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1151-1155 East 165th Street Is being offered at

$4,450,000

THE OPPORUNITY

L O C AT I O N

Marcus & Millichap is pleased to offer the following opportunity in Longwood. 1151-1155 East 165th Street is located on 165th Street between Longfellow and Whitlock Avenues, and contains a gross square footage of 22,050. The building is built 39 x 68 on a 39 x 100 lot (Block: 2757 Lot: 51 ). The property is zoned R7-1, M1-1. - Opportunity to buy two contiguous buildings - 22 total units - All three bedroom units -Walking distance to the 6 Train

Peter Von Der Ahe

Michael Fusco

Tel: (212) 430-5114 pvonderahe@mmreis.com

Tel: (212) 430-5281 michael.fusco@mmreis.com

Seth Glasser

Andrew Dansker | Financing Inquiries

Tel: (212) 430-5136 seth.glasser@mmreis.com

Tel: (212) 430-5168 adansker@marcusmillichap.com


1151-1155 East 165th Street_

FINANCIAL OVERVIEW OFFERING PRICE

$/SF $/UNIT

$4,450,000

$202 $202,273

TOTAL SF

22,050

TOTAL UNITS

22

0%

RATIO OF

CURRENT METRICS

FAIR MARKET UNITS

CAP RATE

5.5%

18%

PROPERTY TAXES RATIO

GRM

10.6

$1,618

PRO FORMA

CAP RATE

AVERAGE MONTHLY

GRM CASH ON CASH

EXPENSE RATIO

10.4 5.72%

UPSIDE ANALYSIS $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0

Studio

Peter Von Der Ahe Tel: (212) 430-5114

($182,285) 1.34 $68,591 $3,250,000 3.75% 30

$202

Seth Glasser Tel: (212) 430-5136

Gross Potential Commercial Rent

$0

$0

Gross Income Vacancy/Collection Loss

$419,310 ($12,579)

$427,031 ($12,811)

Other Income

$0

$0

Effective Gross Income Average Residential Rent/Month/Unit

$406,731 $1,588

$414,220 $1,618

EXPENSES Property Taxes Tax Class: 2 Fuel One building, tenants pay Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary Management Fee Total Expenses Net Operating Income

$71,263 $8,800 $9,900 $19,800 $16,500 $5,513 $15,000 $16,269 $163,045 $243,686

$71,263 $8,800 $9,900 $19,800 $16,500 $5,513 $15,000 $16,569 $163,344 $250,875

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -Total RS Units 100% Total RC Units 0% Total FM Units 0% Total Commercial --

TOTAL 22 22 0 0 0

AVG. RENT $1,588 $1,588 $0 $0 $0

UNIT TYPE ANALYSIS TYPE Studio 1 Bedroom 2 Bedroom 3 Bedroom

TOTAL 0 0 0 22

AVG. RENT $0 $0 $0 $1,588

1 Bedroom 2 Bedroom 3 Bedroom

PROPOSED DEBT Debt Service Debt Coverage Ratio Net Debt Cash Flow After Debt Service Loan Amount Interest Rate Amortization

GROSS TOTAL SF

PRO FORMA $427,031

5.6%

Current Avg RS Units Market Rents Current Avg FM Rents

22,050

CURRENT $419,310

PRO FORMA METRICS

RENT

40%

INCOME Gross Potential Residential Rent

% OF TOTAL 0% 0% 0% 100%

$/SF

Michael Fusco Tel: (212) 430-5281

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168

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. Any projections, opinions, assumptions or estimates used herein are for example 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 Real Estate Investment Services, Inc. © 2017 Marcus & Millichap


1151-1155 East 165th Street_

RENT ROLL RESIDENTIAL RENT UNIT#

LEASE STATUS

1151 East 165th Street 1A RS 1B RS 1W RS 2A RS 2B RS 3A RS 3B RS 4A RS 4B RS 5A RS 5B RS 1155 East 165th Street 1A RS 1B RS 2A RS 2B RS 3A RS 3B RS 4A RS 4B RS 5A RS 5B RS BSMT RS MONTHLY RESIDENTIAL REVENUE

NOTES

Section 8 Section 8 Section 8 Section 8

Section 8

Section 8 Section 8 Section 8

TOTAL ANNUAL REVENUE There are currently 0 vacant units in the building. The super lives off site.

Peter Von Der Ahe Tel: (212) 430-5114

Seth Glasser Tel: (212) 430-5136

Michael Fusco Tel: (212) 430-5281

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom

5 5 5 5 5 5 5 5 5 5 5

May-17 Dec-16 Oct-16 May-17 Dec-17 Mar-18 Apr-17 May-17 Jan-17 Nov-16 Apr-17

$1,400 $1,562 $1,336 $1,441 $1,869 $1,572 $1,701 $1,812 $1,660 $1,761 $1,454

$1,400 $1,562 $1,800 $1,441 $1,869 $1,572 $1,701 $1,812 $1,800 $1,800 $1,454

3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 66

5 5 5 5 5 5 5 5 5 5 5 110

Sep-17 Jun-17 Aug-17 Jan-17 May-17 Jun-17 Apr-17 Mar-18 Apr-17 Jun-17 Dec-18

$1,661 $1,815 $1,490 $1,741 $1,450 $1,460 $1,793 $1,777 $1,050 $1,597 $1,540 $34,942

$1,661 $1,815 $1,490 $1,741 $1,450 $1,460 $1,793 $1,777 $1,050 $1,597 $1,540 $35,586

ACTUAL $419,310

PRO FORMA $427,031

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168

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. Any projections, opinions, assumptions or estimates used herein are for example 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 Real Estate Investment Services, Inc. © 2017 Marcus & Millichap


1151-1155 East 165th Street

Peter Von Der Ahe Tel: (212) 430-5114

Seth Glasser Tel: (212) 430-5136

Michael Fusco Tel: (212) 430-5281

www.newyorkmultifamily.com 212 430 5114

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168

1151-1155 East 165th Street  
1151-1155 East 165th Street