address...address 222 west 16th street, new york, ny 10011 location south side of west 16th street...
TRANSCRIPT
ADDRESS222 West 16th Street, New York, NY 10011
LOCATIONSouth side of West 16th Street between 7th and 8th Avenues
BLOCK / LOT765 / 56
BUILDING DIMENSIONS
FRONT BUILDING CARRIAGE HOUSE25’ x 42’ 6” (Ground Floor) 25’ x 28’ (Floors 1-3)25’ x 50’ 6” (Floor 1)25’ x 42’ 6” (Floors 2-3)
STORIES
4 (Front Building) 3 (Carriage House)
GROSS SQUARE FOOTAGE4,450 (Front Building) 2,100 (Carriage House)
COMBINED GROSS SQUARE FOOTAGE6,550
LOT DIMENSIONS LOT SQUARE FOOTAGE25’ x 103’ 3” 2,583
ZONING / MAX FAR MAX BUILDABLE SFR8B / 4.00 10,300
AVAILABLE AIR RIGHTS ASSESSMENT / TAXES3,774 $895,140 / $112,895 (19/20)
Note: All SF measurements are approximate
The subject property is a four-story building consisting of a total of fourteen (14) units and a three-story carriage house located in the heart of Chelsea. The front building is entirely free market and has eight (8) residential units, consisting of two (2) studios, five (5) one bedrooms, and one (1) two-bedroom. The carriage house consists of six (6) units, of which one (1) is vacant. The average rent for both buildings is approximately $2,654 or $77 per rentable square foot. All leases in the front building expire in less than a year, providing an opportunity for a single-family conversion. There are also additional air rights attributed to the site to maximize the potential. The location and potential for the property provide a developer, user or investor with an ideal purchase.
ASKING PRICE$7,300,000
14 Units Consisting of a 4-Story Buildingand a 3-Story Carriage House
LOCATED IN THE HEART OF CHELSEA
Rent Roll (Projected)
Unit Unit Status Type Lease Expiration Monthly Rent Annual Rent Projected
Monthly RentProjected
Annual RentGN FM Studio 9/30/2020 $2,025 $24,300 $2,300 $27,600GS FM Studio 5/31/2020 $2,325 $27,900 $2,300 $27,6001N FM 1BR Month-to-Month $2,725 $32,700 $3,200 $38,4001S FM 2BR 10/31/2020 $4,250 $51,000 $4,250 $51,0002N FM 1BR Month-to-Month $2,900 $34,800 $3,200 $38,4002S FM 1BR 5/31/2020 $2,950 $35,400 $3,200 $38,4003N FM 1BR 4/30/2020 $2,895 $34,740 $3,200 $38,4003S FM 1BR 5/31/2020 $2,900 $34,800 $3,200 $38,4001E FM JR 1BR 3/31/2020 $2,300 $27,600 $3,200 $38,4001W FM 1BR 12/31/2019 $2,400 $28,800 $2,850 $34,2002E FM 1BR Month-to-Month $2,400 $28,800 $2,850 $34,2002W FM 1BR 5/31/2020 $2,350 $28,200 $2,850 $34,2003E FM 1BR 1/31/2020 $2,400 $28,800 $2,850 $34,200
3W* RS JR 1BR Vacant $2,335 $28,021 $2,393 $28,721Total: $37,155 $445,861 $41,843 $502,121
*Unit is projected using last legal rent with applied two-year annual increase
Revenue (Projected)Residential Gross Income: $502,121
Vacancy & Credit Loss: 3.0% - $15,064
Effective Gross Income: $487,058
Expenses JLL Projected Price / SF % of EGI
Real Estate Taxes (19/20): Actual $112,895 $17.24 23.18%Insurance: $500 / Unit $7,000 $1.07 1.44%Water & Sewer: $1.00 / GSF $6,550 $1.00 1.34%Heating & Fuel: $1.65 / GSF $10,808 $1.65 2.22%Repairs & Maintenance: $500 / Unit $7,000 $1.07 1.44%Legal & Professional: $500 / Unit $7,000 $1.07 1.44%Management: 4.0% of EGI $19,482 $2.97 4.00%Total Expenses: $170,735 $26.07 35.05%
Effective Gross Income: $487,058 $74
Less Expenses: - $170,735 $26
Net Operating Income: $316,323 $48
WEST 15th ST
EIG
HTH
AV
ESE
VE
NTH
AV
E
WEST 16th ST
56
BLOCK765
103’
3”
25’
SEV
EN
TH A
VE
BROCK EMMETSBERGERManaging Director
+1 212 377 [email protected]
RYAN KOSSOYAssociate
+1 212 812 [email protected]
REED WAGGONERAssociate
+1 212 843 [email protected]
FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS:
DISCLAIMERAlthough information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved