Meticulously Renovated
Mixed-Use Building For Sale
221 First Avenue
New York, NY 10003
Block / Lot:
455 / 41
Location:
West side of First Avenue between
East 13th and East 14th Streets.
Building Class:
(S3) Primarily Three Family w/ Store
Lot Dimensions:
21.5’ x 56’ (Approx.)
Lot Size:
1,204 SF (Approx)
Building Dimensions:
21.5’ x 56’ (Approx.)
Stories:
Four (4) Walk-Up
Gross Square Footage:
3,954 Above Grade (Approx.)
Residential Units:
3
Commercial Units:
1 store
Zoning/ F.A.R.:
C1-7A (R8A) / 6.02
Air-Rights:
3,294 (Approx.) Should be Independently Verified
Landmark Status:
None
Assessment:
$144,803 (10/11)
R.E. Taxes:
$19,173 (10/11) – Tax Class 2A
Year Built:
circa 1910
Property Description:
A 21.5’ wide, 4-story plus basement mixed-use building with approximately 3,954 total above grade square feet consisting of 3 fully
renovated three-bedroom apartments plus 1 store. All three residential units are free market and rent for an average of $4,965 per month. In
addition, there is a 1,050 square foot retail store that is currently leased to Señor Pollo, a Latin American chicken and sandwich bistro, until
January 2017 at a rent of approximately $156/SF. All three apartments have been renovated to include new and upgraded electric,
installation of separate boilers for each unit, individual water heaters to each unit, new hardwood floors, marble tiles in the bathrooms,
granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Additionally, the units also
benefit from having fireplaces, exposed brick and either a private roof deck and/or a large terrace, exceptionally high ceilings and sky lights
in the 4th floor duplex apartment. The building is located in the highly coveted East Village neighborhood on the west side of First Avenue
between East 13th and East 14th Streets. The tenants benefit from the properties meticulous renovations along with its proximity to nearby
transportation, shopping, dining and parks. The building is suitable as a live/invest or a straight forward investment for a buyer seeking the
perfect low management opportunity since all tenants pay their own utilities including heat, electric and hot water. Also, being assigned Tax
Class 2A the annual real estate taxes remain exceptionally low and NYC cannot increase assessments on properties with ten units or fewer
by more than 8 percent each year or more than 30 percent in five years within this Tax Class.
Asking Price: $4,500,000
For further information or inspection,
please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner
[email protected]
212-696-2500 x7700
Joe Sitt
First Vice President of Sales
[email protected]
212-696-2500 x7755
Craig M. Waggner
Director of Sales
[email protected]
212-696-2500 x7744
Michael A. Azarian
Associate Director of Sale
[email protected]
212-696-2500 x7721
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it.
All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any.
The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel
should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
Income & Expense
221 First Avenue
New York, NY 10003
Rent Roll As of Dec. 17, 2010
RETAIL INCOME
Tenant
Unit
Bsmt
Señor Pollo
Ground
Totals
RESIDENTIAL INCOME
Tenant Status
Unit
FM
1
Gross SF
(Approx.)
$ / SF
LXP
1,050
$156.10
1/31/2017
1,050
$156.10
Monthly
Rent
Annual
Rent
$
13,659
$
163,909
$
13,659
$
163,909
Unit Type
Bedrooms
Bathrooms
3BR Floor-through w/ Private Roof 2BTH
LXP
VACANT
Monthly
Rent
$
5,295
$
Annual
Rent
63,540
2
FM
3BR Floor-through w/ Large Terrace 2BTH
6/30/2011
$
4,900
$
58,800
3
FM
3BR Duplex w/ Private Roof Deck
7/31/2011
$
4,700
$
56,400
$
14,895
$
178,740
$
28,554
$
342,649
2BTH
Totals
Combined Totals
Units NOT included as actual rents, but rather projected due to vacancy or leases coming due within the next year.
EXPENSES (ESTIMATED)
Real Estate Taxes
(Based on 10/11 Assessment)
$
19,173
Water & Sewer
($0.50 per SF)
$
1,977
Electric
(Tenants Pay)
$
-
Fuel (Gas)
(Tenants Pay)
$
-
Insurance
($500 per unit)
$
2,000
Repairs & Maintenance
($450 per unit)
$
1,800
Payroll - Super
($400 per month)
$
4,800
Management
(3.0% of gross annual income)
$
10,279
TOTALS
$
40,029
GROSS MONTHLY INCOME
GROSS ANNUAL INCOME
$
$
28,554
342,649
TOTAL EXPENSES (ACTUAL & PROJECTED)
$
40,029
NET OPERATING INCOME
$
302,620
Asking Price: $4,500,000
For further information or inspection, please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner
[email protected]
212-696-2500 x7700
Joe Sitt
First Vice President of Sales
[email protected]
212-696-2500 x7755
Craig M. Waggner
Director of Sales
[email protected]
212-696-2500 x7744
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it.
All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any.
The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel
should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER