Unique multi-family opportunity in prime Washington Heights in the center of a continually evolving neighborhood! This 2340 SF three-story Class A building (not including the basement) is comprised of six rent-stabilized units and one community facility, store or restaurant (still to be converted) with a total annual rent roll of approximately $98K (and $194K projected with the rental usage fee for the community facility or restaurant/store). Available FAR of 5415 SF, with 3075 SF as yet unused. Annual costs include real estate taxes of $7944, insurance of $4200, and $1200 in utilities, totaling approximately $13,500. This provides for a positive cash flow/NOI of $84,500 (or $180,500 projected) and a cap rate of 2.8% minimum, with the potential for up to 6%.
The property, built in 1900 and renovated/upgraded multiple times since 2000, has been very well-maintained, with new heating appliances in each studio and updated roof, plus all new plumbing throughout the building. Each unit has their own hot water tank & heating system.
Additionally, there is new electric wiring throughout the property and each studio, including the community facility space, has their own independent electric meter, so all tenants pay their own heat and hot water. The lot is 15' x 105' with the build 15' x 52' and a back garden of approximately 795 SF.
There are two studios on each floor, and all apartments are approximately the same size, just under 300 SF, with kitchenettes and recently renovated bathrooms. The community facility/store/restaurant, has direct access to the backyard garden plus a full dry basement with high ceilings, which is perfect for storage. More details and appointments to view available upon request by serious buyers only.
Conveniently located within a couple of blocks from the 181st Street A and 1 subways and other major transportation facilities, Yeshiva University and other local elementary and junior high schools, as well as local supermarkets, fine restaurants and all variety of shops.
This is rare indeed, to find a cap rate over 3% in Manhattan, with a Class A building in excellent condition that offers substantial sustainable income while maintaining very low expenses!
Unique multi-family opportunity in prime Washington Heights in the center of a continually evolving neighborhood! This 2880 SF three-story building (not including the lower floor) is comprised of eleven rent-stabilized units and one community facility (still to be converted) with a total annual...
Listing ID 3403473
Courtesy of: Douglas Elliman 774 Broadway
Office Phone: 212.995.5357
Listing Agent: Tracie Hamersley
Updated: 15th October, 2018 3:24 AM.
576 West 183rd St New York, NY