INVICTUS 530 WEST 136TH STREET PROPERTY ADVISORS …

ASKING PRICE

$17,100,00040 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE

Steps Away From CCNY and Columbia University

Manhattanville, 100' of Frontage, Large Apartments,

Low Average Rents, Imminent Value-Add

INVICTUS PROPERTY ADVISORS

303 Fifth Avenue, #1102, New York, NY 10016

email: [email protected]

JOSH LIPTON

[email protected]

212 596 7579

201 364 1809

ANDREW LEVINE

[email protected]

212 596 7570

917 495 0446

Invictus Property Advisors LLC makes no warranty or representation as to the accuracy and completeness of the information

contained herein. This information is presented subject to errors, omissions and other conditions which may change without notice.

The information contained herein shall be independently evaluated.

530 WEST 136TH STREET

MANHATTAN, NY 10031INVICTUSPROPERTY ADVISORS

BUILDING FEATURES

On the south side of West 136th Street between

Amsterdam Avenue and Broadway.

1988 / 127

100 ' X 99.92 '

9,992 SF

6

100' X 84'

42,520 SF

38 Units

2 Units (currently occupied by 1 tenant)

R7A

19 Four-Bedrooms, 11 Three-Bedrooms, 8 Two-Bedrooms

32 Rent Stabilized / 6 Free Market

950 SF (approx.)

1,450 SF (approx.)

$672,930

$85,590 (Tax Class 2)

$855,780

$271,029

$584,751

3 .42%

$402 / SF

$427,500 / Unit

PROPERTY FEATURES

INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 530 West 136th Street,

a six (6) story, mixed-use elevator building. The subject property is a pre-war multifamily, built in 1926,

totaling thirty-eight (38) apartments and two (2) commercial units that are currently occupied by one (1) retail tenant.

The property has 100' of frontage in an unparalleled location for an Upper Manhattan investment. Located between the

City College of New York (CCNY) and The Columbia University Manhattanville Expansion Project, future

ownership will benefit from an entrenched student tenancy with parental guarantors. The 17' acre Manhattanville

Campus will ultimately stretch from West 125th Street to West 133rd Street, between Broadway and Twelfth Avenue,

just three blocks away from 530 West 136th Street.

The property boasts large apartments with an average apartment size of 950 square feet, presenting prospective purchasers

with a value-add opportunity. Comparable apartments in terms of size and layout in the area have been converted into 5 and 6

bedrooms and are currently renting for $1,000/bedroom. Current ownership has gut renovated four (4) units (BSMT, 4, 25 &

36) and will deliver the building with cap-ex projects completed such as: new gas boiler with a new chimney, controls

and decommissioning, and removing the existing oil tank. Additionally, there is a new elevator cab and machine, machine

room, control, and guide rails.

Several of the units are in late-stages of potential turnover and with average residential rents at $22.58/NSF and

average monthly rents at $1,332, investors can capitalize on improving the rent roll and benefit from continued growth in

West Harlem rental rates. The property is located adjacent to the Broadway retail corridor and the 1 subway line is a block

away. Located in a newly designated tax-friendly “Opportunity Zone,” 530 West 136th Street will benefit from anticipated

development and conversion projects in the immediate area and Upper Manhattan more generally.

LOCATION:

BLOCK / LOT:

LOT DIMENSIONS:

LOT AREA:

STORIES:

BUILDING DIMENSIONS :

GROSS SQUARE FOOTAGE :

RESIDENTIAL UNITS:

COMMERCIAL UNITS:

ZONING:

APARTMENT LAYOUTS:

RS / FM MIX:

AVERAGE APARTMENT SQUARE FOOTAGE:

COMMERCIAL SQUARE FOOTAGE:

ASSESSMENT 18/19:

TAXES 18/19:

GROSS ANNUAL REVENUE :

EXPENSES + VACANCY LOSS :

NET OPERATING INCOME :

CAP RATE:

PPSF:

PPU:



RESIDENTIAL RENT ROLL

APT # STATUS MONTHLY REVENUE ANNUAL REVENUE



LEASE EXP.ROOMS

*Late-Stages of Tenant Holdover Proceeding , More Information Available Upon Request

