Page 1

1670 First Avenue Is being offered at

Peter Von Der Ahe

$6,950,000 LISTING METRICS

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

Joe Koicim Tel: (212) 430-5147 jkoicim@mmreis.com

Danny Handweiler Tel: (212) 430-5138 daniel.handweiler@mmreis.com

Jared Bernstein Tel: (646) 805 -1451 jared.bernstein@mmreis.com

7

TOTAL UNITS

$1,158 PRICE /SF

3.0

CAP RATE

Andrew Dansker | Financing Inquiries Tel: (212) 430-5168 adansker@marcusmillichap.com

25 '

FRONTAGE

6,000

TOTAL SQUARE FEET

$83,308

PROJECTED TAXES

20.18

GRM

14,000

TOTAL AIR RIGHTS


1670 First Avenue_

FINANCIAL OVERVIEW

OFFERING PRICE

$6,950,000

$/SF $/UNIT

$1,158 $992,857

TOTAL SF

6,000

RATIO OF FAIR MARKET UNITS

24%

PROPERTY TAXES RATIO

$2,500

PRO FORMA AVERAGE MONTHLY RENT

EXPENSE RATIO

$180,000

$180,000

$344,400 ($3,288) $0

$360,000 ($3,600) $0

3.0% 20.2

Effective Gross Income Average Residential Rent/Month/Unit

$341,112 $2,283

$356,400 $2,500

3.2% 19.3

EXPENSES Property Taxes Fuel Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary Management Fee Elevator Contract Legal & Miscellaneous SCRIE/DRIE Other Total Expenses Net Operating Income

$83,308 $7,800 $11,689 $6,000 $5,000 $1,500 $5,000 $13,644 N/A N/A N/A N/A $133,941 $207,171

$83,308 $7,800 $11,689 $6,000 $5,000 $1,500 $5,000 $14,256 N/A N/A N/A N/A $134,553 $221,847

TOTAL 6 2 0 4 1

AVG. RENT $4,783 $1,350 $0 $2,750 $15,000

TOTAL 0 0 6 0 0

AVG. RENT $0 $0 $2,283 $0 $0

CURRENT METRICS

PRO FORMA METRICS

CAP RATE GRM

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

39%

$1,500 $1,000 $500 $0

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

6,000

($168,263) 1.23 $53,584 $3,000,000 3.75% 30

$1,158

GROSS TOTAL SF

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

PRO FORMA $180,000

Gross Potential Commercial Rent

7

CAP RATE GRM

CURRENT $164,400

Gross Income Vacancy/Collection Loss Other Income

TOTAL UNITS

67%

INCOME Gross Potential Residential Rent

$/SF

Joe Koicim Tel: (212) 430-5147

Danny Handweiler Tel: (212) 430-5138

Tax Class: 2B

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -33% Total RS Units Total RC Units 0% Total FM Units 67% Total Commercial -UNIT TYPE ANALYSIS TYPE Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

% OF TOTAL 0% 0% 100% 0% 0%

5 Bedroom

0%

0

$0

6 Bedroom SRO

0% 0%

0 0

$0 $0

Jared Bernstein Tel: (646) 805 -1451

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


1670 First Avenue_

RENT ROLL COMMERCIAL RENT UNIT TENANT NAME Store Glaser's Bake Shop MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT UNIT# LEASE STATUS 2S FM 2N FM 3S RS 3N RS 4S FM 4N FM MONTHLY RESIDENTIAL REVENUE

NOTES

LEASE START

Delivered Vacant - Projected Rent

NOTES Delivered Vacant - Projected Rent Delivered Vacant - Projected Rent Legal Rent = $1,648.58 Legal Rent = $1,439.40 Delivered Vacant - Projected Rent

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

TOTAL ANNUAL REVENUE There are currently 4 vacant units in the building. The super lives off site.

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

Joe Koicim Tel: (212) 430-5147

Danny Handweiler Tel: (212) 430-5138

Jared Bernstein Tel: (646) 805 -1451

ACTUAL

PRO FORMA

$15,000 $15,000

$15,000 $15,000

BEDROOMS

ROOMS

ACTUAL

PRO FORMA

2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 12

4 4 4 4 4 4 24

$3,000 $3,000 $1,500 $1,200 $2,000 $3,000 $13,700

$3,000 $3,000 $1,600 $1,200 $3,200 $3,000 $15,000

$164,400 $180,000

$180,000 $180,000

ACTUAL $344,400

PRO FORMA $360,000

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


1670 First Avenue_

PROPERTY DESCRIPTION CITY:

New Yorki

STATE:

NYi

BLOCK & LOT:

1567 / 2i

LOT DIMENSIONS:

25 ft X 80 fti

LOT SF:

2,000i

BUILDING DIMENSIONS:

25 ft X 58 fti

BUILDING SF:

6,000i

ZONING:

R10i

MAX FAR:

10.00i

AVAILABLE AIR RIGHTS:

14,000i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL:

__$83,308

TAX CLASS:

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

2Bi

Joe Koicim Tel: (212) 430-5147

Danny Handweiler Tel: (212) 430-5138

Jared Bernstein Tel: (646) 805 -1451

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


1670 First Avenue_

EXTERIORS

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

Joe Koicim Tel: (212) 430-5147

Danny Handweiler Tel: (212) 430-5138

Jared Bernstein Tel: (646) 805 -1451

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


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

Joe Koicim

Tel: (212) 430-5147

Danny Handweiler Tel: (212) 430-5138

Jared Bernstein Tel: (646) 805 -1451

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

www.newyorkmultifamily.com 212 430 5114

1670 First Avenue  
1670 First Avenue