542 West 110th Street - LoopNet€¦ · Available Development Rights PROPERTY OVERVIEW | 542 West...

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New York, New York 10025542 West 110th Street

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. © 2019 Marcus & Millichap. All rights reserved.

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CONFIDENTIALITY & DISCLAIMER | 542 West 110th Street

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT FOR MORE DETAILS.

TABLE OF CONTENTS | 542 West 110th Street

Section 1: Property OverviewSection 2: Pricing and Financial Overview

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PROPERTY OVERVIEW


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PROPERTY OVERVIEW | 542 West 110th Street

INVESTMENT HIGHLIGHTS

• 25-Footwide Mixed-use Building on Upper West Side• Three Free-Market Apartments & One Office Space• Low Expenses – Tenants Pay Heat & Electric• 6,874 Square Feet of Air Rights• One Block from Riverside Park• Half Block from 110th Street Subway Station• Four Blocks from Columbia University

Marcus & Millichap is the exclusive sales broker for 542 West 110th Street, a mixed-use building between Amsterdam Avenue and Broadway on the Upper West Side.

The subject property measures approximately 25 feet by 41 feet totaling approximately 4,565 square feet, has a finished cellar built full to the back of the lot, and sits on a 25 foot by 70.92-foot R8-zoned lot. The subject property contains three free-market apartments and one office space in the cellar. The subject property has 6,874 square feet remaining of developable rights and is part of the Morningside Heights Historic District.

The subject property is half a block from the Cathedral Parkway-110th Street subway station (1-train). It is also located close to Riverside Park, Morningside Park, Columbia University, Mount Sinai St. Luke’s Hospital and the northern corner of Central Park.


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Property Address Block & Lot Zoning Maximum Allowed FAR FAR as Built Available Development Rights


PROPERTY SUMMARY

Number of Residential UnitsNumber of Commercial UnitsNumber of StoriesYear Built (est.) Gross Square Feet Building SizeLot Size Type of Ownership

THE OFFERING SITE DESCRIPTION

TAX LOT MAP

31

3 + Finished Cellar + Penthouse19884,565

25 ft by 41 ft25 ft by 70.92 ft

Fee Simple

542 West 110th Street New York, NY 10025

1881-53R8

6.022.14

6,874 sf

CERTIFICATE OF OCCUPANCY


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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RESIDENTIAL PHOTOS


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RESIDENTIAL PHOTOS


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RESIDENTIAL PHOTOS


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LOCAL & REGIONAL MAPS


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AERIAL MAP

SUBJECT PROPERTY

110th AvenueBroa

dway

Amste

rdam

Ave

nue

Colum

bus A

venu

e


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RECENT & FUTURE DEVELOPMENTS

SUBJECT PROPERTY

321 West 110th St.

285 W 110th St.

310 W 113th St.

145 Central Park N

10 Lenox Avenue

2171 Frederick Douglass Blvd.

123 W 106th St.

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PRICING & FINANCIAL ANALYSIS


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OFFERING SUMMARYPROPERTY

PricePrice/SFNumber of UnitsGross Square FeetNumber of StoriesYear BuiltLot Size

$5,100,000$1,117

44,565

3 + Finished Cellar + Penthouse1988

25 x 70.92

VITAL DATA

Net Operating Income - CurrentTotal Return - CurrentCAP Rate - Pro FormaGRM - Pro FormaNet Operating Income - Pro FormaNet Cash Flow After Debt Service - Pro FormaTotal Return - Pro Forma

$103,390$14,111

4.25%19.50

$216,564 $87,662

$127,285

PRICING AND FINANCIAL ANALYSIS | 542 West 110th Street


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Loan Program 5 Year Fixed – Current

5 Year Fixed – Pro Forma

Loan Amount Min $2,200,000 $2,200,000 Loan Amount Max $2,300,000 $2,300,000 Interest Rate Min 3.875% 3.875%Interest Rate Max 4.125% 4.125%Fixed Term 5 Years 5 YearsAmortization (Years) 30 30

RENT ROLL

Unit # Unit Type

Legal Status

Unit Size (SF) Lease End Current

Rent/SF Current Rent Pro Forma Rent/SF Pro Forma Rent

Cellar Office FM 1340 - -$ -$ 80.60$ 9,000.00$ 1 2BR FM 750 4/30/2020 55.20$ 3,450.00$ 67.20$ 4,200.00$ 2 3BR FM 950 1/30/2020 53.05$ 4,200.00$ 56.84$ 4,500.00$ 3 2BR FM 950 12/31/2019 50.53$ 4,000.00$ 51.79$ 4,100.00$

Total Monthly Residential Rent 11,650.00$ 21,800.00$ 139,800.00$ 261,600.00$

Residential Units

Notes

Owner Occupied

Total Annual Residential Rent

700 SF Yard

FINANCING


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Current Per Unit Pro Forma (1) Per UnitIncomeGROSS POTENTIAL INCOME $139,800 $34,950 $261,600 $65,400Vacancy (1.5%) Deduction $2,097 $524 $3,924 $981EFFECTIVE GROSS INCOME $137,703 $34,426 $257,676 $64,419

ExpensesReal Estate Taxes (2) $16,368 $4,092 $17,677 $4,419Insurance $4,100 $1,025 $4,305 $1,076Water & Sewer $2,370 $593 $2,489 $622Electric (3) $583 $146 $612 $153Management Fee (4%) (4) $5,592 $1,398 $10,464 $2,616General & Administrative $400 $100 $420 $105Repairs & Maintenance $3,700 $925 $3,885 $971Reserves & Replacements $1,200 $300 $1,260 $315TOTAL EXPENSES $34,313 $8,578 $41,112 $10,278 Expenses per SF $7.52 $9.01 % of EGI 24.92% 15.95%

NET OPERATING INCOME $103,390 $25,848 $216,564 $54,141

INCOME & EXPENSES


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FOR FURTHER INFORMATION OR TO SCHEDULE A WALK-THROUGH, PLEASE CONTACT OUR EXCLUSIVE AGENTS:

John J. StewartAssociate Real Estate Broker

(212) [email protected]

Nicholas BiedronLicensed Real Estate Salesperson


Brian PorterLicensed Real Estate Salesperson


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