34-26 41st Street - Amazon Web Services · 34-26 41st Street Marcus & Millichap is not affiliated...

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 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved p. 1

34-26 41st StreetLong Island City Queens, New York

Offering Memorandum

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 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved

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34-26 41st Street

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Non-endorsement Notice

All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details.

Pricing and Financial Analysis34-26 41st Street - Long Island City Queens, New York


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34-26 41st StreetPricing and Financial AnalysisFinancial Overview

Value Indicators Annual Income Current

Price $11,250,000 Residential Gross Potential Income $712,408

Gross Square Feet 26,240 Vacancy/Collection Loss (3%) ($21,372)

Price Per SF $428.73 1B SCRIE Tax Credit $1,210

# Units 35 Effective Gross Income $692,246

Price Per Unit $321,429

Current Cap Rate 3.65% Annual Expenses Current

Current GRM 15.79 Property Taxes $168,559

Fuel $26,240

Water & Sewer $23,000

Insurance $15,750

Repairs & Maintenance $17,500

Common Area Electric $3,936

On Site Payroll $6,000

Management Fee (3%) $20,767

Total Expenses $281,752

Net Operating Income $410,494

Unit Mix AnalysisUnit Type No. of Units Avg Rent Monthly Rent RS/SCRIE FM

1 Bedroom 27 $1,625.11 $43,878.05 18 9

2 Bedroom 8 $1,936.16 $15,489.27 2 5

Total 35 $59,367 20 14


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34-26 41st StreetPricing and Financial Analysis

Rent Roll34-26 41st Street, Long Island City, Queens, NY

Apartments

Unit Bedrooms Status Current Rent Legal Rent Lease Expiration

1A 1 FM $1,900.00 $0.00 9/30/2019

1B 2 SCRIE $725.25 $826.09 8/31/2019

1C 1 RS $0.00 $0.00 Month to Month

1D 1 RS $1,900.00 $2,843.09 9/30/2019

1F 1 RS $1,388.82 $1,388.82 7/31/2020

1G 1 RS $1,750.00 $2,183.39 3/31/2019

1H 2 FM $2,300.00 $0.00 9/30/2019

1I 1 FM $1,900.00 $2,025.00 7/31/2019

2A 1 FM $1,865.00 $0.00 4/30/2019

2B 1 FM $1,975.00 $0.00 12/31/2019

2C 1 RS $2,000.00 $2,336.96 10/31/2018

2D 1 RS $1,700.00 $2,656.19 1/31/2019

2E 2 FM $2,300.00 $0.00 4/30/2019

2F 2 RS $1,444.39 $1,444.39 6/30/2020

2G 1 FM $2,100.00 $0.00 1/31/2019

2H 1 RS $1,733.00 $1,862.44 4/30/2020

2I 1 RS $2,065.57 $2,065.57 8/31/2019

3A 1 RS $1,550.00 $2,120.01 2/28/2019

3B 1 RS $1,205.35 $1,205.35 8/31/2019

3C 1 RS $1,268.00 $1,268.00 8/31/2019

3D 1 RS $1,018.04 $1,018.04 8/31/2019

3E 2 RS $1,712.44 $1,712.44 9/30/2019

3F 2 FM $2,200.00 $0.00 Vacant

3G 1 RS $1,390.85 $1,390.85 9/30/2020

3H 1 RS $802.22 $802.22 8/31/2019

3I 1 FM $2,075.00 $0.00 8/31/2020

4A 1 FM $2,000.00 $0.00 7/31/2019

4B 1 RS $1,378.58 $1,378.58 9/30/2019

4C 1 FM $1,800.00 $0.00 5/31/2020

4D 1 RS $1,575.00 $2,151.35 2/29/2020

4E 2 FM $2,200.00 $0.00 11/30/2018

4F 2 FM $2,607.19 $0.00 7/31/2019

4G 1 FM $1,915.00 $0.00 5/31/2019

4H 1 RS $1,772.62 $1,772.62 10/31/2019

4I 1 RS $1,850.00 $2,532.55 5/31/2019

Residential Monthly Income $59,367.32

Total Annual Income $712,407.84


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34-26 41st StreetPricing and Financial AnalysisIncome & ExpensesBuilding Gross Square Footage 26,240