RS/S8 $1,155 $13,860

$907 $10,884

$21,756

$4,200 $50,400

$1,535 $18,420

$1,594 $19 ,128

$910 $10,920

$1,813 $21,756

RS

FM

RS

RS

1

6

2

21

5

3

4

$1,813

22

$1,920 $23,040

$1,061 $12,732

$50,400

$1,731 $20,772

$1,369 $16,428

$1,848 $22,176

RS

FM

23

32

24

31

25

26

$4,200

1/31/19

3/31/17

4/30/19

7/31/20

4/30/20

1/31/20

12/31/19

9/30/20

1/31/20

-

4/30/20

4/30/20

11/30/18

4/30/19

4.0

5.0

6.0

6.0

4.0

5.0

5.0

6.0

6.0

6.0

4.0

5.0

5.0

6.0

RS $1,906 $22,872

$842 $10,104

$10,896

$3,300 $39,600

$1,605 $19,260

$884 $10,608

$601 $7,212

$1,612 $19,344

RS

RS

FM

RS

RS

33

42

34

43

41

35

36

$908

44

RS $1,055 $12,660

$747 $8,964

$20,412

$1,669 $20,028

$934 $11,208

$4,200 $50,400

RS

RS

RS

FM

45

54*

46

53

51

52

$1,701

5/31/19

11/30/19

4/30/19

1/31/19

1/31/20

2/29/20

2/28/19

9/30/18

4/30/20

2/28/19

11/30/18

3/31/19

N/A

1/31/19

6.0

6.0

4.0

5.0

5.0

6.0

6.0

6.0

6.0

4.0

5.0

6 .0

6.0

5.0

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

RS/S8

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

Andrew

Highlight

$65,676

$788,112

$22.58

MONTHLY RESIDENTIAL REVENUE

ANNUAL RESIDENTIAL REVENUE

AVERAGE RESIDENTIAL RENT PER NET SQUARE FOOT

$2,500 $28,800

$2,600 $30,600

FM

FM3A

2C 7/14/19

9/14/19

1 / 1

2 / 1



COMMERCIAL RENT ROLL

UNIT TENANT MONTHLY REVENUE ANNUAL REVENUELEASE EXP.SQ. FT.

Deli Grocery & Grill $4,714* $56,5681 & 2 03/31/20231,450

$4,714

$56,568

$39.01

$70,390

$844,680

*Commercial Tenant Pays 10% of the Total Annual Tax Bill , Reflected in Their Rent

Blue Denotes Projections Due To Vacancy

$855,780

MONTHLY COMMERCIAL REVENUE

ANNUAL COMMERCIAL REVENUE

AVERAGE COMMERCIAL RENT PER NET SQUARE FOOT

TOTAL MONTHLY REVENUE TOTAL

ANNUAL REVENUE

TOTAL ANNUAL REVENUE WITH MCI*

$1,143 $13,716

$1,309 $15,708

RS55

56

$1,341 $16,092

$1,877 $22,524

$50,400

$848 $10,176

$1,069 $12,828

$1,355

FM

RS

RS/S8

61

66

62

65

63

64

$4,200

8/31/17

10/31/18

3/31/19

10/31/18

1/31/20

2/29/20

7/31/20

Vacant

6.0

4.0

5.0

5.0

6.0

6.0

4.0

6.0

$1,514 $18,168

$3,000 $36,000BSMT

BSMT 11/30/18

2/28/20

4.0

6.0

RS/S8

RS/S8

RS/S8

RS

RS

FM

$16,260

*Expected Annual Rental Increase of $11,100 Due to MCI Pass-Throughs



POINTS OF INTEREST

EXPENSES

$855,780

3.42%

$25,673

$830,107

$245,356

$584,751

$85,590

$42,520

$22,703

$9,500

$37,063

$245,356

$6,378

$5,000

R.E. TAXES (18/19)

INSURANCE

WATER & SEWER

COMMON ELECTRIC

Elevator

OIL*

REPAIRS & MAINTENANCE

Management

SUPER

TOTAL EXPENSES

GROSS ANNUAL REVENUE (GAR)

VACANCY ALLOWANCE @ 3% OF GAR

EFFECTIVE GROSS ANNUAL REVENUE

LESS ANNUAL EXPENSES

NET OPERATING INCOME

CAP RATE

GRM

Actual

Actual

Actual

Projected @ $0.15 / SF

Projected @ $5,000 / Year

Projected @ $1.00 / SF

Projected @ $250 / Unit

Projected @ 3% of EGI

Projected @ $1,000 / Month $12,000

$24,602

19.9x

*Ownership is in the Process of Converting Boiler from Oil to Gas



BUILDING STATISTICS

BEDROOM MIXUNIT MIX

DINING ROOM

RENOVATED KITCHEN



PROPERTY PHOTOS

The forty (40) unit mixed-use elevator building has been improved significantly

since current ownership purchased the asset.

Four (4) units were gut renovated with new

hardwood floors, kitchens and stainless steel

appliances and modern bathrooms.

Large units cater to the demand of students

in the immediate area at Columbia University

("CU") and City College of NY ("CCNY") that

continue to grow. CU's total enrollment

count has increased by 2.7% annually from

2008-2017, a trend that is expected to

continue due to Columbia Manhattanville and

Columbia Medical establishing a key

presence in Upper Manhattan.

The stabilized units are renting at

approximately $13/NSF, while the free

market units are achieving rents of

approximately $50/NSF. Accordingly, this

asset represents a value-add opportunity in

Manhattanville that will continue to

appreciate as renters get priced out of areas

South of 96th Street.

PRIOR TO EXISTING OWNERSHIP

TAKING POSSESSION OF THE

BUILDING, THERE HADN'T BEEN

TURNOVER OF ANY OF THE

TENANTS FOR 20+ YEARS.

INVICTUSPROPERTY ADVISORS


MANHATTAN, NY 10031


MANHATTAN, NY 10031

MAP

INVICTUSPROPERTY ADVISORS

INVICTUS HQ |

INVICTUS HQ|

530 West 136th

|

ASKING PRICE

$17,100,00040 - UNIT MIXED-USE ELEVATOR BUILDING FOR SALE

Steps Away From CCNY and Columbia University

Manhattanville, 100' of Frontage, Large Apartments,

Low Average Rents, Imminent Value-Add

INVICTUS 530 WEST 136TH STREET PROPERTY ADVISORS …

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