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141st Street Cluster Is being offered at

$17,500,000

THE OPPORTUNITY

L O C AT I O N

Marcus & Millichap is pleased to offer the West 141st Street Cluster, a twobuilding portfolio located in Central Harlem. The portfolio consists of 97 units spread between 108-116 West 141st Street (block 2009, lot 39) and 152-158 West 141st Street (block 2009, lot 47). The buildings are situated between Lenox Avenue and Adam Clayton Powell Jr. Boulevard and total of 102,965 square feet. There is approximately $7.3 million of existing HPD financing in place. • Two Building, 97 Unit Affordable Housing Portfolio In Central Harlem • 108-116 West 141st is a 7-story 56 Unit Elevator Placed In Service on 12/31/2005 • 152-158 West 141st Street Is A 5 Story 41 Unit Walk Up Placed In Service on 9/30/2003 • Both Properties Are Encumbered By An HPD & HOME Regulatory Agreement • Offered For $190,722/Unit Or $180 Per Foot • Average Rent Is $895/Month And $224/Room • All Of The Three Bedroom Units Have One And A Half Bathrooms • 22 Of The 97 Units (23%) Are Not Restricted By The Regulatory Agreement

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


141st Street Cluster_

FINANCIAL OVERVIEW

$17,500,000

INCOME Gross Potential Residential Rent Gross Potential Commercial Rent

CURRENT $1,040,846 $0

PRO FORMA $1,040,846 $0

$170 $180,412

Gross Income Vacancy/Collection Loss Other Income

$1,040,846 ($31,225) $0

$1,040,846 ($31,225) $0

102,965

Effective Gross Income

$1,009,621

$1,009,621

$894

$894

OFFERING PRICE PRICE PER SQUARE FOOT PRICE PER UNIT TOTAL SQUARE FEET TOTAL UNITS CURRENT CAP RATE

97 3.3%

Average Residential Rent/Month/Unit

CURRENT GRM PRO FORMA CAP RATE

16.8 3.3%

ESTIMATED EXPENSES Property Taxes

PRO FORMA GRM PRO FORMA CASH ON CASH RETURN

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

16.8 2.91%

$7,000,000 1.00% 30 $271,237 2.13 $305,558

UPSIDE ANALYSIS $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

Studio

1 2 3 4 5 6 Bedroom Bedroom Bedroom Bedroom Bedroom Bedroom

SRO

Current Avg RS Units Market Rents Current Avg FM Rents

102,965

$170

J51 $0

Fuel - Gas Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super & Porter Management Fee Elevator Contract Cooking Gas SCRIE/DRIE Other Total Expenses Net Operating Income SCHEDULE OF INCOME UNIT BREAKDOWN Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO

TOTAL 6 14 50 25 2 0 0 0

16.81

$0

$77,600 $43,650

$77,600 $43,650

$87,300 $58,200

$87,300 $58,200

$25,741 $60,000

$25,741 $60,000

$40,385 $6,000 $33,950 N/A N/A $432,826 $576,795

$40,385 $6,000 $33,950 N/A N/A $432,826 $576,795

% OF TOTAL 6% 14% 52% 26% 2% 0% 0% 0%

RENT $522 $795 $928 $938 $1,325 $0 $0 $0

3.3%

SQUARE FEET

GROSS TOTAL SF

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

$/SF

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

GRM

CAP RATE

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


141st Street Cluster_

RENT ROLL RESIDENTIAL RENT UNIT# LEASE STATUS 108-116 1A 1B 1C 1D 1E 1F 1G 2A 2B 2C 2D 2E 2F 2G 2H 3A 3B 3C 3D 3E 3F 3G 3H 4A 4B 4C 4D 4E 4F 4G 4H 5A 5B 5C 5D 5E 5F 5G 5H 6A 6B 6C 6D 6E 6F 6G 6H 7A 7B 7C 7D 7E 7F 7G 7H BSMT

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 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

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

NOTES Vacant - Market Rate Section 8 Market Rate

Market Rate Market Rate DRIE

Market Rate Vacant - Market Rate

SCRIE

Section 8

DRIE Market Rate Section 8 Section 8 Market Rate - Section 8 Market Rate Market Rate Market Rate Market Rate Market Rate Market Rate Market Rate - Vacant

Super's Unit

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

$/PSF

2 Bedroom 2 Bedroom 4 Bedroom Studio Studio 4 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom

4 4 6 2 2 6 4 4 4 5 3 3 5 4 4 4 4 5 3 3 5 4 3 4 4 5 3 3 5 4 4 4 4 5 3 3 5 4 4 4 4 5 3 3 5 4 4 4 4 5 3 3 5 4 4 5

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

$1,500 $864 $1,645 $544 $495 $1,005 $1,065 $804 $776 $933 $259 $822 $859 $750 $768 $930 $749 $395 $661 $555 $893 $931 $765 $1,000 $777 $853 $287 $543 $936 $900 $720 $369 $765 $795 $549 $557 $500 $731 $1,475 $738 $782 $1,900 $657 $1,338 $1,487 $856 $915 $1,065 $1,362 $351 $1,310 $1,923 $436 $793 $800 $0

$1,500 $864 $1,645 $544 $495 $1,005 $1,065 $804 $776 $933 $259 $822 $859 $750 $768 $930 $749 $395 $661 $555 $893 $931 $765 $1,000 $777 $853 $287 $543 $936 $900 $720 $369 $765 $795 $549 $557 $500 $731 $1,475 $738 $782 $1,900 $657 $1,338 $1,487 $856 $915 $1,065 $1,362 $351 $1,310 $1,923 $436 $793 $800 $0

$12 $17 $16 $15 $10 $15 $11 $10 $11 $5 $17 $10 $10 $11 $13 $10 $4 $13 $6 $10 $13 $11 $14 $10 $10 $6 $11 $11 $12 $10 $5 $10 $9 $11 $11 $6 $10 $20 $10 $10 $21 $13 $27 $17 $11 $13 $15 $18 $4 $27 $39 $5 $16 $11 $0

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. Š 2017 Marcus & Millichap


141st Street Cluster_

RENT ROLL RESIDENTIAL RENT UNIT# LEASE STATUS 152-154 1A 1B 1C 1D 1E 2A 2B 2C 2D 3A 3B 3C 3D 4A 4B 4C 4D 5A 5B 5C 5D

RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS

NOTES Market Rate

Market Rate Market Rate Market Rate

Market Rate

Section 8

156-158 1F RS 1G RS 1H RS 1J RS 2E RS 2F RS 2G RS 2H RS 3E RS 3F RS 3G RS 3H RS 4E RS 4F RS 4G RS 4H RS 5E RS 5F RS 5G RS 5H RS MONTHLY RESIDENTIAL REVENUE

Market Rate Market Rate Market Rate

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

$/PSF

3 Bedroom 3 Bedroom Studio Studio 1 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom

5 5 2 2 3 4 4 5 4 4 4 5 4 4 4 5 4 4 4 5 4

Sep-18 Jul-19 Aug-18 Oct-16 Oct-18 May-16 May-18 Sep-18 Mar-17 Jul-18 Feb-19 Aug-18 Sep-18 May-18 Feb-18 Nov-17 Jul-18 Apr-18 Mar-18 Feb-18 Feb-17

$1,930 $1,100 $486 $262 $900 $1,120 $966 $925 $1,413 $740 $805 $930 $1,271 $888 $838 $986 $966 $1,072 $805 $1,500

$1,930 $1,100 $486 $262 $900 $1,120 $966 $925 $1,413 $740 $805 $930 $1,271 $888 $838 $986 $966 $1,072 $805 $1,500

$23 $12 $13 $7 $19 $18 $16 $11 $19 $12 $13 $11 $17 $14 $14 $12 $13 $17 $13 $18

$906

$906

$12

Studio Studio 3 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 203

2 2 5 5 4 4 5 4 4 4 5 4 4 4 5 4 4 4 5 4 391

Apr-18 Apr-18 Aug-17 Jul-18 Dec-16 Jan-18 May-18 Dec-17 Sep-18 Apr-18 Sep-18 Oct-16 Jan-19 Sep-18 May-16 Jul-18 Apr-19 Feb-18 Jan-18 Sep-18

$539 $805 $889 $795 $1,109 $849 $1,446 $1,321 $1,785 $926 $457 $873 $906 $487 $1,002 $874 $906 $888 $1,150 $480 $86,737

$539 $805 $889 $795 $1,109 $849 $1,446 $1,321 $1,785 $926 $457 $873 $906 $487 $1,002 $874 $906 $888 $1,150 $480 $86,737

$15 $22 $10 $10 $18 $14 $17 $17 $29 $15 $5 $12 $15 $8 $12 $12 $15 $14 $14 $6

ACTUAL $1,040,846

PRO FORMA $1,040,846

TOTAL ANNUAL REVENUE There are currently 3 vacant units in the building. The super lives in the basement (no rental income allocated on rent roll).

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. © 2017 Marcus & Millichap


PROPERTY DESCRIPTION | PROPERTY PHOTOS

141st Street Cluster


PROPERTY DESCRIPTION | PROPERTY PHOTOS

141st Street Cluster


PROPERTY DESCRIPTION | PROPERTY PHOTOS

141st Street Cluster


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

141st Street Cluster  
141st Street Cluster