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The Harlem 100 Is being offered at

$32,500,000

THE OFFERING

L O C AT I O N

Marcus & Millichap is pleased to offer the Harlem 100 portfolio consisting of two adjacent walkup buildings on West 146th Street between Frederick Douglass and Adam C. Powell Blvd., and one walkup building on the northwest corner of 141st Street and Frederick Douglass Blvd. 225 & 235 West 146th Street (Block: 2032 Lots: 10, 13) have a total of 86 apartments spread across 69,270 square feet. Both buildings are built 83 X 86 and feature a gym, laundry room, & intercom system. 301 West 141st Street (Block: 2043 Lot: 11) is 14 unit mixed use building spread across 11,563 square feet. The building is built 25 X 100 and has a grocery store and laundromat on the ground floor.

THE OPPORTUNITY Economies of Scale. With one transaction, an investor can acquire a 3 building package containing 100 units and establish a strong presence in central Harlem that holds strong intrinsic value while simultaneously cutting down on management expenses. Immediate Value Add. With 80% of the units in the portfolio rent regulated at an average rent of $1,543 there is a ton of upside remaining in these units. An investor will also be able to tap in the $127,000 in preferential rent that’s the portfolio offers. The Harlem 100 features: 43 (1) Bedrooms, 28 (2) Bedrooms, 26 (3) Bedrooms, & 1 (4) bedroom Apartment. Strategic Location. Easily accessible to the A, C, B, D & 3 subway lines. We are offering the opportunity to purchase a large package at a strong cap rate in Northern Manhattan which is experiencing tremendous rental growth.

Peter Von Der Ahe Tel: (212) 430-5114 pvonderahe@mmreis.com

Jacob Kahn Tel: (212) 430-6155 jkahn@mmreis.com

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

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


THE HARLEM 100

FINANCIAL OVERVIEW

$32,500,000

INCOME Gross Potential Residential Rent

CURRENT $2,019,491

PRO FORMA $2,056,605

OFFERING PRICE

Gross Potential Commercial Rent Gross Income

$138,792 $2,158,283

$142,956 $2,199,560

Vacancy/Collection Loss Retail Reimbursements

($40,390) $21,720

($41,132) $21,720

Effective Gross Income

$2,139,613

$2,180,148

Average Residential Rent/Month/Unit

$1,717

$1,749

$331,817 $88,200 $45,000

$331,817 $88,200 $45,000

$88,200 $49,000 $20,323 $30,000 $80,780 $733,319 $1,406,294

$88,200 $49,000 $20,323 $30,000 $87,206 $739,746 $1,440,403

% OF TOTAL 0% 44% 29% 27% 1%

RENT $0 $1,418 $1,512 $2,376 $3,185

PRICE PER SQUARE FOOT PRICE PER UNIT

$400 $325,000

TOTAL SQUARE FEET

81,291

TOTAL UNITS CURRENT CAP RATE

100 4.3%

CURRENT GRM PRO FORMA CAP RATE

14.9 4.4%

PRO FORMA GRM PRO FORMA CASH ON CASH RETURN

14.6 2.78%

PROPOSED DEBT Loan Amount Interest Rate

$19,000,000 3.75%

Amortization Annual Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service

30 ($1,065,665) 1.32 $374,738

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

UPSIDE ANALYSIS $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

Studio

1 Bedroom

2 Bedroom

3 Bedroom

4 Bedroom

Current Avg RS Units Market Rents

81,291

$400

SCHEDULE OF INCOME UNIT BREAKDOWN Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