Number of Units 35

Approximate Available Air Rights (SF) 0

Current Potential Income Current

Gross Potential Income $712,408

Vacancy/Collection Loss (3%) ($21,372)

1B SCRIE Tax Credit $1,210

Effective Gross Income $692,246

Total Effective Gross Income $692,246

Expenses Current %EGI Per SF

Property Taxes $168,559 24.35% $6.42

Fuel $26,240 3.79% $1.00

Water & Sewer $23,000 3.32% $0.88

Insurance $15,750 2.28% $0.60

Repairs & Maintenance $17,500 2.53% $0.67

Common Area Electric $3,936 0.57% $0.15

On Site Payroll $6,000 0.87% $0.23

Management Fee (3%) $20,767 3.00% $0.79

Total Expenses $281,752 40.70% $10.74

Net Operating Income $410,494

Property Description34-26 41st Street - Long Island City Queens, New York


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34-26 41st Street

Marcus & Millichap is pleased to offer 3426 41st Street, located between 34th Avenue and 35th Avenue in the Long Island City section of Queens. The subject property is a 4 story residential building that consists of 35 apartments. The property is built 100 ft x 84 ft and sits on a 100 ft x 95 ft lot with approximately 26,240 gross square feet. The property is zoned R5 (Block: 673, Lot: 34)

This property offers investors the rare opportunity to purchase a large apartment building in good with mostly deregulated/preferential rents condition in the Long Island City/Astoria section of Queens, New York.

Property DescriptionInvestment Overview

• Rare Prime 35 Unit Long Island City/Astoria

Apartment Building

• 4 Subway Stops to Manhattan | Under a 15 Minute

Commute | One Block from Steinway “M & R”

Subway Lines

• Attractive Unit Mix | Mostly Deregulated &

Preferential Rents

• Highly Efficient Dual Burner Heating System with

Separate Hot Water Heating Unit

• On Site Laundry

• Building in Good Condition

• Close Proximity to Kaufman Studios and Museum

of Moving Image

Investment Highlights


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34-26 41st Street

Site Description

The Offering

Property Address

Accessor’s Parcel Number 00673-0034

Zoning R5

34-26 41st Street Queens, NY 11101

Number of Units

Year Built

Number of Buildings

Gross Square Feet

1

26,240

Number of Stories

Lot Size

Type of Ownership

4

100 ft. x 95 ft

Fee Simple

35

1927

Property DescriptionProperty Summary


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34-26 41st StreetProperty DescriptionMaps


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34-26 41st StreetProperty DescriptionAerial View

Presented by:

Offering Memorandum 34-26 41st Street - Long Island City Queens

Offices Throughout the U.S. and Canadawww.MarcusMillichap.com

Zachary GolubLicensed Real Estate SalespersonNational Multi Housing GroupManhattan OfficeOffice: (212) 430-5134Cell: (917) 517-6291License: NY: 10401224918Zachary.Golub@marcusmillichap.comwww.marcusmillichap.com/ZacharyGolub

Matthew FotisSenior Managing DirectorSenior Director, National Multi Housing GroupManhattan OfficeOffice: (212) 430-5234Cell: (917) 837-7467License: NY: 10301207136Matthew.Fotis@marcusmillichap.comwww.marcusmillichap.com/MatthewFotis

Paul YoussefLicensed Real Estate SalespersonNational Multi Housing GroupManhattan OfficeOffice: (646) 805-1461Cell: (631) 245-2726License: NY: 10401305333Paul.Youssef@marcusmillichap.comwww.marcusmillichap.com/PaulYoussef

Lazarus ApostolidisLicensed Associate Real Estate BrokerNational Multi Housing GroupManhattan OfficeOffice: (212) 430-5233Cell: (718) 690-0644License: NY: 10301211057Lazarus.Apostolidis@marcusmillichap.comwww.marcusmillichap.com/LazarusApostolidis

34-26 41st Street - Amazon Web Services · 34-26 41st Street Marcus & Millichap is not affiliated...

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