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20TOTAL UNITS
$638PRICE /SF
4.4%CAP RATE
25 'FRONTAGE
9,790TOTAL SQUARE FEET
$136,426PROJECTED TAXES
12.5GRM
L I S T I N G M E T R I C S
515 West 48th StreetIs being offered at $6,250,000
Peter Von Der AheTel: (212) 430-5114 [email protected]
Joe KoicimTel: (212) [email protected]
Logan MarkleyTel: (212) [email protected]
Danny HandweilerTel: (212) [email protected]
• First sale in 35+ years • 20-unit multifamily property with
strong existing cash-flow• 25’ of frontage on 48th between
10th and 11th Avenues• Rapidly appreciating
neighborhood: short walk to restaurant row, Hudson yards, Columbus Circle, Central Park, & Times Square
T H E O P P O RT U N I T Y
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. © 2019 Marcus & Millichap
F INANCIAL OVERVIEW
5 1 5 W e s t 4 8 t h S t r e e t _
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Logan MarkleyTel: (212) 430-5194
Danny HandweilerTel: (212) 430-5138
$/SF $638 INCOME CURRENT PRO FORMA$/UNIT $312,500 Gross Potential Residential Rent $500,664 $528,791TOTAL SF 9,790 Gross Potential Commercial Rent $0 $0TOTAL UNITS 20 Gross Income $500,664 $528,791
CURRENT METRICS Effective Gross Income $490,651 $518,215CAP RATE 4.4% Average Residential Rent/Month/Unit $2,086 $2,203GRM 12.5
PRO FORMA METRICS EXPENSESCAP RATE 4.8% Property Taxes Tax Class: 2 $136,426 $136,426GRM 11.8 Fuel $16,500 $16,500CASH ON CASH 2.99% Insurance $11,000 $11,000
Water and Sewer $15,000 $15,000Repairs and Maintenance $7,500 $7,500
EXPENSE RATIO UPSIDE ANALYSIS Common Electric (PPSF) $2,448 $2,448Super Salary $10,000 $10,000Management Fee $19,626 $20,729Total Expenses $218,499 $219,602Net Operating Income $272,152 $298,613
LEASE STATUS ANALYSISUNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENTTotal Units -- 20 $2,086Total RS Units 40% 8 $1,779Total RC Units 5% 1 $324Total FM Units 55% 11 $2,470
PROPOSED DEBT Total Commercial -- 0 $0Debt Service ($231,320)Debt Coverage Ratio 1.18 UNIT TYPE ANALYSISNet Debt Cash Flow After Debt Service $67,293 TYPE % OF TOTAL TOTAL AVG. RENTLoan Amount $4,000,000 Studio 0% 0 $0Interest Rate 4.00% 1 Bedroom 100% 20 $2,086Amortization 30 2 Bedroom 0% 0 $0
3 Bedroom 0% 0 $04 Bedroom 0% 0 $05 Bedroom 0% 0 $06 Bedroom 0% 0 $0SRO 0% 0 $0
Vacancy/Collection Loss
$2,203 PRO FORMAAVERAGE MONTHLY RENT
55%
$6,250,000($10,576)($10,013)
GROSS TOTAL SF
9,790 $638$/SF
OFFERING PRICE
45%
RATIO OFFAIR MARKET UNITS
28% PROPERTY TAXESRATIO
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Current Avg RS UnitsMarket RentsCurrent Avg FM Rents
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. © 2019 Marcus & Millichap
RENT ROLL
5 1 5 W e s t 4 8 t h S t r e e t _
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Logan MarkleyTel: (212) 430-5194
Danny HandweilerTel: (212) 430-5138
RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA LEGAL
1FE FM 1 Bedroom 3 Aug-19 $2,892 $3,0071FW FM 1 Bedroom 3 Aug-19 $2,008 $2,5001RE RS 1 Bedroom 3 Apr-19 $2,060 $2,060 $2,0601RW RS Preferential Rent 1 Bedroom 3 Jul-19 $1,745 $1,745 $2,4002FE RS 1 Bedroom 3 Aug-19 $1,628 $1,628 $1,6282FW RS 1 Bedroom 3 May-19 $1,593 $1,593 $1,5932RE RS Preferential Rent 1 Bedroom 3 Jun-19 $1,930 $1,930 $2,3222RW FM 1 Bedroom 3 May-19 $2,830 $2,9433FE FM 1 Bedroom 3 Jun-19 $2,264 $2,5003FW RS Preferential Rent 1 Bedroom 3 Aug-19 $2,010 $2,010 $2,1223RE FM 1 Bedroom 3 Jan-20 $2,866 $2,9813RW FM 1 Bedroom 3 Aug-19 $2,519 $2,6204FE FM 1 Bedroom 3 Mar-19 $2,304 $2,5004FW FM 1 Bedroom 3 Mar-19 $2,077 $2,5004RE RC 1 Bedroom 3 $324 $3244RW RS 1 Bedroom 3 Aug-19 $1,493 $1,493 $1,4935FE FM 1 Bedroom 3 Apr-19 $2,157 $2,5005FW FM 1 Bedroom 3 Oct-19 $2,507 $2,6075RE RS Preferential Rent 1 Bedroom 3 Aug-19 $1,775 $1,775 $2,5215RW FM 1 Bedroom 3 Mar-19 $2,742 $2,852MONTHLY RESIDENTIAL REVENUE 20 60 $41,722 $44,066 $16,137
ANNUAL RESIDENTIAL REVENUE $500,664 $528,791 $193,647
ACTUAL PRO FORMATOTAL ANNUAL REVENUE $500,664 $528,791There are currently 0 vacant units in the building. The super lives off site.There are 20 total units.
515 West 48th Street
CITY: New Yorki
STATE: NYi
BLOCK & LOT: 1077 / 23i
LOT DIMENSIONS: 25 ft X 100 fti
LOT SF: 2,500i
BUILDING DIMENSIONS: 25 ft X 79 fti
BUILDING SF: 9,790i
ZONING: R8i
MAX FAR: 6.02i
AVAILABLE AIR RIGHTS: 5,260i
LANDMARK DISTRICT: Nonei
HISTORIC DISTRICT: Nonei
ANNUAL TAX BILL: __$136,426
TAX CLASS: 2i
5 1 5 W e s t 4 8 t h S t r e e t _
PROPERTY DESCR IPT ION
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Logan MarkleyTel: (212) 430-5194
Danny HandweilerTel: (212) 430-5138
5 1 5 W e s t 4 8 t h S t r e e t _
EXTER IORS
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Logan MarkleyTel: (212) 430-5194
Danny HandweilerTel: (212) 430-5138
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Logan MarkleyTel: (212) 430-5194
Danny HandweilerTel: (212) 430-5138
www.newyorkmultifamily.com 212 430 5114