 1 RS $1,550.00 $2,120.01 2/28/2019
3B 1 RS $1,205.35 $1,205.35 8/31/2019
3C 1 RS $1,268.00 $1,268.00 8/31/2019
3D 1 RS $1,018.04 $1,018.04 8/31/2019
3E 2 RS $1,712.44 $1,712.44 9/30/2019
3F 2 FM $2,200.00 $0.00 Vacant
3G 1 RS $1,390.85 $1,390.85 9/30/2020
3H 1 RS $802.22 $802.22 8/31/2019
3I 1 FM $2,075.00 $0.00 8/31/2020
4A 1 FM $2,000.00 $0.00 7/31/2019
4B 1 RS $1,378.58 $1,378.58 9/30/2019
4C 1 FM $1,800.00 $0.00 5/31/2020
4D 1 RS $1,575.00 $2,151.35 2/29/2020
4E 2 FM $2,200.00 $0.00 11/30/2018
4F 2 FM $2,607.19 $0.00 7/31/2019
4G 1 FM $1,915.00 $0.00 5/31/2019
4H 1 RS $1,772.62 $1,772.62 10/31/2019
4I 1 RS $1,850.00 $2,532.55 5/31/2019
Residential Monthly Income $59,367.32
Total Annual Income $712,407.84
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 6
34-26 41st StreetPricing and Financial AnalysisIncome & ExpensesBuilding Gross Square Footage 26,240
Number of Units 35
Approximate Available Air Rights (SF) 0
Current Potential Income Current
Gross Potential Income $712,408
Vacancy/Collection Loss (3%) ($21,372)
1B SCRIE Tax Credit $1,210
Effective Gross Income $692,246
Total Effective Gross Income $692,246
Expenses Current %EGI Per SF
Property Taxes $168,559 24.35% $6.42
Fuel $26,240 3.79% $1.00
Water & Sewer $23,000 3.32% $0.88
Insurance $15,750 2.28% $0.60
Repairs & Maintenance $17,500 2.53% $0.67
Common Area Electric $3,936 0.57% $0.15
On Site Payroll $6,000 0.87% $0.23
Management Fee (3%) $20,767 3.00% $0.79
Total Expenses $281,752 40.70% $10.74
Net Operating Income $410,494
Property Description34-26 41st Street - Long Island City Queens, New York
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 8
34-26 41st Street
Marcus & Millichap is pleased to offer 3426 41st Street, located between 34th Avenue and 35th Avenue in the Long Island City section of Queens. The subject property is a 4 story residential building that consists of 35 apartments. The property is built 100 ft x 84 ft and sits on a 100 ft x 95 ft lot with approximately 26,240 gross square feet. The property is zoned R5 (Block: 673, Lot: 34)
This property offers investors the rare opportunity to purchase a large apartment building in good with mostly deregulated/preferential rents condition in the Long Island City/Astoria section of Queens, New York.
Property DescriptionInvestment Overview
• Rare Prime 35 Unit Long Island City/Astoria
Apartment Building
• 4 Subway Stops to Manhattan | Under a 15 Minute
Commute | One Block from Steinway “M & R”
Subway Lines
• Attractive Unit Mix | Mostly Deregulated &
Preferential Rents
• Highly Efficient Dual Burner Heating System with
Separate Hot Water Heating Unit
• On Site Laundry
• Building in Good Condition
• Close Proximity to Kaufman Studios and Museum
of Moving Image
Investment Highlights
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 9
34-26 41st Street
Site Description
The Offering
Property Address
Accessor’s Parcel Number 00673-0034
Zoning R5
34-26 41st Street Queens, NY 11101
Number of Units
Year Built
Number of Buildings
Gross Square Feet
1
26,240
Number of Stories
Lot Size
Type of Ownership
4
100 ft. x 95 ft
Fee Simple
35
1927
Property DescriptionProperty Summary
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 10
34-26 41st StreetProperty DescriptionMaps
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. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved
p. 11
34-26 41st StreetProperty DescriptionAerial View
Presented by:
Offering Memorandum 34-26 41st Street - Long Island City Queens
Offices Throughout the U.S. and Canadawww.MarcusMillichap.com
Zachary GolubLicensed Real Estate SalespersonNational Multi Housing GroupManhattan OfficeOffice: (212) 430-5134Cell: (917) 517-6291License: NY: 10401224918Zachary.Golub@marcusmillichap.comwww.marcusmillichap.com/ZacharyGolub
Matthew FotisSenior Managing DirectorSenior Director, National Multi Housing GroupManhattan OfficeOffice: (212) 430-5234Cell: (917) 837-7467License: NY: 10301207136Matthew.Fotis@marcusmillichap.comwww.marcusmillichap.com/MatthewFotis
Paul YoussefLicensed Real Estate SalespersonNational Multi Housing GroupManhattan OfficeOffice: (646) 805-1461Cell: (631) 245-2726License: NY: 10401305333Paul.Youssef@marcusmillichap.comwww.marcusmillichap.com/PaulYoussef
Lazarus ApostolidisLicensed Associate Real Estate BrokerNational Multi Housing GroupManhattan OfficeOffice: (212) 430-5233Cell: (718) 690-0644License: NY: 10301211057Lazarus.Apostolidis@marcusmillichap.comwww.marcusmillichap.com/LazarusApostolidis