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$11,000,000 2 mixed-use buildings in premium location (New York)
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Actual Plus Projected Gross Income: 693,975
NOI: 398,952
Cap Rate: 3.63%
GRM: 15.8x
Long Term Projected:
Proj. Gross Income: 1,609,200
NOI: 1,123,500
Cap Rate: 10.2%
GRM: 6.84x
Subject property consists of 2 buildings, A 5 story corner brick & masonry mixed use plus a 4-story mixed use walk-up apartment building with 2 combined retail restaurant storefronts and 11 large prewar apartments constructed in 1910 and renovated in 1989.
Apartment Layout: 3/Studios, 4/1 Bedrooms, and 4/2 Bedrooms.
Restaurant Lease Pending for rent projected at $26,000 per month.
● $15,000,000 Profit potential to build 5,552 square feet of unused buildable FAR Air Rights on top of the existing 9,697 SF for a total of 15,249 SF.
$12 Million BOV Appraisal Most Relevant Closest Comparable Sales
+ $2,321,000 value of 5,552 BSF buildable square footage of unused FAR x $418 pbsf price paid by Manhattan developers 2024
= $14,321,000 Actual Value Today Now
Unused Buildable FAR 5,543 Sq. Ft
Block & Lot: 205 & 19
Retail 1,939 Sq. Ft
+ Residential 7,758 Sq. Ft
= Building Area: (25 Ft x 52 Ft)
Usable floor area as built 9,697 Sq. Ft
Allowed usable BUILDABLE floor area 15,249 Sq. Ft
Exterior Drive-By Viewing Only.
Submit your offer and request a tour to strategize on purchasing this.
Store/Restaurant will be Delivered Vacant.
To view please call or text me at show contact info