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Marcus & Millichap is pleased to offer the following opportunity in Harlem/West Harlem. 40 West 127th Street is located on 127th Street between 5th and Lenox Avenues, and contains a gross square footage of 22,164. The building is built 53 x 99 on a 53 x 109 lot (Block: 1724 Lot: 53). The property is zoned R7-2.

• • • • • • •

53’ Wide, 6-Story Elevator Building 24 Apartments Across 22,164 Square Feet 72% of Units Are Free Market Predominantly 3 and 4 Bedrooms Built 53 X 99.92 Two Blocks from the 125th Street 2 & 3 Express Trains 24 Minute Trip to Midtown Manhattan

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

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

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


$11,950,000 OFFERING PRICE PRICE PER SQUARE FOOT PRICE PER UNIT TOTAL SQUARE FEET

$539 $497,917 22,164

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

24 4.6% 14.1 5.1% 13.0 4.35%

$7,500,000 3.75% 30 ($420,657) 1.32 $193,488

UPSIDE ANALYSIS

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

CURRENT $849,967 $0 $849,967 ($25,499) $0 $824,468

PRO FORMA $919,255 $0 $919,255 ($27,578) $0 $891,678

Average Residential Rent/Month/Unit

$2,951

$3,192

EXPENSES Property Taxes Fuel - Gas 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

$155,869 $19,200 $10,800 $21,600 $14,400 $5,541 $10,000 $27,532 $4,455 N/A N/A N/A $269,397 $555,071

$155,869 $19,200 $10,800 $21,600 $14,400 $5,541 $10,000 $35,667 $4,455 N/A N/A N/A $277,532 $614,146

% OF TOTAL 0% 4% 0% 56% 40% 0% 0% 0%

RENT $0 $0 $0 $2,677 $3,335 $0 $0 $0

Tax Class: 2

$5,000 $4,500 $4,000 $3,500 $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

Current Avg RS Units Market Rents Current Avg FM Rents

22,164

$539

SRO

SCHEDULE OF INCOME UNIT BREAKDOWN TOTAL Studio 0 1 Bedroom 1 2 Bedroom 0 3 Bedroom 14 4 Bedroom 10 5 Bedroom 0 6 Bedroom 0 SRO 0

14.06

4.6%

SQUARE FEET

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

$/SF 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. © 2017 Marcus & Millichap


RESIDENTIAL RENT UNIT# LEASE STATUS 1 2

FM RS

3 4 5 6 7 8 9 10 11 12 15 16

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

NOTES Vacant - Needs Renovation

Vacant/1.5 bath - Needs Reno

Vacant/1.5 bath - Needs Reno

17 FM 18 FM 19 FM 20 FM 21 FM 22 FM 23 FM 24 RS 25 RS 26 FM BSMT FM MONTHLY RESIDENTIAL REVENUE

1.5 bath 1.5 bath

Vacant

Vacant - Needs Renovation Super

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

3 Bedroom 3 Bedroom

5 5

Jan-18

$2,900

3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 4 Bedroom 4 Bedroom 3 Bedroom 3 Bedroom 4 Bedroom 4 Bedroom 3 Bedroom 3 Bedroom

5 5 5 5 6 6 5 5 6 6 5 5

Jul-18 Jul-18 Sep-18 Sep-18 Aug-18 Apr-18 Oct-18

4 Bedroom 4 Bedroom 3 Bedroom 3 Bedroom 4 Bedroom 4 Bedroom 3 Bedroom 3 Bedroom 4 Bedroom 4 Bedroom 1 Bedroom 83

6 6 5 5 6 6 5 5 6 6 3 133

Mar-18 Jul-18 Aug-18 Aug-18 Aug-18

Jul-18 Dec-17

Jul-18 Oct-18 Aug-18

TOTAL ANNUAL REVENUE There are currently 5 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

Jacob Kahn Tel: (212) 430-6155

$3,250 $3,250 $2,950 $2,650 $3,000 $3,700 $3,375 $757 $3,500 $605 $3,600 $2,800 $3,500 $3,275 $3,500 $2,860 $2,050 $3,450 $3,600 $3,200 $809 $4,400 $3,850 $0 $70,831 ACTUAL $849,967

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 2017 Marcus & Millichap


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

Jacob Kahn

Tel: (212) 430-6155

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

40 West 127th Street  
40 West 127th Street