TOTAL 0 43 28 26 1

14.91

4.3%

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. © 2017 Marcus & Millichap


THE HARLEM 100

RENT ROLL COMMERCIAL RENT UNIT

TENANT NAME

LEASE START

NOTES

EXPIRATION

ACTUAL

PRO FORMA

301 West 141st Street Store 1 LM Grocery Corp. Aliflammim Parneers Store 2 MONTHLY COMMERCIAL REVENUE

Oct-17

Sep-19

$5,788

$5,962

Sep-17

Aug-21

$5,778 $11,566

$5,951 $11,913

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

Pays 23% of taxes over 2002 base year

RESIDENTIAL RENT UNIT#

LEASE STATUS

NOTES

LEGAL

225 West 146th Street A

FM

3 Bedroom

5

Apr-18

$2,750

$2,860

A01

RS

2 Bedroom

4

Apr-18

$1,858

$1,881

A02

RS

1 Bedroom

3

Jan-18

$1,471

$1,489

A03

RS

1 Bedroom

3

Dec-17

$1,715

$1,715

A04

RS

1 Bedroom

3

Feb-18

$1,586

$1,606

A05

RS

2 Bedroom

4

Jul-18

$2,300

$2,329

A06

FM

3 Bedroom

5

Aug-18

$3,165

$3,292

A07

RS

1 Bedroom

3

Jul-18

$1,700

$1,721

A08

RS

1 Bedroom

3

Mar-19

$1,673

$1,673

A09

RS

2 Bedroom

4

Feb-18

$815

$825

A10

RS

2 Bedroom

4

Sep-18

$863

$874

A11

RS

1 Bedroom

3

Oct-18

$1,700

$1,721

$1,891

A12

RS

2 Bedroom

4

Mar-18

$2,250

$2,278

$2,499

A14

RS

2 Bedroom

4

Jun-18

$2,173

$2,200

A15

RS

3 Bedroom

5

Jun-18

$2,700

$2,734

A16

RS

1 Bedroom

3

Feb-18

$1,650

$1,671

A17

RS

1 Bedroom

3

Mar-18

$796

$806

A18

RS

2 Bedroom

4

Mar-18

$1,821

$1,844

A19

RS

2 Bedroom

4

Jun-19

$959

$959

A20

RS

2 Bedroom

4

Oct-18

$2,070

$2,096

A21

RS

1 Bedroom

3

Mar-18

$1,420

$1,438

B

FM

4 Bedroom

6

Jun-18

$3,185

$3,312

B01

RS

2 Bedroom

4

Dec-17

$2,031

$2,031

B02

RS

1 Bedroom

3

Oct-18

$1,725

$1,747

$2,048

B03

RS

1 Bedroom

3

Feb-18

$1,097

$1,111

$2,550

B04

RC

1 Bedroom

3

May-18

$657

$657

$1,853

B05

RS

1 Bedroom

3

Jan-00

$0

$0

B06

RS

2 Bedroom

4

Jun-18

$896

$907

B07

RS

1 Bedroom

3

Jun-18

$858

$869

B08

RS

1 Bedroom

3

Jun-18

$772

$782

B09

RS

1 Bedroom

3

Feb-18

$809

$819

$1,047

B10

FM

3 Bedroom

5

Jul-18

$2,325

$2,418

$2,873

B11

RS

1 Bedroom

3

Feb-18

$1,700

$1,721

$1,895

B12

RS

1 Bedroom

3

Feb-18

$787

$797

B14

RS

1 Bedroom

3

May-18

$1,436

$1,454

B15

RS

2 Bedroom

4

Jun-18

$768

$778

B16

RS

1 Bedroom

3

Feb-18

$1,515

$1,534

B17

RS

1 Bedroom

3

Sep-19

$1,632

$1,632

B18

RS

1 Bedroom

3

May-19

$1,429

$1,429

B19

FM

3 Bedroom

5

May-18

$2,675

$2,782

$2,900

B20

RS

1 Bedroom

3

Jul-18

$1,700

$1,721

$1,911

B21

RS

2 Bedroom

4

Jun-18

$2,250

$2,278

$2,357

C

RS

3 Bedroom

5

Jun-18

$1,135

$1,149

$1,943

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

Seth Glasser Tel: (212) 430-5136

Super

Jacob Kahn Tel: (212) 430-6155

$1,901

$3,127

$2,145

$2,357

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


THE HARLEM 100

RENT ROLL CONTINUED RESIDENTIAL RENT UNIT#

LEASE STATUS

NOTES

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

$3,276

LEGAL

235 West 146th Street A

FM

3 Bedroom

5

May-19

$3,150

A01

RC

2 Bedroom

4

Jun-18

$917

$917

A02

FM

1 Bedroom

3

Jul-18

$1,825

$1,898

$3,050

A03

RS

1 Bedroom

3

Oct-19

$1,725

$1,725

$1,887

A04

RS

2 Bedroom

4

May-18

$2,200

$2,228

$2,400

A05

RS

2 Bedroom

4

Jun-19

$911

$911

$2,262

A06

RS

2 Bedroom

4

Oct-19

$1,945

$1,945

A07

RS

2 Bedroom

4

Jan-18

$2,300

$2,329

A08

RS

1 Bedroom

3

Mar-18

$712

$721

A09

FM

3 Bedroom

5

Jun-18

$2,700

$2,808

$3,540

A10

FM

3 Bedroom

5

Jun-18

$2,800

$2,912

$3,333

A11

RS

1 Bedroom

3

