8TOTAL UNITS
18 ‘FRONTAGE
4.1%CAP RATE
5,580TOTAL SQUARE FEET
$55,619PROJECTED TAXES
17.5GRM
Peter Von Der AheTel: (212) 430-5114 [email protected]
Joe KoicimTel: (212) [email protected]
Jared BernsteinTel: [email protected]
L I S T I N G M E T R I C S
242 East 40th StreetIs being offered at $5,980,000
F I NANCIAL OVERVI EW
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Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Jared BernsteinTel: 646-805-1451
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 accuracyof 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 used herein 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 of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap
$/SF $1,072 INCOME CURRENT PRO FORMA$/UNIT $747,500 Gross Potential Residential Rent $174,686 $191,270TOTAL SF 5,580 Gross Potential Commercial Rent $168,000 $168,000TOTAL UNITS 8 Gross Income $342,686 $359,270
CURRENT METRICS Other Income $0 $0CAP RATE 4.1% Effective Gross Income $339,192 $355,445GRM 17.5 Average Residential Rent/Month/Unit $2,080 $2,277
PRO FORMA METRICS
CAP RATE 4.4% EXPENSESGRM 16.6 Property Taxes Tax Class: 2B $55,619 $55,619CASH ON CASH 3.13% Fuel - Gas $6,500 $6,500
Insurance $5,182 $5,182Water and Sewer $7,250 $7,250
EXPENSE RATIO UPSIDE ANALYSIS Repairs and Maintenance $2,000 $2,000Common Electric (PPSF) $1,395 $1,395Super Salary $3,500 $3,500Management Fee $10,176 $10,663Total Expenses $91,622 $92,109Net Operating Income $247,571 $263,335
LEASE STATUS ANALYSISUNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENTTotal Units -- 7 $4,080Total RS Units 29% 2 $1,704Total RC Units 0% 0 $0
PROPOSED DEBT Total FM Units 71% 5 $2,230Debt Service ($179,425) Total Commercial -- 1 $14,000Debt Coverage Ratio 1.38Net Debt Cash Flow After Debt Service $83,910 UNIT TYPE ANALYSISLoan Amount $3,300,000 TYPE % OF TOTAL TOTAL AVG. RENTInterest Rate 3.50% Studio 71% 5 $1,806Amortization 30 1 Bedroom 14% 1 $2,225
2 Bedroom 14% 1 $3,3003 Bedroom 0% 0 $04 Bedroom 0% 0 $05 Bedroom 0% 0 $06 Bedroom 0% 0 $0SRO 0% 0 $0
GROSS TOTAL SF
5,580 $1,072$/SF
OFFERING PRICE
27%
RATIO OFFAIR MARKET UNITS
16% PROPERTY TAXESRATIO
($3,825)($3,494)Vacancy/Collection Loss
$2,277 PRO FORMAAVERAGE MONTHLY RENT
71%
$5,980,000
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Current Avg RS UnitsMarket RentsCurrent Avg FM Rents
RENT ROLL
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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 accuracyof 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 used herein 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 of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Jared BernsteinTel: 646-805-1451
UNIT TENANT NAME NOTES LEASE START SF EXPIRATION ACTUAL PRO FORMA $/PSF
Ground Vacant - Projected 1,764 $14,000 $14,000 $951,764 $14,000 $14,000
RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS EXPIRATION ACTUAL PRO FORMA LEGAL
1F RS Studio 2 Jun-20 $1,700 $1,700 $1,9041R FM 1 Bedroom 3 May-20 $2,225 $2,8002F FM Studio 2 Jul-20 $1,950 $2,1002R FM Studio 2 Jun-20 $1,825 $2,1003F RS Studio 2 Sep-20 $1,707 $1,7073R FM Studio 2 Jul-20 $1,850 $2,1004F FM 2 Bedroom 4 May-20 $3,300 $3,432MONTHLY RESIDENTIAL REVENUE 8 17 $14,557 $15,939 $1,904
ANNUAL RESIDENTIAL REVENUE $174,686 $191,270 $22,848ANNUAL COMMERCIAL REVENUE $168,000 $168,000
ACTUAL PRO FORMATOTAL ANNUAL REVENUE $342,686 $359,270There is currently 1 vacant unit in the building. The super lives off site.
MONTHLY COMMERCIAL REVENUE
COMMERCIAL RENT
CITY: New Yorki
STATE: NYi
BLOCK & LOT: 920 / 41i
LOT DIMENSIONS: 18 ft X 99 fti
LOT SF: 1,778i
BUILDING DIMENSIONS: 18 ft X 53 fti
BUILDING SF: 5,580i
ZONING: C1-9i
LANDMARK DISTRICT: Nonei
HISTORIC DISTRICT: Nonei
ANNUAL TAX BILL: __$55,619i
TAX CLASS: 2Bi
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PROPERTY DESCR I PT ION
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Jared BernsteinTel: 646-805-1451
2 4 2 E a s t 4 0 t h S t r e e t _
EXTER I ORS
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Jared BernsteinTel: 646-805-1451
www.newyorkmultifamily.com 212 430 5114
Peter Von Der AheTel: (212) 430-5114
Joe KoicimTel: (212) 430-5147
Jared BernsteinTel: 646-805-1451
