Asking Price: $5,500,000

Square Footage: 5,436

Price/sf = $1,011.77/sf

Property Type: 10-unit multifamily building (9 free market units, 1 rent-stabilized unit)

Building Size: 6 stories (top stories are recessed and can't be seen from the picture.)

Unit Types: All 1-bedroom apartments, with the top two penthouses as duplex units

Features: Washer/Dryer in the basement, many units have dishwashers.

Location:

•Prime Location: Just half a block from Central Park, situated between Columbus Avenue and Central Park West.

•Transportation: 1 block from the ABCD subway lines and M79+ and BxM2 buses.

•Nearby Landmarks: 1 block from the Museum of Natural History.

Potential for Renovation

If you spend $500,000 on renovations throughout the building, (i.e. updating countertops and bathrooms, re-staining wood floors, adding dishwashers to units that don't have any), I believe this can easily yield an additional ≈$8-900/mo/unit resulting in an extra $100,000/year.

Pro Forma 1 (with $100,000 additional from renovations): $380,201.28 (6.34% yield on $6,000,000 total investment)

Pro Forma 2 (with $100,000 additional from renovations): $415,261.68 (6.92% yield on $6,000,000 total investment)

Note This building is currently under-rented, with several tenants paying well below market rates. For example: one tenant pays a below-market rent due to a friendship with the landlord and in the penthouses there is a discrepancy in the rental rates for two nearly identical apartments. The most accurate evaluation of this building’s rental potential, without additional upgrades, is reflected in Pro Forma 1.