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 rent roll of approximately $170K (and $230K+ projected with the rental usage fee for the community facility). Available FAR of 6873 SF, with 3936 SF as yet unused. Annual costs include real estate taxes of $13,998, insurance of $4200, and $1200 in utilities, totaling approximately $20K. This provides for a positive cash flow/NOI of $150K (or $210K projected) and a cap rate of 5% minimum, with the potential for up to 7%.
The property, built in 1900 and renovated/upgraded multiple times since 2000, has been very well-maintained, with a new boiler 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 20' x 100' with the build 20' x 48' and a back garden of approximately 1040 SF.
All studios are approximately the same size, under 300 SF, with kitchenettes and recently renovated bathrooms. 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.
Note that while currently this building is classified as Class B (and a CO is not required as this building was built prior to 1937), the owner has been pursuing a Certificate of Non-Harassment as of October 2017 to change the property to Class A as requested by HPD. It is anticipated that this will be finalized in the next few weeks, along with the closure of all open work permits and the satisfaction of any violations (all connected with the building classification).
This is rare indeed, to find a cap rate over 3% in Manhattan, with 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 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)...
Listing ID 3405565
Courtesy of: Douglas Elliman 774 Broadway
Office Phone: 212.995.5357
Listing Agent: Tracie Hamersley
Updated: 22nd October, 2018 11:39 PM.
573 West 183rd St New York, NY