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TOTAL UNITS
PRICE /SF
CAP RATE
FRONTAGE
TOTAL SQUARE FEET
TAXES
GRM
Tel: (212) 430-5114
Tel: (212) 430-5147
Tel: (212) 430-5138
Tel: 646-805-1451
Tel: (212) 430-6155
Tel: (212) 430-5168
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
$/SF $1,098 INCOME CURRENT PRO FORMA
$/UNIT $796,875 Gross Potential Residential Rent $467,703 $512,539
TOTAL SF 11,607 Gross Potential Commercial Rent $327,900 $336,360
TOTAL UNITS 16 Gross Income $795,603 $848,899
CURRENT METRICS Other Income (Water + Sewer Reimbursement) $9,120 $9,120
CAP RATE 4.0% Effective Gross Income $790,692 $842,643
GRM 15.8 Average Residential Rent/Month/Unit $2,598 $2,847
PRO FORMA METRICS
CAP RATE 4.2% EXPENSES
GRM 14.9 Property Taxes Tax Class: 2 $201,976 $224,116
CASH ON CASH 1.91% Fuel $2,845 $2,845
Insurance $8,885 $8,885
Water and Sewer $16,983 $16,983
EXPENSE RATIO UPSIDE ANALYSIS Repairs and Maintenance $12,750 $12,750
Common Electric (PPSF) $2,044 $2,044
Super Salary $5,400 $5,400
Management Fee $23,084 $33,706
Legal & Miscellaneous $4,028 $4,028
Total Expenses $277,995 $310,757
Net Operating Income $512,697 $531,886
LEASE STATUS ANALYSIS
UNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENT
Total Units -- 15 $4,420
Total RS Units 27% 4 $1,774
PROPOSED DEBT Total RC Units 0% 0 $0
Debt Service ($426,938) Total FM Units 73% 11 $2,898
Debt Coverage Ratio 1.20 Total Commercial -- 2 $13,663
Net Debt Cash Flow After Debt Service $104,949
Loan Amount $7,250,000 UNIT TYPE ANALYSIS
Interest Rate 4.15% TYPE % OF TOTAL TOTAL AVG. RENT
Amortization 30 Studio 20% 3 $1,745
1 Bedroom 33% 5 $1,745
2 Bedroom 20% 3 $2,983
3 Bedroom 27% 4 $4,016
4 Bedroom 0% 0 $0
5 Bedroom 0% 0 $0
6 Bedroom 0% 0 $0
SRO 0% 0 $0
Vacancy/Collection Loss
$2,847 PRO FORMA
AVERAGE MONTHLY
RENT
73%
$12,750,000
($15,376)($14,031)
GROSS TOTAL SF
11,607 $1,098$/SF
OFFERING PRICE
35%
RATIO OF
FAIR MARKET UNITS
26%PROPERTY TAXES
RATIO
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Current Avg RS Units
Market Rents
Current Avg FM Rents
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
UNIT TENANT NAME NOTES LEASE START EXPIRATION ACTUAL PRO FORMA
ST1 Parnell's Pub & Restaurant3% Annual Increases; Tenant Responsible for
Water/Sewer ReimbursementDec-17 May-23 $23,500 $24,205
ST2 Antenna Jun-14 Jul-20 $3,825 $3,825
$27,325 $28,030
RESIDENTIAL RENT
UNIT# LEASE STATUS NOTES BEDROOMS ROOMS EXPIRATION ACTUAL PRO FORMA
1A FM 3 Bedroom 5 Jul-19 $4,600 $4,800
1C FM 2 Bedroom 4 Jul-19 $2,650 $2,800
1D FM 3 Bedroom 5 Apr-19 $3,800 $4,200
2A FM 2 Bedroom 4 Nov-19 $3,200 $3,400
2B FM Pref Rent Studio 2 Feb-21 $1,250 $2,400
2C FM 1 Bedroom 3 Nov-19 $2,150 $2,600
2D FM 3 Bedroom 5 Apr-19 $3,865 $4,200
3A RS 1 Bedroom 3 Jul-19 $1,123 $1,137
3B FM Studio 2 Jul-19 $2,195 $2,250
3C FM 1 Bedroom 3 Jun-19 $2,195 $2,300
3D FM 3 Bedroom 5 May-19 $3,800 $4,200
4A RS 2 Bedroom 4 Feb-20 $3,100 $3,139
4B FM 1 Bedroom 3 Oct-18 $2,175 $2,400
4C RS Studio 2 Mar-19 $1,790 $1,790
4D RS 1 Bedroom 3 Dec-19 $1,083 $1,096
MONTHLY RESIDENTIAL REVENUE 26 53 $38,975 $42,712
ANNUAL RESIDENTIAL REVENUE $467,703 $512,539
ANNUAL COMMERCIAL REVENUE $327,900 $336,360
ACTUAL PRO FORMA
TOTAL ANNUAL REVENUE $795,603 $848,899
There are currently 0 vacant units in the building. The super lives off site.
MONTHLY COMMERCIAL REVENUE
COMMERCIAL RENT
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
GROSS POTENTIAL INCOME ACTUAL PRO FORMA
%EGI $/UNIT %EGI $/UNIT
Gross Potential Residential Rent $467,703 59% $29,231 $512,539 60% $32,034
Gross Potential Commercial Rent $327,900 41% $20,494 $336,360 40% $21,023
Gross Income $795,603 $49,725 $848,899 $53,056
Vacancy/Collection Loss ($14,031) 3% ($877) ($15,376) 3% ($961)
Other Income (Water + Sewer Reimbursement) $9,120 $570 $9,120 $570
Effective Gross Income $790,692 $49,418 $842,643 $52,665
Average Residential Rent/Month/Unit $2,598 $2,847
EXPENSES
Property Taxes Tax Class: 2 $201,976 26% $12,624 $224,116 27% $14,007
Fuel $2,845 0% $178 $2,845 0% $178
Insurance $8,885 1% $555 $8,885 1% $555
Water and Sewer $16,983 2% $1,061 $16,983 2% $1,061
Repairs and Maintenance $12,750 2% $797 $12,750 2% $797
Common Electric (PPSF) $2,044 0.3% $0.18 $2,044 0.2% $0.18
Super Salary $5,400 1% $338 $5,400 1% $338
Management Fee $23,084 4% $1,443 $33,706 4% $2,107
Legal & Miscellaneous $4,028 1% $252 $4,028 0% $252
Total Expenses $277,995 35% $17,375 $310,757 37% $19,422
Net Operating Income $512,697 $531,886
LEASE STATUS MIX
UNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENT
Total Units -- $66,300 15 $4,420
Total RS Units 27% $7,095 4 $1,774
Total RC Units 0% $0 0 $0
Total FM Units 73% $31,880 11 $2,898
Total Commercial -- $27,325 2 $13,663
RENTAL ANALYSIS BY UNIT TYPE
TYPE % OF TOTAL RENT TOTAL AVG. RENT
Studio 20% $5,235 3 $1,745
1 Bedroom 33% $8,725 5 $1,745
2 Bedroom 20% $8,950 3 $2,983
3 Bedroom 27% $16,065 4 $4,016
4 Bedroom 0% $0 0 $0
5 Bedroom 0% $0 0 $0
6 Bedroom 0% $0 0 $0
SRO 0% $0 0 $0
UPSIDE ANALYSIS
TAXES AS
PERCENT OF EGI
26%
EXPENSE RATIO
35%
73%
AVERAGE RENT
PER MONTH
$2,598
PERCENT
FAIR MARKET
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO
Current Avg RS Units Market Rents Current Avg FM Rents
CITY: New Yorki
STATE: NYi
BLOCK & LOT: 1345 / 30i
LOT DIMENSIONS: 25 ft X 100 fti
LOT SF: 2,500i
BUILDING DIMENSIONS: 25 ft X 100 fti
BUILDING SF: 11,607i
ZONING: R10i
MAX FAR: 10.00i
AVAILABLE AIR RIGHTS: None
LANDMARK DISTRICT: None
HISTORIC DISTRICT: iNone
ANNUAL TAX BILL: __$201,976
TAX CLASS: 2i
Manhattan is a significant part of a much larger
population system; the New York City metropolitan area is
the largest in the United States, with more than 19 million
inhabitants in three states.
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. Referencesto 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 forexample 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 RealEstate Investment Services, Inc. © 2019 Marcus & Millichap
C O N F I D E N T I A L
Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyofthe information. Referencestosquare footageorageareapproximate. Buyermustverify the information and bearsall risk forany inaccuracies.Any projections,opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap
The island of Manhattan is one of New York City's five boroughs,
approximately 13 miles long and two miles wide. Solid bedrock
provides a firm foundation for the high-rise buildings that dominate
the skyline.
Manhattan's deep-water port and proximity to the nation's interior
bolster its position as a global economic powerhouse. Manhattan
also contains Central Park, which encompasses 843 acres in the
center of the island and is considered one of the nation's premier
public spaces.
Manhattan is home to over 1.6 million residents who are part of a
much larger population system. The New York City metropolitan
area is the largest in the United States, with more than 19 million
inhabitants in three states. New York City consists of five boroughs
with about 8.4 million people.
