this five building package in nyc's harlem benefits from
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Exclusively Listed by RM Friedland LLC TeamLalaCRE.com
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This Five Building Package in NYC's Harlem Benefits fromSubstantial Improvements and J-51 Tax Abatements
Marco Lala ◦ [email protected]
Jack Lala ◦ [email protected]
David Raciti ◦ [email protected]
Michelle Lala ◦ [email protected]
Team Lala of RM Friedland is pleased to present this package of five apartment buildings located in NYC's Harlem.
All five buildings were substantially rehabbed from 2007-2009 and benefit from 34 year J-51 tax abatements. They all feature intercoms and sprinkler systems throughout
The properties combine to a total of 18 residential apartments and are all located in the area bounded by West 121st Street to West 130th Street and Lexington Avenue to just west of Madison Avenue.
Local shopping and tranportation are abundant along both the 125th Street and 116th street corridors.
149 East 121st Street is a 5 unit, brick building with a 2008 boiler, a new hot water tank and a rubber roof.
22 East 126th Street is a 4 unit, brownstone and features an updated water heater and original glass/wood entrance.
28 East 127th Street is a 3 unit, brownstone with traditional finishes.
2024 Madison Avenue and 60 East 130th Street are each a 3 unit, brownstones with steel and glass doorways.
The properties are governed by rent stabilization laws and have additional income restrictions as per a 30 year HUD agreement/grant. Details will be provided with diligence package.
Residential Rents @$1,389/month /unit$391 /month /room
18Units
18,953Total SF
$300KGross
149 E 121st St, 22 E 126th St, 28 E 127th St,
2024 Madison Ave& 60 E 130th St
Five Building Harlem Package
MULTIFAMILYFOR SALE
Price Reduced$3.750M
5.1%CAP
12.5x Rent
$208K/Unit
$198/SF
CONTACT EXCLUSIVE AGENTS
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Exclusively Listed by RM Friedland LLC TeamLalaCRE.com
Building Details ──── ──── Building Size & SF18 Total Units 18,953 Gross SF18 Residential Apartments No SF With Non-Residential UseNo Commercial Units Avg. Apartment Size = 927 SF5 Buildings Est. 12% Common Area Factor
Combined Parcels ──── ──── Zoning8,210 Square Feet - Zone
Max FAR:
─────────────────── Annual Income Projections ─────────────────────Gross Scheduled Income (GSI) $299,9843.0% Vacancy & Collection Allowance ($9,000)Gross Operating Income (GOI) $290,984Estimated Expenses ($100,597)Net Operating Income $190,387
─────────────────── Estimated Annual Expenses ─────────────────────Est. RE Tax (Full) 2,469 /unit (44,443) J-51 Tax Abatement (2,058) /unit 37,045 Water & Sewer 1,050 /res. u (18,900) Insurance 650 /unit (11,700) Gas Heat 1,226 /res. u (22,074) Utilities (w/Cooking Gas) 0.62 /SF (11,787) Repairs & Maintenance 500 /res. u (9,000) Payroll 450 /res. u (8,100)
──── Financing Illustration* ────* Legal, Reserves & Misc. 1.0% of GOI (2,910) Interest Rate 3.500% Management 3.00% of GOI (8,730) Amortization 30 Years Total Expenses 34% of GSI ◦ $5.31/SF ◦ $5,589/u (100,597) 40.0% Down Payment $1.5M60.0% Loan Amount $2.25MAnnual Debt Service ($121.2K) ────────────── Package: Unit Mix & Monthly Income ─────────────────Debt Service Coverage Ratio 1.57 TYPE COUNT RENT/ROOM /UNIT LOWEST HIGHEST TOTAL RENT
Debt Yield 8.46% 1 Bedroom 10 $421 $1,263 $695 $1,625 $12,627Cash Flow $69.1K 2 Bedroom 6 $377 $1,508 $839 $1,764 $9,046Principal Recapture $43.2K 3 Bedroom 2 $333 $1,663 $1,538 $1,788 $3,325
Total 18 - - - - $24,999Cash/Cash Return (Year 1) 4.61% EndSelf Mgmt. & 100% Occupied 5.79% End
EndTotal Return (Year 1) 7.49% EndSelf Mgmt. & 100% Occupied 8.67% End
End *All Figures Are Year 1 Estimates End *Appreciation Return Not Examined End
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DRR442235081892361
Marco Lala ◦ [email protected]
Jack Lala ◦ [email protected]
David Raciti ◦ [email protected]
Michelle Lala ◦ [email protected]
Property Details &Financial Projections Five Building Harlem Package
Price Reduced$3.750M
$300KGross
$190KNOI
18,953Total SF
18Units
12.5x Rent
5.1%CAP
$198/SF
$208K/Unit
CONTACT EXCLUSIVE AGENTS
Residential Rents @$1,389/month /unit$391 /month /room
Effective TotalTax Bill = ($7,398)
Owner Pays Cooking Gas
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Five Harlem Buildings - Offering Summary
Property Information
149 E121st 22 E126th 28 E127th 2024 Madison 60 E130th Package∙ LOCATION
Address 149 E 121st St 22 E 126th St 28 E 127th St 2024 Madison Ave 60 E 130th St -City/Boro New York New York New York New York New York -State NY NY NY NY NY NYZip Code 10035 10035 10035 10035 10037 -Parcel Number 01770-0023 01750-0063 01751-0160 01753-0016 01754-0044 -Area East Harlem East Harlem East Harlem East Harlem East Harlem -
∙ PARCEL & ZONINGParcel Count 1 1 1 1 1 5Dimensions 19' x 81' 18.75' x 99.92' 18.75' x 99.92' 18' x 70' 16.67' x 99.92'SF (Approx) 1,539 1,873 1,873 1,260 1,665 8,210Zoning R7D, C2-5, EHC R6A, 125th R7B R7A, C1-4 R7B -Floor Area Ratio 4.20 3.00 3.00 4.00 3.00Maximum Buildable SF 6,464 5,619 5,619 5,040 4,995 27,737Air Rights 289 1,871 2,243 2,718 1,663 8,784
∙ Est. RE TAX 20/21Assessed Value $87,752 $59,664 $64,476 $22,733 $35,887 $270,512Estimated Rate 12.473% 12.473% 21.167% 21.167% 21.167% 16.429%True/Full Tax $10,945 $7,442 $13,648 $4,812 $7,596 $44,443Abatements/Fees ($10,945) ($7,442) ($6,250) ($4,812) ($7,596) ($37,045)Note J-51 J-51 J-51 J-51 J-51Estimated Tax Expense $0 $0 $7,398 $0 $0 $7,398
∙ BUILDING INFORMATION# of Buildings 1 1 1 1 1 5Dimensions 19 ft x 68 ft 19 ft x 50 ft 19 ft x 45 ft 18 ft x 43 ft 17 ft x 50 ftStories 5 3 3 3 3Year Built 1900 1909 1909 1905 1910Year Last Altered 2007 2009 2007 2009 2009Building Class Walkup (C4) 4-Fam (c3) 3-Fam (C0) 3-Fam (C0) 3-Fam (C0)
∙ EFFECTIVE UNIT MIX 23Total Units 5 4 3 3 3 18Res.+ Comm. 5+0 4+0 3+0 3+0 3+0 18+0
∙ SQUARE FEET (EST.)Gross Building Area 6,175 3,748 3,376 2,322 3,332 18,953Commercial SF 0 0 0 0 0 0Est. Common Area 741 450 405 279 400 2,274Loss Factor 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%Residential SF 5,434 3,298 2,971 2,043 2,932 16,679Est. Avg. Res. Unit SF 1,087 825 990 681 977 927
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Five Harlem Buildings - Offering Summary
Income & Expense
149 E121st 22 E126th 28 E127th 2024 Madison 60 E130th Package
Estimated Expenses *Owner Pays Tenant Cooking Gas In All Buildings True Real Estate Tax ($10,945) ($7,442) ($13,648) ($4,812) ($7,596) ($44,443)
J-51 Tax Abatement $10,945 $7,442 $6,250 $4,812 $7,596 $37,045
Water / Sewer ($5,250) ($4,200) ($3,150) ($3,150) ($3,150) ($18,900)
Insurance ($3,250) ($2,600) ($1,950) ($1,950) ($1,950) ($11,700)
Fuel for Heat ($7,140) ($4,406) ($3,397) ($4,264) ($2,866) ($22,074)
Gas & Electric ($3,048) ($2,232) ($2,263) ($2,014) ($2,228) ($11,787)
Repairs & Maintenance ($2,500) ($2,000) ($1,500) ($1,500) ($1,500) ($9,000)
Payroll/Super ($2,250) ($1,800) ($1,350) ($1,350) ($1,350) ($8,100)
Legal, Accounting & Misc. ($855) ($606) ($481) ($421) ($546) ($2,910)
