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207 Madison Street Is being offered at

Peter Von Der Ahe

$12,995,000 LISTING METRICS

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

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

David Lloyd Tel: (212) 430-5185 david.lloyd@mmreis.com

Corey Isdaner Tel: (212) 430-5162 corey.isdaner@mmreis.com

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

23

TOTAL UNITS

$860 PRICE /SF

5.4

CAP RATE

26'

FRONTAGE

15,116

TOTAL SQUARE FEET

$163,808 PROJECTED TAXES

13.5

GRM


207 Madison Street_

FINANCIAL OVERVIEW OFFERING PRICE

$12,995,000

$/SF $/UNIT

$860 $565,000

TOTAL SF

INCOME Gross Potential Residential Rent

CURRENT $817,699

PRO FORMA $879,906

Gross Potential Commercial Rent

$119,655

$119,655

Gross Income Vacancy/Collection Loss

$937,354 ($24,531)

$999,561 ($26,397)

5.4% 13.6

Other Income Effective Gross Income Average Residential Rent/Month/Unit

$19,455 $932,278 $3,097

$24,266 $997,430 $3,333

5.7%

EXPENSES $139,769 $17,257 $12,625 $16,227 $11,500 $4,791 $6,000 $27,968 $236,137 $696,141

$163,808 $17,257 $12,625 $16,227 $11,500 $4,791 $6,000 $29,923 $262,131 $735,299

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -Total RS Units 14% Total RC Units 5% Total FM Units 82% Total Commercial --

TOTAL 22 3 1 18 1

AVG. RENT $3,551 $905 $76 $3,631 $9,971

UNIT TYPE ANALYSIS TYPE 2 Bedroom 3 Bedroom

TOTAL 12 10

AVG. RENT $2,537 $3,770

15,116

TOTAL UNITS

82%

RATIO OF FAIR MARKET UNITS

15%

PROPERTY TAXES RATIO

$3,333

PRO FORMA AVERAGE MONTHLY RENT

EXPENSE RATIO

23

CURRENT METRICS

CAP RATE GRM PRO FORMA METRICS

CAP RATE GRM CASH ON CASH

12.7 5.39%

UPSIDE ANALYSIS $4,500 $4,000 $3,500 $3,000 $2,500

25%

$2,000 $1,500 $1,000

Tax Class: 2

$500 $0

2 Bedroom

3 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

15,116

($514,688) 1.35 $220,611 $8,900,000 4.00% 30

% OF TOTAL 55% 45%

$860

GROSS TOTAL SF

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

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

$/SF

Joe Koicim Tel: (212) 430-5147

David Lloyd Tel: (212) 430-5185

Corey Isdaner Tel: (212) 430-5162

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


207 Madison Street_

RENT ROLL COMMERCIAL RENT UNIT TENANT NAME

NOTES

LEASE START

Store El Castillo De Madison MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT LEASE STATUS UNIT# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

FM FM FM FM FM FM RS FM FM FM FM RC FM FM FM RS FM FM

NOTES

Can be converted to 3 Bedroom Can be converted to 3 Bedroom

Can be converted to 3 Bedroom Can be converted to 3 Bedroom Can be converted to 3 Bedroom Vacant Projected Can be converted to 3 Bedroom Can be converted to 3 Bedroom Can be converted to 3 Bedroom Can be converted to 3 Bedroom Can be converted to 3 Bedroom

19 FM 20 FM 21 RS 22 FM MONTHLY RESIDENTIAL REVENUE

Can be converted to 3 Bedroom Can be converted to 3 Bedroom

David Lloyd Tel: (212) 430-5185

PRO FORMA

Nov-18

$9,971 $9,971

$9,971 $9,971

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom

5 4 4 5 5 4 4 5 4 5 4 4 5 4 5 4 5 4

Aug-18 Sep-18 Jul-18 Aug-18 Aug-18 May-18 Feb-18 Jul-18 Jul-18

$3,700 $3,600 $3,200 $3,800 $3,600 $3,400 $737 $3,900 $3,700 $3,900 $3,450 $76 $3,600 $3,450 $3,600 $846 $3,600 $3,400

$3,900 $3,900 $3,900 $3,900 $3,900 $3,900 $746 $3,900 $3,900 $3,900 $3,900 $76 $3,900 $3,900 $3,900 $856 $3,900 $3,900

3 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 54

5 5 4 4 98

Jul-18 Jun-18 Feb-18 Jul-18

$3,800 $4,200 $1,133 $3,450 $68,142

$3,900 $4,200 $1,147 $3,900 $73,326

$817,699 $119,655

$879,906 $119,655

ACTUAL $937,354

PRO FORMA $999,561

TOTAL ANNUAL REVENUE There is currently 1 vacant unit in the building. The super lives off site.

