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310 West 82nd Street Is being offered at

$3,950,000

THE OFFERING Marcus and Millichap is pleased to offer 310 West 82nd Street, a four-story brownstone located on West 82nd Street between West End Avenue and Riverside Drive. The property contains approximately 5,100 square feet and is built 17’ x 74’ on a 17’ x 102.17’ (Block: 1244 Lot: 0082). The property is zoned R8B and is located in the Riverside-West End Extension historic district.

THE OPPORTUNITY The subject property is a 17’ wide, four-story walk-up building consisting of 5,100 square feet. 310 West 82nd Street has been owned and managed by the same family for 30 + years. Of the nine units, seven are currently vacant, representing an opportunity to immediately add value to the building by renovating the apartments as well as the common areas. The building lacks a modern day renovation as it hasn’t been upgraded in nearly 25 years. A buyer can vastly improve the rent roll by converting the studios to junior one bedrooms, adding stainless steel appliances, and washer/dryers to the units. Long term, given the prestigious location and a 15 minute trip to midtown Manhattan, one could convert the building into a live + income scenario or a single family home. The opportunity at hand caters to a value-add investor, a user, a single-family converter, or a first-time NYC buyer.

LISTING METRICS

9

TOTAL UNITS

$775 PRICE /SF

17'

FRONTAGE

5,100

TOTAL SQUARE FEET

$59,888

PROJECTED TAXES

1,848

TOTAL AIR RIGHTS


3 1 0 We s t 8 2 n d S t re et _

FINANCIAL OVERVIEW

OFFERING PRICE

$/SF $/UNIT

$3,950,000

$775 $438,889

TOTAL SF

5,100

TOTAL UNITS

9

67%

RATIO OF

CURRENT METRICS

FAIR MARKET UNITS

CAP RATE

-1.7%

169%

PROPERTY TAXES

GRM

108.2

RATIO

PRO FORMA METRICS

$2,453

PRO FORMA

CAP RATE

AVERAGE MONTHLY

GRM

RENT

CASH ON CASH

3.9%

PRO FORMA $264,972

Gross Potential Commercial Rent

$0

$0

Gross Income Vacancy/Collection Loss

$36,516 ($1,095)

$264,972 ($7,949)

Effective Gross Income

$35,421

$257,023

Average Residential Rent/Month/Unit

$338

$2,453

EXPENSES $59,888

$59,888

$9,000

$9,000

Insurance

$4,050

$4,050

Water and Sewer

$5,850

$5,850

UPSIDE ANALYSIS

Repairs and Maintenance

$6,750

$6,750

$3,500

Common Electric (PPSF)

$1,275

$1,275

Super Salary

$6,000

$6,000

2.60%

$3,000

290%

CURRENT $36,516

Fuel

EXPENSE RATIO

14.9

INCOME Gross Potential Residential Rent

Property Taxes

Tax Class: 2B

$2,500

Management Fee

$10,035

$10,281

$2,000

Total Expenses

$102,848

$103,094

Net Operating Income

($67,427)

$153,929

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

Studio

1 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

LEASE STATUS ANALYSIS

PROPOSED DEBT

UNIT BREAKDOWN

% OF TOTAL

TOTAL

AVG. RENT

Total Units

--

9

$338

Debt Service

($95,349)

Total RS Units

33%

3

$1,014

Debt Coverage Ratio

-0.71

Total RC Units

0%

0

$0

Net Debt Cash Flow After Debt Service

$58,580

Total FM Units

67%

6

$0

Loan Amount

$1,700,000

Total Commercial

--

0

$0

Interest Rate

3.75%

Amortization

30

TYPE

% OF TOTAL

TOTAL

AVG. RENT

Studio

67%

6

$224

1 Bedroom

33%

3

$566

5,100

$775

GROSS TOTAL SF

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

UNIT TYPE ANALYSIS

$/SF

Joe Koicim Tel: (212) 430-5147

Seth Glasser Tel: (212) 430-5136

David Lloyd Tel: (212) 430-5185

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


3 1 0 We s t 8 2 n d S t re et _

RENT ROLL 310 West 82nd Street RESIDENTIAL RENT UNIT#

LEASE STATUS

1

RS

2

FM

Backyard; vacant

3

FM

Vacant

4

FM

Super Unit 1- vacant

5

FM

Vacant

6

RS

7

RS

8

FM

9

FM

NOTES

BEDROOMS

ROOMS

PRO FORMA

Studio

2

$1,362

1 Bedroom

3

$3,800

Studio

2

$2,500

1 Bedroom

3

$3,200

Studio

2

$2,500

1 Bedroom

3

$1,719

Vacant

Studio

2

$2,500

Super Unit 2- vacant

Studio

2

$2,500

Vacant

Studio

2

$2,000

9

21

$22,081

MONTHLY RESIDENTIAL REVENUE

PRO FORMA TOTAL ANNUAL REVENUE

$264,972

There are currently 7 vacant units in the building. The super lives off site. There are 9 total units.

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

Joe Koicim Tel: (212) 430-5147

Seth Glasser Tel: (212) 430-5136

David Lloyd Tel: (212) 430-5185

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


3 1 0 We s t 8 2 n d S t re et _

PROPERTY DESCRIPTION CITY:

New Yorki

STATE:

NYi

BLOCK & LOT:

1244 / 82i

LOT DIMENSIONS:

17 ft X 102.17 fti

LOT SF:

1,737i

BUILDING DIMENSIONS:

17 ft X 74 fti

BUILDING SF:

5,100i

ZONING:

R8Bi

MAX FAR:

4.00i

AVAILABLE AIR RIGHTS:

1,848i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Riverside-West End Extensioni

ANNUAL TAX BILL:

__$59,888

TAX CLASS:

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

2Bi

Joe Koicim Tel: (212) 430-5147

Seth Glasser Tel: (212) 430-5136

David Lloyd Tel: (212) 430-5185

Jacob Kahn Tel: (212) 430-6155

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


3 1 0 We s t 8 2 n d S t re et _

EXTERIORS

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

Joe Koicim Tel: (212) 430-5147

Seth Glasser Tel: (212) 430-5136

David Lloyd Tel: (212) 430-5185

Jacob Kahn Tel: (212) 430-6155

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


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

Joe Koicim

Tel: (212) 430-5147

Seth Glasser

Tel: (212) 430-5136

David Lloyd

Tel: (212) 430-5185

Jacob Kahn

Tel: (212) 430-6155

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

www.newyorkmultifamily.com 212 430 5114

310 West 82nd Street  
310 West 82nd Street