Download - Upper East Side Mixed-use Building
1121 First Avenue is a five-story, mixed -use building consisting of 16 residential apartments and 2 ground-floor retail spaces. The residential unit-mix consists of 12 two-bedroom and 4 studio apartments. Situated on the east side of First Avenue between 61 st and 62nd Street
1121 First Avenue across the street from CMX Cinemas and few blocks from Whole Foods. The 4/5/6/N/R/ Q Trains are located 3 blocks away on Lexington Avenue, and the crosstown M57 bus runs along 57th Street. As currently constructed the building stands at 13,900 SF with 17,600 SF of unused air rights presenting a unique opportunity to acquire an investment with strong income and an incredible upside for development.
Actual & Proforma Rent* Monthly RentUnit 2A, Studio (Vacant) $2,500
Unit 3A, Studio (Vacant) $2,500
Unit 4B, 2BR (Vacant) $3,900
Unit 2C, 2BR (Vacant) $4,000
Unit 2D, 2BR (Vacant) $4,000
Unit 4A, Studio (Rent Stabilized) $779
Unit 4C, 2BR (Rent Controlled) $782
Unit 3D, 2BR (Vacant) $4,000
Unit 3C, 2BR (Vacant) $4,000
Unit 2B, 2BR (Vacant) $4,000
Unit 4D, 2BR (Vacant) $3,900
Unit 5C, 2BR (Vacant) $3,900
Unit 3B, 2BR (Vacant) $4,000
Unit 5B, 2BR (Vacant, Rent Stabilized) $1,001
Unit 5D, 2BR (Vacant) $3,900
Unit 5A, Studio (Vacant) $2,500
Hair Salon $8,000
Restaurant (Vacant) $18,000
Monthly $75,662
Annually $907,944
After Vacancy Allowance** $817,150
Proforma 2020Gross Income $832,334
Operating Expenses $393,900
Vacancy 10 Percent
Net Income $438,434
Property InformationResidential Units 16
Commercial Units 2
Stories 5
Year Built 1910
Class C7
Block/Lot 1436-26
Zoning C2-8
Frontage 45 feet
Depth 75 feet
Lot Area 3,150
Existing SF 13,900
Unused SF 17,600
Buildable SF 31,500
As Built FAR 5.0
Max FAR 10.0
Taxes $230,000
Asking Price $10,000,000
IncomeRentals $832,334
Total Income $832,334
ExpensesExterminating Expense $1,248
Fees/Permits $120
Filing Fees $75
Fuel $15,997
Insurance $18,992
Professional Fees $16,747
Repairs $50,000
Supplies $15,993
Taxes $225,046
Telephone & Internet $500
Utilities $49,182
Total Expenses $393,900
Net IncomeNet Ordinary Income $438,434
Other Income - Interest $27
Total Income $438,461
Occupied
Proforma 2020
* All vacant units are furnished** Vacancy allowance of 10%Note: Salon is on a month-to-month lease. Can be delivered vacant.
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Nathaniel FaustL icensed as Nathan ie l C Faus tL icensed A ssoc ia te Rea l Es ta te Brokerm 917.774 .1473 | o 212 .683 .830 0nfaus [email protected]
Jay ElfmanL icensed as Jay S E l fmanL icensed A ssoc ia te Rea l Es ta te Brokerm 64 6 .30 0.1272 | o 212 .995.8207je l [email protected]