546 west 188th street - amazon web services...strong mixed-use corridor upland core preserve and...

546 WEST 188th STREETWalkup Multifamily | 3,720 SF | 4 Residential Units | Delivered Vacant

FOR MORE INFORMATION,PLEASE CONTACT

BRIAN WHELANDirector 646 933 [email protected]

TABLE OF CONTENTS

I. EXECUTIVE SUMMARY

II. THE NEIGHBORHOOD

III. DUE DILIGENCE

EXECUTIVE SUMMARY

6 B6 REAL ESTATE ADVISORS 7546 WEST 188th STREET

B6 Real Estate Advisors has been retained on an exclusive basis to arrange the sale of 546 West 188th Street, a recently renovated multifamily building, consisting of 4 residential units in the Washington Heights neighborhood of Fort George.

This four story building was completely renovated in 2018 and offers 17 feet of residential frontage on 188th Street.

The freshly renovated units will be deliv-ered vacant, providing a superb opportu-

nity for a new owner to select their ideal tenants and have full control over the screening process.

The basement area is fully finished and currently serves as a rental office, ideal for a small office or a professional working from home. The 1st floor apartment has access to a back yard which is approx., 50 feet deep. This outdoor space provides endless opportunities for to develop an outdoor oasis and add significant upside value on rental prices.

THE OPPORTUNITY ASKING PRICE: $2,550,000

PROPERTY INFORMATION

LocationSouth side of West 188th Street between Saint Nicholas and Audubon Avenues.

Block & Lot 2158 / 15

Lot Dimension 17’ x 95'

Lot SF 1,615

Building Dimensions 17’ x 44'

Stories 4

Gross Building SF 3,720 SF

Units 4

Zoning / FAR R7-2

Buildable SF 5,435

Assessment (‘19/’20) $234,360

R.E. Taxes (‘19/’20) $5,034

Information presented herein is subject to change and should be individually verifiedAll measurements and square footage estimates are approximate

Projected Gross Annual Income $115,200

Vacancy & Credit Loss @ 3% $3,456

Effective Gross Annual Income $111,744

Less Total Expenses $20,116

Projected Net Operating Income $91,628

BLOCK: 2158 | LOT: 15The subject property is a 17 Ft. x 44 Ft, 3,720 SF, 4 Story, 4 unit walk up apartment building located on the south side of west 188th Street between Saint Nicholas and Audubon Avenue.

TAX MAP

546 WEST188TH STREET


TRANSPORTATION

MTA Regional Bus Operations’ M2, M3, M4, M5, M98, M100, M101, Bx3, Bx6, Bx6 SBS, Bx7, Bx11, Bx13, Bx35, Bx36 routes serve the area.

Washington Heights is well served by the New York City Subway. On the IND Eighth Avenue Line, service is available at the 155th Street and 163rd Street – Amsterdam Avenue stations (A and C trains), the 168th Street station (A and C trains), and the 175th Street, 181st Street, and 190th Street stations (A train). Along the IRT Broadway – Seventh Avenue Line, the 1 train stops at 157th Street, 168th Street, 181st Street, and 191st Street.

546 WEST188TH STREET


PROJECTED REVENUE

UNIT TYPE LEASE EXP. NSF $ / SF RENT ANNUAL

Apt. 1 1 BR - Duplex Vacant 930 $33 $2,550 $30,600

Apt. 2 1 BR Vacant 930 $30 $2,350 $28,200

Apt. 3 1 BR Vacant 930 $30 $2,350 $28,200

Apt. 4 1 BR Vacant 930 $30 $2,350 $28,200

TOTAL 3,720 $31 $9,600 $115,200

ESTIMATED EXPENSES

REAL ESTATE TAXES (19/20) NYC DOF TAX BILL $5,034

Insurance $400 / Unit $1,600

Water & Sewer $1,000 / Unit $4,000

Heating & Fuel $150 / Month $1,800

Electric (Common) $0.25 / GSF $930

Repairs & Maintenance 3% / EGI $3,352

Superintendent & Management $250 / Month $3,000

TOTAL EXP. RATIO: 18% $19,716


Less Total Expenses $20,116

Projected Net Operating Income $91,628

Projected Gross Annual Income $115,200

Vacancy & Credit Loss @ 3% $3,456



PHOTOGRAPHS


INTERIOR PHOTOGRAPHS

NEIGHBORHOOD


NEIGHBORHOOD

Washington Heights is the Manhattan neighborhood just north of Harlem from 155th Street to Inwood up to Dyckman Street, bordered by the Hudson River to the west, and the Harlem River and Coogan’s Bluff to the east.

The area is known for its hills and the cliffs—a real change of scenery for Manhattanites. Although it requires a commute to reach this far-uptown escape, the neighborhood’s community feel, and plainspoken demeanor make up for the distance.

Interestingly, this upper-Manhattan neigh-borhood has recently replaced Brooklyn as an attractive alternative for many millennials, boasting more millennials than any other neighborhood, with 50,103 residents age 20 to 34, comprising 10 percent of the area’s population, the latest US Census data show.

