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104 Audubon Avenue (550 West 171st Street)

Is being offered at

$17,000,000

THE OPPORTUNITY Marcus & Millichap is pleased to offer 104 Audubon Avenue, (Block: 2127, Lot: 15) a 50-unit mixed-use property located on the corner of 171st and Audubon Avenue. The property consists of 50 apartments and 5 commercial stores and sits on a sizeable 125 by 95 foot lot and totals 44,980 square feet. • • • • •

Fully rent-stabilized, 6 story walkup building with average rent per room being $245 Average rent per apartment is $941 providing over 100% upside in rents Retail is stable with long term leases and consistent cash flow while Store 1 and Store 4 are expiring with immediate potential upside Conveniently located near the A and 1 subway lines in a highly stimulated, student driven and evolving space Favorable unit mix of 1 and 2 bedroom apartments in strong tenant demand neighborhood in proximity to Yeshiva University and Columbia Medical Center $175,000 spent on facade allowing new owner to apply for MCI increases

Peter Von Der Ahe

Jacob Kahn

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

Tel: (212) 430-6155 jacob.kahn@mmreis.com

Seth Glasser

Andrew Dansker | Financing Inquiries

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

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

L O C AT I O N


104 Audubon Avenue_

FINANCIAL OVERVIEW OFFERING PRICE

$/SF $/UNIT

$17,000,000

$378 $309,091

TOTAL SF

44,980

TOTAL UNITS

0%

RATIO OF FAIR MARKET UNITS

19%

PROPERTY TAXES RATIO

$949

55

CURRENT METRICS

CAP RATE GRM

3.1% 18.9

CAP RATE GRM CASH ON CASH

EXPENSE RATIO

3.2% 18.4 1.21%

UPSIDE ANALYSIS $3,000 $2,500 $2,000 $1,500 $1,000

1 Bedroom

Gross Potential Commercial Rent

$314,061

$333,770

Gross Income Vacancy/Collection Loss Retail Reimbursements

$878,907 ($11,297)

$903,276 ($11,390)

$21,607

$21,607

Effective Gross Income Average Residential Rent/Month/Unit

$889,217 $941

$913,493 $949

EXPENSES Property Taxes Fuel - Gas Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary Management Fee Total Expenses Net Operating Income

$166,383 $45,000 $24,750 $45,000 $27,500 $11,245 $15,000 $22,594 $357,472 $531,745

$166,383 $45,000 $24,750 $45,000 $27,500 $11,245 $15,000 $36,540 $371,418 $542,075

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -Total RS Units 98% Total RC Units 2% Total FM Units 0% Total Commercial --

TOTAL 50 49 1 0 5

AVG. RENT $1,465 $950 $535 $0 $5,234

UNIT TYPE ANALYSIS TYPE Studio 1 Bedroom 2 Bedroom

TOTAL 0 8 42

AVG. RENT $0 $985 $933

Tax Class: 2

2 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

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

($417,622) 1.27 $124,453 $6,700,000 3.75% 25

% OF TOTAL 0% 16% 84%

$378

GROSS TOTAL SF

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

PRO FORMA $569,506

$500 $0

44,980

CURRENT $564,846

PRO FORMA METRICS

PRO FORMA AVERAGE MONTHLY RENT

40%

INCOME Gross Potential Residential Rent

Seth Glasser Tel: (212) 430-5136

$/SF

Jacob Kahn Tel: (212) 430-6155

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. © 2018 Marcus & Millichap


104 Audubon Avenue_

RENT ROLL 104 Audubon Avenue COMMERCIAL RENT UNIT TENANT NAME

Store 1

ACTUAL

PRO FORMA

Nov-93

MTM

$5,075

$5,075

Dec-82 Sep-15 May-10 Oct-16

Nov-26 Nov-30 May-18 Sep-31

$6,950 $2,546 $4,601 $7,000 $26,172

$8,201 $2,622 $4,776 $7,140 $27,814

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom

4 4 3 4 4 4 4 3 4 4 4 4 3 4 4 4 4 3 4 4 4 4 3 4 4 4 4 3 4 4

Jun-18 Aug-18 May-19 Apr-19 Jul-18 Mar-19 Oct-18 Jul-18 Nov-18 Aug-18 Dec-19 Aug-19 Jan-18 Aug-18 Jan-17 Feb-17 Dec-18 Feb-18 Jun-18 Mar-19 Jul-19 Mar-18 Jun-18 Oct-18 Mar-18 Apr-18 Oct-18 Mar-18 Dec-17 Oct-18