Management ($2,564) ($1,819) ($1,443) ($1,264) ($1,639) ($8,730)
Total Expenses ($26,857) ($19,664) ($22,933) ($15,913) ($15,230) ($100,597) /unit 5,371 4,916 7,644 5,304 5,077 5,589 /SF 4.35 5.25 6.79 6.85 4.57 5.31 % of GSI 30.48% 31.45% 46.23% 36.65% 27.04% 33.53%
NOI CalculationGross Scheduled Income $88,109 $62,526 $49,604 $43,422 $56,324 $299,984
Collection/Vacancy Loss ($2,643) ($1,876) ($1,488) ($1,303) ($1,690) ($9,000)
3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Gross Operating Income $85,466 $60,650 $48,116 $42,119 $54,634 $290,984
less Expenses ($26,857) ($19,664) ($22,933) ($15,913) ($15,230) ($100,597)
Net Operating Income $58,609 $40,986 $25,183 $26,206 $39,404 $190,387
Asking Price $1.154M $807K $496K $516K $776K $3.750MCAP Rate 5.08% 5.08% 5.08% 5.08% 5.08% 5.08%
x Rent Roll (GRM) 13.10 12.91 10.00 11.89 13.78 12.50/unit 230,882 201,821 165,338 172,055 258,709 208,333/SF 186.95 215.39 146.92 222.29 232.93 197.86
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Map: Five Harlem Buildings
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149 East 121st Street
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22 East 126th Street
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28 East 127th Street
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2024 Madison Avenue
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60 East 130th Street
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Five Harlem Buildings - Offering Summary
Rent Roll
UnitName Type
Legal Rent + Charges
Scheduled Rent * P = Projected
UnitSize
RentMetrics
LeaseExpires Notes
149 E121st1 Stabilized $1,507.23 $1,507.23 4.0 rms $377/rm/mo Oct-2021
2 Stabilized $1,525.57 $838.82 4.0 rms $210/rm/mo Mar-2022
3 Stabilized $1,616.75 $1,616.75 4.0 rms $404/rm/mo Jan-2021
4 Stabilized $1,615.81 $1,615.81 4.0 rms $404/rm/mo Apr-2021
5 Stabilized $1,763.84 $1,763.84 4.0 rms $441/rm/mo Jul-2020
Other - -
TOTAL 5 Units $8,029.20 $7,342.45 20.0 rms $367/rm/mo Scheduled Annual Rent: $88,109
22 E126thB Stabilized $1,551.22 $1,551.22 3.0 rms $517/rm/mo Mar-2022 Separate Entrance & Yard
1 Stabilized $1,462.24 $1,462.24 3.0 rms $487/rm/mo Jul-2021
2 Stabilized $1,408.42 $703.22 3.0 rms $234/rm/mo May-2022
3 Stabilized $1,493.78 $1,493.78 3.0 rms $498/rm/mo Apr-2022
Other - -
TOTAL 4 Units $5,915.66 $5,210.46 12.0 rms $434/rm/mo Scheduled Annual Rent: $62,526
28 E127th1 Stabilized $1,787.94 $1,787.94 5.0 rms $358/rm/mo Nov-2020 1 1/2 Bath Duplex w/ Yard
2 Stabilized $1,530.97 $720.65 3.0 rms $240/rm/mo Nov-2020
3 Stabilized $1,625.05 $1,625.05 3.0 rms $542/rm/mo Jan-2022
Other - -
TOTAL 3 Units $4,943.96 $4,133.64 11.0 rms $376/rm/mo Scheduled Annual Rent: $49,604
2024 Madison1 Stabilized $1,812.20 $1,537.50 5.0 rms $308/rm/mo Nov-2021 1 1/2 Bath Duplex w/ Yard
2 Stabilized $1,399.83 $694.63 3.0 rms $232/rm/mo Mar-2022
3 Stabilized $1,386.33 $1,386.33 3.0 rms $462/rm/mo Oct-2021
Other - -
TOTAL 3 Units $4,598.36 $3,618.46 11.0 rms $329/rm/mo Scheduled Annual Rent: $43,422
60 E130th1 Stabilized $1,703.77 $1,703.77 4.0 rms $426/rm/mo 1 1/2 Bath Duplex w/ Yard
2 Stabilized $1,452.36 $1,452.36 3.0 rms $484/rm/mo Pending Vacancy
3 Stabilized $1,537.50 $1,537.50 3.0 rms $513/rm/mo
Other - -
TOTAL 3 Units $4,693.63 $4,693.63 10.0 rms $469/rm/mo Scheduled Annual Rent: $56,324
Grand Totals5 Buildings
18 Units
LegalRent
$28,180.81
ScheduledRent
$24,998.64
Unit SizeTotals
64.0 rms
Rent MetricAverages
$391/rm/mo
ScheduledAnnual Rent
$299,984
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