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Marcus & Millichap is pleased to offer the following opportunity in Sugar Hill. 363 and 367 Edgecombe Avenue are two 23-unit buildings located on the west side of Edgecombe Avenue, just north of West 150th Street. The buildings contain a gross square footage of 25,390 and are each built 37 x 86 ft on 37 x 100 ft lots. • Two 5-story walkup buildings located between 150th and 151st Street. • 75% free market units offer a blend of in-place cash flow and future upside—4.5% CAP • First sale in over 10 years - offered for less than $300,000/unit • Minimal cap ex need: recently improved mechanicals, including boilers and plumbing •5 minute walk to the express subway on 145th Street (A, C, B, D)

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

Tel: (212) 430-6155 jacob.kahn@mmreis.com

Tel: (212) 430-5136 seth.glasser@mmreis.com

Tel: (212) 430-5168 adansker@marcusmillichap.com


$12,995,000 OFFERING PRICE PRICE PER SQUARE FOOT PRICE PER UNIT TOTAL SQUARE FEET

$512 $282,500 25,390

TOTAL UNITS CURRENT CAP RATE CURRENT GRM PRO FORMA CAP RATE 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

46 4.5% 14.5 5.1% 13.2 3.91%

$7,550,000 4.25% 30 ($449,967) 1.30 $212,698

UPSIDE ANALYSIS

INCOME Gross Potential Residential Rent Gross Potential Commercial Rent Gross Income Vacancy/Collection Loss Other Income Effective Gross Income

CURRENT $896,403 $0 $896,403 ($26,892) $0 $869,510

PRO FORMA $981,699 $0 $981,699 ($29,451) $0 $952,248

Average Residential Rent/Month/Unit

$1,624

$1,778

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

$115,970 $26,000 $32,000 $23,000 $18,000 $7,000 $20,000 $43,476 N/A $0 N/A N/A $285,446 $584,065

$115,970 $26,000 $32,000 $23,000 $18,000 $7,000 $20,000 $47,612 N/A $0 N/A N/A $289,582 $662,665

SCHEDULE OF INCOME UNIT BREAKDOWN TOTAL Studio 2 1 Bedroom 22 2 Bedroom 19 3 Bedroom 3 4 Bedroom 0 5 Bedroom 0 6 Bedroom 0 SRO 0

% OF TOTAL 4% 48% 41% 7% 0% 0% 0% 0%

RENT $1,473 $1,591 $1,634 $1,903 $0 $0 $0 $0

$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

25,390

$512

14.50

4.5%

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. © 2018 Marcus & Millichap


RESIDENTIAL RENT UNIT# LEASE STATUS 363 Edgecombe 1 FM 2 FM 3 FM 4 RS 21 FM 22 RS 23 RS 24 FM 31 RS 32 RC 33 FM 34 FM 41 FM 42 FM 43 FM 44 FM 51 RS 52 FM 53 FM 54 RS B1 FM B2 FM B3 FM 367 Edgecombe 1 FM 2 RS 3 FM 4 FM 21 FM 22 FM 23 FM 24 FM 31 FM 32 FM 33 FM 34 RS 41 FM 42 RS 43 FM 44 FM 51 FM 52 RS 53 FM 54 FM B1 FM B2 FM B3 FM MONTHLY RESIDENTIAL REVENUE

NOTES

Vacant Vacant

In Legal

Vacant

Super

Vacant

SCRIE Vacant Vacant Vacant

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

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

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

Jun-18 Jan-19

$1,950 $1,875 $2,195 $1,950 $1,995 $760 $924 $1,575 $924 $238 $1,495 $1,895 $1,900 $2,500 $1,950 $1,475 $782 $2,200 $1,495 $1,695 $1,675 $1,395 $0

$1,989 $1,900 $2,195 $1,950 $2,200 $760 $924 $1,900 $924 $238 $1,900 $1,900 $2,200 $2,550 $1,989 $1,900 $782 $2,500 $1,900 $1,695 $2,200 $1,500 $0

1 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom Studio 2 Bedroom 71

3 4 3 3 4 4 4 3 4 4 3 3 4 4 4 3 4 5 3 3 3 2 4 161

$1,650 $1,124 $1,950 $1,950 $1,975 $1,950 $2,100 $1,550 $1,850 $1,895 $1,875 $513 $2,295 $2,400 $1,975 $1,950 $1,875 $1,010 $1,295 $1,575 $1,625 $1,550 $1,925 $74,700

$1,900 $1,124 $1,989 $1,950 $2,200 $2,200 $2,200 $1,900 $2,200 $2,200 $1,900 $513 $2,295 $2,400 $2,200 $1,950 $2,200 $1,010 $1,900 $1,900 $1,900 $1,581 $2,200 $81,808

ACTUAL $896,403

PRO FORMA $981,699

TOTAL ANNUAL REVENUE There are currently 7 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

Mar-19 Jan-19 Sep-19 Jun-18 Sep-18 Jun-18 Aug-18 Feb-19 May-18 Apr-18 Feb-20 Feb-19 Aug-18 Jan-18 May-18 Apr-18

Nov-18 Apr-18 Jun-18 Jun-18 Jan-19 May-18 May-18 Jun-18 Aug-18 Oct-18 Feb-20

Mar-19 Apr-18 Feb-19 May-18 Dec-18 Mar-19 Nov-18 Jul-18

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 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

363 and 367 Edgecombe Avenue  
363 and 367 Edgecombe Avenue