$825 $855 $860 $833 $933 $1,096 $1,193 $725 $1,162 $853 $438 $831 $718 $991 $774 $940 $837 $1,158 $952 $752 $835 $907 $1,913 $957 $735 $703 $835 $755 $535 $1,075

$835 $866 $860 $833 $945 $1,096 $1,208 $734 $1,177 $864 $438 $831 $718 $1,003 $774 $940 $847 $1,173 $964 $752 $835 $918 $1,937 $969 $744 $712 $846 $765 $535 $1,088

LEASE START

Dolex Dollar Express, Inc

Ernesto Fernadez Store 2 Sammy Mini Mart, Inc Store 3 Ana Rodriguez Store 4 BNP Heights LLC Store 5 MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT UNIT# LEASE STATUS 1A 1B 1C 1D 1E 1F 1G 1H 1J 1K 2A 2B 2C 2D 2E 2F 2G 2H 2J 2K 3A 3B 3C 3D 3E 3F 3G 3H 3J 3K

EXPIRATION

NOTES

RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RC RS

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

Pays 7% over base year / not collecting Pays 5% over base year Pays 15% over base year / not collecting Pays 10% over base year

NOTES

SEC 8

SCRIE SEC 8 SEC 8 SCRIE SEC 8

SEC 8 SCRIE SCRIE

DRIE SEC 8 SCRIE SEC 8

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

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. © 2018 Marcus & Millichap


104 Audubon Avenue_

RENT ROLL RESIDENTIAL RENT LEASE STATUS UNIT# 4A RS 4B RS 4C RS 4D RS 4E RS 4F RS 4G RS 4H RS 4J RS 4K RS 5A RS 5B RS 5C RS 5D RS 5E RS 5F RS 5G RS 5H RS 5J RS 5K RS MONTHLY RESIDENTIAL REVENUE

NOTES

SEC 8 SCRIE SCRIE SEC 8 SEC 8

SCRIE

SEC 8

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 92

4 4 4 4 4 4 4 3 4 4 4 4 3 4 4 4 4 4 4 4 192

Oct-16 Jan-18 May-18 Dec-17 Oct-19 Oct-18 Mar-18 Mar-18 Jun-18 Mar-18 Jan-19 Mar-19 Jan-18 Apr-18 Nov-18 Jul-18 Sep-19 Jun-16 Jan-19 Dec-17

$766 $803 $2,400 $356 $986 $771 $860 $798 $838 $925 $2,600 $779 $952 $804 $957 $836 $827 $1,400 $910 $524 $47,071

$766 $803 $2,430 $356 $986 $781 $870 $808 $848 $937 $2,633 $779 $952 $814 $969 $847 $827 $1,400 $922 $524 $47,459

$564,846 $314,061

$569,506 $333,770

ACTUAL $878,907

PRO FORMA $903,276

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

TOTAL ANNUAL REVENUE There are currently 0 vacant units in the building. The super lives in the basement (no rental income allocated on rent roll). There are 55 total units.

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

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

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. © 2018 Marcus & Millichap


PROPERTY DESCRIPTION | PROPERTY PHOTOS

104 Audubon Avenue


PROPERTY DESCRIPTION | PROPERTY PHOTOS

104 Audubon Avenue


PROPERTY DESCRIPTION | PROPERTY PHOTOS

104 Audubon Avenue


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

Seth Glasser

Tel: (212) 430-5136

Jacob Kahn

Tel: (212) 430-6155

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

www.newyorkmultifamily.com 212 430 5114

104 Audubon Avenue  
104 Audubon Avenue