Aug-18

$1,825

$1,848

$3,020

A12

RS

1 Bedroom

3

Aug-18

$1,445

$1,463

A14

RS

2 Bedroom

4

Jun-18

$1,408

$1,426

$2,357

A15

RS

3 Bedroom

5

May-18

$2,900

$2,936

$3,200

A16

RS

1 Bedroom

3

May-18

$1,700

$1,721

$1,765

A17

RS

1 Bedroom

3

Feb-18

$756

$765

A18

RS

2 Bedroom

4

Apr-19

$894

$894

A19

RS

2 Bedroom

4

Jun-18

$799

$809

A20

RS

1 Bedroom

3

Aug-18

$1,591

$1,611

A21

RS

1 Bedroom

3

Jun-18

$1,700

$1,721

B

RS

2 Bedroom

4

Jun-18

$739

$748

B01

RS

2 Bedroom

4

Jun-18

$1,192

$1,207

B02

RS

1 Bedroom

3

Mar-18

$1,453

$1,471

B03

RS

1 Bedroom

3

Apr-18

$1,500

$1,519

B04

RS

1 Bedroom

3

Aug-18

$1,445

$1,463

B05

RS

2 Bedroom

4

Jun-18

$1,188

$1,203

B06

RS

3 Bedroom

5

Jun-18

$2,900

$2,936

B07

RS

1 Bedroom

3

Apr-18

$1,650

$1,671

$1,922

B08

FM

1 Bedroom

3

Jun-18

$1,800

$1,872

$3,135

B09

RS

2 Bedroom

4

Jun-18

$889

$900

B10

RS

2 Bedroom

4

Sep-18

$2,250

$2,278

$2,428

B11

RS

1 Bedroom

3

Nov-18

$1,625

$1,645

$1,852

B12

RS

1 Bedroom

3

Aug-18

$1,825

$1,848

$1,974

B14

RS

2 Bedroom

4

Aug-19

$1,809

$1,809

B15

FM

3 Bedroom

5

Jul-18

$2,900

$3,016

B16

RS

1 Bedroom

3

Aug-18

$1,616

$1,636

B17

RS

1 Bedroom

3

Apr-18

$1,630

$1,650

B18

RS

2 Bedroom

4

Sep-18

$1,844

$1,867

B19

FM

3 Bedroom

5

May-18

$2,700

$2,808

$2,958

B20

RS

1 Bedroom

3

Jun-18

$1,650

$1,671

$1,702

B21

RS

1 Bedroom

3

Aug-18

$1,685

$1,706

$1,833

C

RS

3 Bedroom

5

Aug-18

$2,525

$2,557

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

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

$2,360

$2,357 $2,035 $2,326 $1,755 $2,292

$3,100

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


THE HARLEM 100

RENT ROLL CONTINUED RESIDENTIAL RENT UNIT#

LEASE STATUS

NOTES

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

LEGAL

301 West 141st Street 2C

FM

3 Bedroom

5

Jun-18

$2,350

$2,444

$3,557

2E

FM

3 Bedroom

5

Apr-18

$2,250

$2,340

$3,100

2W

RS

3 Bedroom

5

Jan-19

$1,900

$1,900

$2,099

3C

RS

3 Bedroom

5

Oct-18

$2,575

$2,607

$2,764

3E

RS

3 Bedroom

5

Jun-18

$901

$912

3W

FM

3 Bedroom

5

Dec-17

$2,325

$2,418

$3,407

4C

RS

3 Bedroom

5

Aug-18

$2,130

$2,157

$2,970

4E

FM

3 Bedroom

5

Jul-18

$2,350

$2,444

$3,717

4W

FM

3 Bedroom

5

Sep-19

$2,450

$2,548

$3,366

5C

RS

3 Bedroom

5

Sep-18

$925

$937

5E

FM

3 Bedroom

5

Aug-18

$2,300

$2,392

5W

RS

3 Bedroom

5

Jul-18

$2,000

$2,025

$2,778

181

377

$168,291

$171,407

$127,473

ANNUAL RESIDENTIAL REVENUE

$2,019,491

$2,056,885

$1,529,674

ANNUAL COMMERCIAL REVENUE

$138,792

$142,956

ACTUAL

PRO FORMA

$2,158,283

$2,199,841

MONTHLY RESIDENTIAL REVENUE

TOTAL ANNUAL REVENUE

$3,575

There are currently 0 vacant units in the building. The super lives in a unit.

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

Seth Glasser Tel: (212) 430-5136

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. © 2017 Marcus & Millichap


THE HARLEM 100

2 2 5 & 2 3 5 W E S T 1 4 6 TH S T R E E T

3 0 1 W E S T 1 4 1 ST S T R E E T

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

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

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


THE HARLEM 100

INTERIORS

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

Seth Glasser Tel: (212) 430-5136

Jacob Kahn Tel: (212) 430-6155

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


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

Harlem 100  
Harlem 100