powerpoint presentation · immaculate condition with little to no deferred maintenance. strategic...

17TOTAL UNITS

$428PRICE /SF

37'FRONTAGE

10,644TOTAL SQUARE FEET

$22,202PROJECTED TAXES

4,350TOTAL AIR RIGHTS

Peter Von Der AheTel: (212) 430-5114 [email protected]

Shaun RineyTel: (718) [email protected]

Dylan WalshTel: (212) [email protected]

John ShereskyTel: (718) [email protected]

Andrew Dansker | Financing InquiriesTel: (212) [email protected]

L I S T I N G M E T R I C S

11-42 44th DriveIs being offered at $4,500,000

THE OFFERING

Marcus & Millichap is pleased to offer thefollowing opportunity located in thebooming Long Island City neighborhood.11-42 44th Drive is located on the southside of 44th Drive between 11th and 21st

Streets, and contains a gross squarefootage of 10,644. The building is built 37.5ft X 87.5 ft feet on a 37.5 ft X 100 ft lot(Block: 52 Lot: 39). The property is zonedM1-4/R7A.

THE OPPORTUNITY

Rare Opportunity. This 4-story walkupconsists of 17 apartments offering a rareopportunity to gain an immediate footprintin a rapidly growing top neighborhood ofQueens. The building has not tradedhands since the 1970’s and is inimmaculate condition with little to nodeferred maintenance.

Strategic Location. The property sits in aunique location sandwiched between thewater and the Gantry Plaza State park, theMurray Park, and the Court Square subwaystation.

O F F E R I N G M E M O R A N D U M

The property’s proximity to 2 major parksprovides a rare opportunity to own an assetin an area with built in, lasting appeal. PublicTransportation is also widely accessible juststeps from the property, with access to the E,M, 7, and G trains at the Court SquareStation.

The Future of Long Island City. DespiteAmazon’s decision to back out of building asecond a headquarters in Long Island City,the area has enjoyed a growth spell thatshows no signs of dissipating. Not only didAmazon initially choosing LIC as its HQ putLIC on the map, but it has reaffirmed why somuch industry is flowing into the area. So farin 2019, more commercial space has beenleased in Long Island City than any calendaryear since 2015. In May, LIC rental pricesrose nearly 5 percent compared with May of2018, while citywide prices grew about 2percent in that time. With strong indicatorssignaling the growth of business in the area,Long Island City’s inventory of multifamilyassets is poised for a growth spell that willreflect the influx of young professionals andfamilies being drawn to the area.

F I NANCIAL OVERVI EW

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Peter Von Der AheTel: (212) 430-5114

Andrew DanskerTel: (212) 430-5168

Financing Inquiries:

Shaun RineyTel: (718) 475-4369

Dylan WalshTel: (212) 430-5120

John ShereskyTel: (718) 475-4347

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 $423 INCOME CURRENT PRO FORMA$/UNIT $264,706 Gross Potential Residential Rent $276,163 $297,896TOTAL SF 10,644 Gross Potential Commercial Rent $0 $0TOTAL UNITS 17 Gross Income $276,163 $297,896

CURRENT METRICS Other Income $0 $0CAP RATE 4.1% Effective Gross Income $269,259 $290,449GRM 16.3 Average Residential Rent/Month/Unit $1,354 $1,460

PRO FORMA METRICS

CAP RATE 4.5% EXPENSESGRM 15.1 Property Taxes Tax Class: 2 $22,202 $22,202

Fuel - Oil #2 $22,880 $22,880Insurance $11,167 $11,167Water and Sewer $10,000 $10,000

EXPENSE RATIO UPSIDE ANALYSIS Repairs and Maintenance $8,500 $8,500Common Electric (PPSF) $1,440 $1,440Super Salary $2,400 $2,400Management Fee $8,078 $8,713Elevator Contract N/A N/ALegal & Miscellaneous N/A N/ASCRIE/DRIE N/A N/AOther N/A N/ATotal Expenses $86,667 $87,302Net Operating Income $182,592 $203,146

LEASE STATUS ANALYSISUNIT BREAKDOWN % OF TOTAL TOTAL AVG. RENT

PROPOSED DEBT Total Units -- 17 $1,354Debt Service ($131,806) Total RS Units 88% 15 $1,410Debt Coverage Ratio 1.39 Total RC Units 12% 2 $935Net Debt Cash Flow After Debt Service $71,340 Total FM Units 0% 0 $0Loan Amount $2,350,000 Total Commercial -- 0 $0Interest Rate 3.75%Amortization 30 UNIT TYPE ANALYSIS

TYPE % OF TOTAL TOTAL AVG. RENTStudio 0% 0 $01 Bedroom 65% 11 $1,3772 Bedroom 35% 6 $1,3123 Bedroom 0% 0 $04 Bedroom 0% 0 $05 Bedroom 0% 0 $06 Bedroom 0% 0 $0SRO 0% 0 $0

Vacancy/Collection Loss

$1,460 PRO FORMAAVERAGE MONTHLY RENT

0%

$4,500,000($7,447)($6,904)

GROSS TOTAL SF

10,644 $423$/SF

OFFERING PRICE

32%

RATIO OFFAIR MARKET UNITS

8% PROPERTY TAXESRATIO

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

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







RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA

1 RS 1 Bedroom 3 $1,089 $1,0892 RS 1 Bedroom 3 $1,492 $1,4923 RC Fully Renovaterd 1 Bedroom 3 $882 $8824 RS 1 Bedroom 3 $946 $9465 RS 2 Bedroom 4 $1,868 $1,8686 RS 2 Bedroom 4 $1,545 $1,5457 RS 1 Bedroom 3 $933 $9338 RS 1 Bedroom 3 $1,848 $1,8489 RS 2 Bedroom 4 $1,954 $1,95410 RC 2 Bedroom 4 $989 $2,80011 RS 1 Bedroom 3 $1,958 $1,95812 RS 1 Bedroom 3 $1,889 $1,88912B RS 2 Bedroom 4 $848 $84814 RS 2 Bedroom 4 $668 $66815 RS 1 Bedroom 3 $1,583 $1,58316 RS 1 Bedroom 3 $1,822 $1,82217 RS 1 Bedroom 3 $700 $700MONTHLY RESIDENTIAL REVENUE 23 57 $23,014 $24,825

ANNUAL RESIDENTIAL REVENUE $276,163 $297,896

ACTUAL PRO FORMATOTAL ANNUAL REVENUE $276,163 $297,896There are currently 0 vacant units in the building. The super lives off site.There are 17 total units.

11-42 44th Drive

CITY: Queensi

STATE: NYi

BLOCK & LOT: 52 / 39i

LOT DIMENSIONS: 37.5 ft X 100 fti

LOT SF: 3,750i

BUILDING DIMENSIONS: 37.5 ft X 87.5 fti

BUILDING SF: 10,644i

ZONING: M1-4/R7Ai

MAX FAR: 4.00i

AVAILABLE AIR RIGHTS: 4,350i

LANDMARK DISTRICT: Nonei

HISTORIC DISTRICT: Nonei

ANNUAL TAX BILL: __$22,202i

TAX CLASS: 2i

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PROPERTY DESCR I PT ION







11-42 44th Drive

MoMA PS1

SculptureCenter

JetBlue Airways Corporation

Queensbridge Park

Gantry Plaza State Park

Franklin D. Roosevelt Four Freedoms Park

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EXTER I ORS







www.newyorkmultifamily.com 212 430 5114







powerpoint presentation · immaculate condition with little to no deferred maintenance. strategic...

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