AMENITIESA growing count of urban escapists and next-generation locals will attest: there are plenty of things to love about life in Washington Heights.

Bennett Park is the location of the highest natural point in Manhattan, as well as a commemoration on the west side of the park of the walls of Fort Washington, which are marked in the ground by stones with an inscription that reads: “Fort Washington Built And Defended By The American Army 1776.” Land for the park was donated by James Gordon Bennett, Jr., the publisher of the New

York Herald. His father, James Gordon Bennett, Sr., bought the land and was previously the Herald’s publisher. Bennett Park hosts an annual Harvest Festival in September and a children’s Halloween Parade – with trick-or-treating afterwards – on Halloween.

The neighborhood’s best-known cultural asset is The Cloisters—located in Fort Tryon Park—where the Metropolitan Museum of Art exhibits its collection of Medieval art among serene walkways, dramatic Medieval architecture and leafy paths. You’ll find plenty of parks here, including Bennett Park, Fort Tyron Park, Fort Washington Park and Riverfront Park. Artists from Washington Heights and the surrounding communities participate in the annual Uptown Arts Stroll each summer, and there are several branches of the New York Public Library.

Many small shops are located on West 181st Street at the southern end of the neighborhood, and all along Broadway. In the middle of the neighborhood itself, there is a small shopping area at West 187th Street between Cabrini Boulevard and Fort Washington Avenue.

News of Upper Manhattan is published weekly in The Manhattan Times, a bilingual newspaper. Its annual restaurant guide highlights the area’s burgeoning restaurant scene. Events are also listed in the Washington Heights & Inwood Online calendar.


INWOOD REZONING ACTION PLANZONING: GOALS & PRINCIPLES BY SUBDISTRICT

TIP OF MANHATTANEstablish a framework that mixes residential development with a robust commercial component, including the potential for institutional expansion. With strong connections to waterfront open space.

Zoning will seek to:• Facilitate opportunities for economic development

and job growth by limiting residential development in some locations

• Require new waterfront developments to create substantial new public waterfront open spaces

• Strengthen connections to the waterfront with visual corridors and a focus on 218th Street

UPLAND WEDGEStrengthen 10th Avenue by Improving the pedestrian environment under the elevated Train and encouraging a diverse mix of commercial residential and community facility uses

Zoning will seek to:• Allow development to setback from the elevated

subway tine to allow for more light and air• Permit residential and a wide range of commercial

development including office space, to create a strong mixed-use corridor

UPLAND COREPreserve and strengthen large portions of Inwood west of 10th Avenue where there Is a strong and consistent built character.

Zoning will seek to:• Limit new development where there is a strong

existing residential character• Ensure new development is consistent with

existing character by instituting height limits and street wall requirements

• Make existing retail uses conforming under zoning to ensure local businesses can continue to thrive

COMMERCIAL UWhere significant development can occur under existing zoning- namely, along Inwood’s major commercial corridors (Dyckman Street, Broadway, and 207th street-make sure It Includes affordable housing and good urban design.

Zoning will seek to:• Require all new residential development to

provide permanently affordable housing by applying Mandatory lnclusionary Housing (MIH)

• Impose height limits and street wall requirements suitable for wide commercial streets and sites with access to transit

• Require active ground floors and allow second-Story office and retail uses in new developments, consistent with existing character

SHERMAN CREEKCreate a vibrant mixed-use extension of Inwood with new affordable and mixed-income housing and commercial uses alongside a continuous public waterfront esplanade

Zoning will seek to:• Allow residential development where it is

prohibited today to create new housing at a mix of incomes. Including permanently affordable housing

• Require active ground floor uses to create an active appealing pedestrian environment

• Spur the development or retail and community spaces to produce more focal amenities

• Strengthen connections to the waterfront, with a focus on streets that connect to the street grid west of 10th Avenue such as 204th, 206th, and 207th Streets

• Consolidate ConEdison’s existing footprint to facilitate housing and access to the waterfront, while ensuring the continuation of ConEd’s critical operations

TRINITY-ST . PAUL’S EPISCOPAL CHURCH

22 B6 REAL ESTATE ADVISORS

DUE DILIGENCE


ZONING INFORMATION

New York City’s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The commercial district has eight different classifications. The manufacturing district has three different classifications. The residential district has ten different classifications.

546 West 188th Street is zoned R7-2 in Manhattan Community District 12 FAR: 3.44 (Residential) / 6.50 (Facility

R7


TAX ASSESSMENT TAX BILL


CERTIFICATE OF OCCUPANCY CONFIDENTIALITY & CONDITIONS

The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.

You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including the leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.

The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom.

Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.

The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

B6 REAL ESTATE ADVISORS1040 Avenue of the Americas, 8th FloorNew York, NY 10018B6REALESTATEADVISORS.COM

FOR MORE INFORMATION, PLEASE CONTACT FOR FINANCING INQUIRES, PLEASE CONTACT

BRIAN WHELANDirector 646 933 [email protected]

STEVEN SPERANDIOPartner, Senior Managing Director646 933 [email protected]

546 west 188th street - amazon web services...strong mixed-use corridor upland core preserve and...

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