Manhattan is well placed, situated 100 miles from Philadelphia, 210
miles from Boston, 230 miles from Washington, D.C., and 790 miles
from Chicago.
New York City has an extensive mass-transportation network.
Subway and bus systems serve virtually every area in the five
boroughs. There are 468 stations in the New York City Transit
subway system, including 147 stations in Manhattan. Grand Central
Station and Penn Station, both in Midtown Manhattan, provide rail
service to the suburbs and long-distance connections, while three
international airports offer flights to most global destinations.
The island of Manhattan is linked to the other boroughs and New
Jersey by 11 bridges and four tunnels for vehicular traffic, with
numerous additional tunnels for subway and rail lines. Highways
along the borough's eastern and western edges connect to freeways
throughout the five boroughs.
Large population:
New York City is the United States’ largest
city, with upwards of 8 million residents.
Top address for corporate headquarters:
40+ Fortune 500 companies call New York
City home.
High barriers to development:
few parcels of developable
land + high costs = limits to new construction.
New York Harbor contains docks for freight and
passenger ships and provides ferry service to New
Jersey and around the city.
New York City is home to around 40 Fortune 500
companies, more than any other MSA in the country, and
most are located in Manhattan. The city serves as the
epicenter for a wide variety of industries, making the
performance of its local economy integral to the nation. The
Port of New York is also a vital component of New York’s
centrality to American and regional trade.
As one of the leading financial centers in the world, New
York City boasts many international banks and financial
firms maintaining offices in the city.
Wall Street is a major driver of the local economy, as a
significant number of people are employed directly in the
securities industry. The city is also a hub for the media,
communications and publishing industries. The major
television networks have substantial operations in
Manhattan, while hundreds of newspapers, magazines and
several music recording companies are headquartered in
the city. In addition, New York City is the advertising capital
of the United States and has a growing presence in the
Internet/new media field. The entertainment and tourism
industries are crucial to the Manhattan economy, with
numerous theaters and attractions drawing billions of
dollars each year.
Manhattan is also an important location for many retailers,
both national and local. Retail sales in the borough typically
grew faster than the U.S. rate over the past decade.
Job growth in Manhattan slowed over the past five years as
the economic downturn weighed on the local
manufacturing, information, trade, transportation and
utilities, and financial activities sectors.
Professional and business services is the largest
employment sector, accounting for over 470,000 positions,
or 20 percent of the labor force. The government sector
follows closely, with 19 percent of jobs in Manhattan. These
sectors will post average annual gains of 2.3 percent and 1.2
percent, respectively, over the next five years.
The leisure and hospitality and education and health
services sectors will record the largest growth through 2015,
increasing at average annual rates of 3.1 percent and 2.9
percent, respectively. An annual gain of 2.9 percent is also
expected in the other services sector.
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 usedherein 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 ofMarcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
C O N F I D E N T I A L
Over half of Manhattan’s labor market is involved in
financial activities and the services sectors. This is due to
New York City being the headquarters of some of the
largest U.S.-based consulting businesses, accounting
offices, insurance companies and legal firms, as well as the
United Nations. In addition, Manhattan is the financial
center of the country and home to the New York Stock
Exchange, being one of the only two Alpha++ cities in the
world, sharing the title with London. Many of the world's
top securities firms and banks are located here. Major
employers in the finance industry based in Manhattan
include Goldman Sachs, JPMorgan Chase and Morgan
Stanley Smith Barney.
Media conglomerate Time Warner is the largest company in
the information sector, employing thousands of people in
Manhattan from its headquarters at the Time Warner
Center in Midtown. Other large media employers in the
borough are Viacom and Verizon. The education and health
services sector accounts for 13 percent of jobs in
Manhattan. Large employers include New York University,
Columbia University, New York-Presbyterian Healthcare,
Mount Sinai Hospital and Continuum Health Partners Inc.
New York City is the largest city in the United States, with
over 8 million residents. An estimated 19 million people live
within the tristate metro area. Among the five boroughs,
Manhattan is third largest behind Brooklyn and Queens,
with a population of over 1.6 million. Manhattan grew 0.7
percent annually during the past decade, a rate expected to
continue through 2015.
The share of Manhattan residents with a Bachelor’s degree
is more than 34 percent, far above the national average of
almost 28 percent. Additionally, more than 14 percent of
the borough residents over age 25 have a graduate degree,
compared to just over 10 percent nationally. There are
significant and noteworthy differences between
Manhattan’s demographic profile and the profile of the
nation.
In particular, residents under age 20 make up only 20
percent of Manhattan's population, compared to 27 percent
at the U.S. level. Additionally, residents ages 25 to 44
comprise 37 percent of the local population, up from 27
percent nationally, as this vital job market attracts many in
their prime working years.