Joe Koicim Tel: (212) 430-5147

ACTUAL

BEDROOMS

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

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

EXPIRATION

Corey Isdaner Tel: (212) 430-5162

Mar-19 Jun-18 Aug-18 Aug-18 May-18 Jul-18 Mar-19

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


207 Madison Street_

PROPERTY DESCRIPTION CITY:

New Yorki

STATE:

NYi

BLOCK & LOT:

271 / 37i

LOT DIMENSIONS:

26 x 100i

LOT SF:

2,600i

BUILDING DIMENSIONS:

26 x 98i

BUILDING SF:

15,116i

ZONING:

R7-2i

MAX FAR:

3.44i

AVAILABLE AIR RIGHTS:

0i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL:

__$163,808

TAX CLASS:

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

2i

Joe Koicim Tel: (212) 430-5147

David Lloyd Tel: (212) 430-5185

Corey Isdaner Tel: (212) 430-5162

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


207 Madison Street_

EXTERIORS

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

Joe Koicim Tel: (212) 430-5147

David Lloyd Tel: (212) 430-5185

Corey Isdaner Tel: (212) 430-5162

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


207 MADISON STREET_


207 MADISON STREET_

207 Madison features a unique, WorkPlay, community space that includes a lounge, game room, co-working space, and bike storage that is for the creative, startup, freelancer, entrepreneur, families, and students alike. The location is remarkable, surrounded by the Lower East Side's best dining shopping and nightlife including Apothoke, Mission, and Dimes and the subway is around the corner!


207 MADISON STREET_


ESSEX CROSSING

THE FUTURE OF THE LOWER EAST SIDE

OVERVIEW The retail corridors near 207 Madison, Canal, Orchard and Ludlow Street are breeding an eclectic mix of chic coffee shops, swanky nightclubs, accessible banks and mod restaurants as Essex Crossing settles into the terrain of the Lower East Side. In the last 4 years, the lower east side’s oncegritty reputation, has transformed into the quintessential, cultural landmark due to the influx of young professionals and millennials. As office space is foreign, Essex Crossing is catapulting the area into an unchartered space where hip meets high end. With the additions of 100 Norfolk and Clinton Street Condominiums – these architectural enigmas of sheer sophistication have added another texture to the always vibrant neighborhood. While development projects are unraveling, the lowest east side is beginning to be cast in a lens that has never been seen before.

Essex Crossing (Seward Park Mixed-Use Development Project) Essex Crossing will transform the largest stretch of undeveloped City-owned land in Manhattan below 96th Street, in which existing parking lots will evolve into mixedspaces in one of the most multifaceted locations of the lower east side. Approved plans were released in September 2013 showing a $1.1 billion, 1.65 million SF of development, including 1,000 apartments, a new 15,000 SF of open space, a new and expanded Essex Street Market, the Andy Warhol Museum and 250,000 SF of office space. Other amenities include a bowling alley, a dual generation school (childhood and adult education) and a supermarket and a community center. The development is being executed by a joint venture of L+M Development Partners, BFC Partners, Taconic Investment Partners and Prusik Group. The project is intended to craft a vivacious, mixed-income communal space where homeownership opportunities and affordable housing are accessible. In 2015, the project broke ground and are anticipated to be consecutively completed in 2021, 2022 and 2024.

One Manhattan Square. With an 800-foot-tall contemporary glass condominium tower, One Manhattan Square showcases New York City’s vertical skyline coupled with glimpses of the Empire State Building and downtown Brooklyn. 100,000 square feet devoted to spa-like amenities, the condominium prides itself on holistic rejuvenation intertwined with gardens, tennis courts and nook-like fire pits. Coined with the aura of grandeur meets graffiti, One Manhattan Square continues to effortlessly evolve into an admirable space of the elite. Public Hotel and Condominiums. With 370 glass-box rooms, Ian Schrager has molded an architectural anomaly with class, simplicity and neutral aesthetics. True to its name, Public is not intended to be a spot of transience, but rather a space of devoted clientale. SoHo House. Identified as a members only club situated in a prior gold-leaf factor on the Lower East side. With cinemas, workspaces, spas and bedrooms, SoHo house is the quintessential space for people working in the creative industry, enticing individuals who are like-minded professionals. Jarmulowsky Bank Building Hotel. The historic Jarmulowsky Bank Building, located at Canal and Orchard Streets, underwent conversion by DLJ Real Estate Capital Partners into an upscale boutique hotel with 105 rooms. Recently, a giant 50-foot dome was positioned atop the building, in which it validated the buildings’ monumental status among the Lower East Side. Ludlow Hotel. Led by hotelier Sean MacPherson and developers BD Hotels, the hotel aims to capture the historical context of gritty, urban charm rooted in the iconic neighborhood of the lower east village. With footprints leading to the Jewish immigration and early hip hop, the hotel is a cultural archive of tradition, trend and talent. Hotel Indigo Lower East Side – With a 290-room hotel on Ludlow Street just south of Katz’s Deli, Hotel Indigo exhibits a modern, stylish aura ranging from warm bricks to horizontal, skyline views.


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

Joe Koicim

Tel: (212) 430-5147

David Lloyd

Tel: (212) 430-5185

Corey Isdaner

Tel: (212) 430-5162

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

www.newyorkmultifamily.com 212 430 5114

207 Madison Street  
207 Madison Street