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301 West 141st Street Is being offered at

$6,200,000

THE OPPORTUNITY

L O C AT I O N

Marcus & Millichap is pleased to offer the following opportunity in Harlem/West Harlem. 301 West 141st Street is located on 141st Street between Edgecombe Avenue and Frederick Douglass Boulevard, and contains a gross square footage of 11,571. The building is built 25 ft X 100 ft on a 24.92 ft X 100 ft lot (Block: 2043 Lot: 11). The property is zoned R7-2. • Walkup building on the NW corner of Frederick Douglass and 141st Street • 12 apartments over 2 stores – all apartments are configured as 3 bedrooms • Offered at – 14.35 GRM, 4.8% CAP • Laundromat and convenient store on the ground floor – Laundromat contributes to R/E taxes • Built 25 x 100 – total of 11,571 square feet • Conveniently located by the A, C, B, D & 3 trains

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


301 West 141st Street_

FINANCIAL OVERVIEW OFFERING PRICE

$6,200,000

$/SF $/UNIT

$536 $442,857

TOTAL SF

11,571

TOTAL UNITS

50%

RATIO OF FAIR MARKET UNITS

14%

PROPERTY TAXES RATIO

$2,133

PRO FORMA AVERAGE MONTHLY RENT

EXPENSE RATIO

14

CURRENT METRICS

$142,963

$431,973 ($5,863) $6,900

$450,141 ($6,144) $9,653

$433,009 $2,036

$453,651 $2,133

$61,746 $10,800 $6,300 $10,800 $10,500 $2,893 $8,000 $21,650 $132,689 $300,320

$73,717 $10,800 $6,300 $10,800 $10,500 $2,893 $8,000 $22,683 $145,692 $307,958

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -Total RS Units 50% Total RC Units 0% Total FM Units 50% Total Commercial --

TOTAL 12 6 0 6 2

AVG. RENT $3,000 $1,739 $0 $2,333 $5,783

UNIT TYPE ANALYSIS TYPE Studio 1 Bedroom 2 Bedroom 3 Bedroom

TOTAL 0 0 0 12

AVG. RENT $0 $0 $0 $2,036

Effective Gross Income Average Residential Rent/Month/Unit

5.0%

EXPENSES

PRO FORMA METRICS

CAP RATE GRM CASH ON CASH

13.5 3.48%

UPSIDE ANALYSIS

$1,000

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

Tax Class: 2

$500

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

($231,320) 1.30 $76,638 $4,000,000 4.00% 30

$536

Seth Glasser Tel: (212) 430-5136

$138,799

Gross Income Vacancy/Collection Loss Other Income

14.1

$0

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

Gross Potential Commercial Rent

4.8%

$1,500

GROSS TOTAL SF

PRO FORMA $307,178

GRM

$2,000

11,571

CURRENT $293,174

CAP RATE

$2,500

31%

INCOME Gross Potential Residential Rent

% OF TOTAL 0% 0% 0% 100%

$/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


301 West 141st Street_

RENT ROLL COMMERCIAL RENT UNIT Store 1

TENANT NAME LM Grocery Corp.

Store 2 Aliflammim Parneers LLC MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT UNIT# LEASE STATUS

NOTES Pays 23% of taxes over base year 2002

NOTES

BEDROOMS

LEASE START Oct-02

EXPIRATION Sep-19

ACTUAL $5,788

PRO FORMA $5,962

Sep-11

Aug-21

$5,778 $11,567

$5,952 $11,914

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

LEGAL

2C 2E

FM

3 Bedroom

$2,397

$3,557

3 Bedroom

5 06/30/2018 5 04/30/2018

$2,350

FM

$2,250

$2,350

$3,100

2W 3C

RS RS

3 Bedroom 3 Bedroom

5 01/31/2019 5 10/31/2018

$1,900 $2,575

$2,099 $2,607

$2,099 $2,764

3E

RS

3 Bedroom

$913

FM RS

3 Bedroom 3 Bedroom

5 06/30/2018 5 12/31/2017 5 08/31/2018

$901

3W

$2,300

$2,350

$3,365

$2,130

$2,350

$2,970

3 Bedroom 3 Bedroom

5 07/31/2018 5 09/30/2019

$2,350

$2,397

$9,717

4W

FM FM

$2,450

$2,499

$3,366

5C 5E 5W

RS FM RS

3 Bedroom 3 Bedroom 3 Bedroom

5 09/30/2018 5 08/31/2018 5 07/31/2018

$925 $2,300

$936 $2,350

$3,575

$2,000 $24,431

$2,350 $25,598

$2,778 $37,293

$293,174 $138,799

$307,178 $142,963

$447,511

ACTUAL $431,973

PRO FORMA $450,141

4C 4E

MONTHLY RESIDENTIAL REVENUE

36

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

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

Jacob Kahn Tel: (212) 430-6155

60

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


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

301 West 141st Street  
301 West 141st Street