Although Manhattan’s median household income stands at
a healthy $68,100 annually, the borough also has one of the
highest housing costs in the country, with the median home
price resting at nearly $1.2 million.
Manhattan offers a quality of life unique even within the
nation’s largest cities. Although housing costs are among
the most expensive in the country, the borough provides a
variety of cultural, entertainment and employment
opportunities. The area is one of the few places in the
United States where a person can live without a car and
rely completely upon mass transit. You can get anywhere
easily by taking the subway, buses or taxicabs, and rail
terminals and airports make long-distance travel accessible.
A variety of entertainment options are available to
Manhattanites, including Broadway shows, first-run films
and famous nightlife venues.
There are two MLB teams, two NFL teams, two NHL teams
and two NBA teams within the metro area. New York City
has an extensive public park system, the jewel of which is
Central Park in Manhattan offering natural areas, lawns,
playing fields, running trails, biking paths, boating facilities
and a zoo.
Manhattan also boasts world class art museums including
the Metropolitan Museum of Art, the Guggenheim and the
Museum of Modern Art. The city's international flavor is
always on display in the island's many restaurants, featuring
recipes from around the world.
New York’s island of Manhattan continues to rise in culture,
quality of life, and wealth. As a global gateway city, New
York will continue to deliver promising opportunities and
investment potential.
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 usedherein 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 ofMarcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
C O N F I D E N T I A L
Midtown East extends from 34th Street to 59th Street,
between Fifth Avenue and the East River. Within these
boundaries lie smaller residential and commercial
neighborhoods with some of the most iconic buildings in
Manhattan:
Sutton Place, between East 53rd Street to East 59th Street
along the East River; Turtle Bay, from East 42nd Street to
53rd Street, between Lexington Avenue and the East River;
Tudor City, from East 40th Street to 43rd Street, between
1st and 2nd Avenues; Murray Hill, from East 34th Street to
East 42nd Street, between 5th and 2nd Avenues.
Living in Midtown not only offers the advantage of walking
to work, but being able to walk to everything. Filled with an
abundance of stores and boutiques, Fifth Avenue is home
to luxury shops that include Bergdorf Goodman, Saks Fifth
Avenue, Henri Bendel, and Tiffany’s, as well as fun
destinations like FAO Schwartz! Along Lexington Avenue is
the fashionable and landmark department store since
1861, Bloomingdales, or otherwise known as “Bloomies.”
Once locals are done shopping and walking along Fifth
Avenue, they enjoy no shortage of restaurants and bars to
choose from for entertainment.
Just at the northern tip of Midtown East is the most famous
park in the world: Central Park. For nearly 150 years,
residents and tourists alike have been flocking to the park
for a peace and quiet escape. The park also offers activities
that include strolling though Strawberry Fields and the
Great Lawn, exploring the Central Park Zoo, relaxing on a
horse-drawn carriage ride, or even rowing a boat to the
Loeb Boathouse. Whatever your recreational activity of
choice, Central Park has something for everyone.
The “Plaza District,” a term frequently used to specify the
most expensive region of Midtown from a commercial real
estate standpoint, lies between 42nd and 59th Streets, from
Third Avenue to Seventh Avenue. As New York’s largest
central business district, Midtown Manhattan serves as the
busiest single commercial district in the United States, and
is home to the most diverse group of real estate in the
country
The majority of Manhattan’s tallest skyscrapers, hotels, and
apartment establishments lie in the central business district
of Midtown Manhattan. Midtown East is home to several of
the largest corporations in Manhattan, including the
Chrysler Building, Graybar Building, and the Lever House.
Even further, it is difficult to think about Midtown East
without mentioning the iconic Empire State Building, which
serves as an anchor to the amazing Manhattan skyline as
well as a tourist magnet attracting visitors from across the
globe. The Grand Central Terminal is another magnificent,
historic building in Midtown East that has undergone a
multi-million dollar renovation and consequently inspired
the restoration and development of new construction office
buildings and hotels throughout the neighborhood. For
many professionals who wish to reside close to work,
Midtown East is the perfect place to live. The neighborhood
offers a mix of new-luxury high-rise condominiums as well
as traditional pre-war townhomes and classic cooperatives.
Beekman Place and Sutton Place are two of the most
expensive neighborhoods in Midtown East, and feature
luxurious pre-war homes that are within walking distance of
five area parks.
7 to Grand Central | 4,5,6 to Grand Central | 7 to Fifth Ave.
| E,V to Fifth Ave.-53rd. St. | 6 to 51st St. | E,M to 53rd St.-
Lexington Ave. | 4,5,6 to 59th St.-Lexington Ave.
