4791 BROADWAYA 69 Unit Corner Mixed-Use Building

Northern Manhattan

2 CUSHMAN & WAKEFIELD

4791 BROADWAY - PROPERTY OVERVIEW

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of

4791 Broadway. This investment property is a 69 unit, mixed-use, 6-story, 58,260 GSF corner

building located in the Inwood neighborhood of Northern Manhattan. The property is located

on the northwest corner of Broadway and Cumming Street (just one block north of Dyckman)

and boasts 101’ of prime Broadway frontage.

65% of the property’s income is derived from the residential component and 35% from the

ground floor retail. The building contains 63 residential units, including one super’s unit in the

basement, and 6 retail spaces. The 63 residential apartments are a combination of 51 one-

bedroom, and 11 two-bedroom apartments (plus 1 Super unit) that average a spacious 732 sqft.

The residential portion of the building is currently renting at approximately $22 per net square

foot in a market that can easily achieve over $30. Given the building’s desirable location, and

strong foot traffic, retail rents in the building are averaging $90 per square foot.

Inwood is one of Manhattan’s most exciting and thriving neighborhoods and recently passed a

major large scale rezoning. This rezoning impacts 59 blocks of Inwood and will have a positive

impact on the entire neighborhood. 4791 Broadway is ideally situated between major retail

corridors along Dyckman and West 207th Streets which offer tenants both neighborhood gems

and large national chains. Some of these businesses include Tryon Public House, Papasiot,

Tabu, Mamasushi, Mamajunana Café, Starbucks, Dominos, GNC, Planet Fitness, Duane Reade,

CVS, Dunkin Donuts, Foot Locker and many more. A short walk from the building is the world

famous Fort Tryon Park and the 196 acre Inwood Hill Park which further add to the desirability

of the neighborhood. The property is one block from the Dyckman Street A train stop and less

than 4 blocks from the Dyckman Street ! stop.

Property Description:

• Located in Inwood, one of Manhattan’s thriving and most desirable neighborhoods

• 6-Story, 68 unit corner mixed-use building

• 101’ of frontage on Broadway

• Long term ownership

• Major MCI opportunities remaining

• Spacious one-bedroom and two-bedroom apartments averaging 732 sqft

• Steps from A train and in close proximity to the !

Highlights:

PROPERTY FEATURES

Location: Located on the northeast corner of Broadway & Cumming Street.

Block & Lot: 2237-59

Lot Dimensions: 101.42' x 137'

Lot SF: 12,850 SF (approx.)

Building Dimensions: 101' x 114' (irregular)

Building SF: 58,260 SF (approx.)

Stories: 6

Residential Units: 63

Commercial Units: 6

Total Units: 69

Gross SF: 54,260 SF (approx.)

Net SF: 46,121 SF (approx.) less 15% loss factor

Avg. Net Unit Size: 732 SF (approx.)

Gross Commercial SF: 4,000 SF (approx.)

Zoning: R7-2 C1-4

Residential FAR: 4.00 (Wide Street)

Facility FAR: 6.50

Total Buildable SF: 51,400 SF (approx.)

Minus Existing Structure: 58,260 SF (approx.)

Available Air Rights: Overbuilt

Assessment (18/19): $2,364,569

Property Taxes (18/19): $300,750

ASKING PRICE: $21,000,000 PPSF: $360 PPU: $304,348

Property Features:

GROSS ANNUAL REVENUE: $1,397,896

VACANCY LOSS & EXPENSES: $585,570

NET OPERATING INCOME: $812,326

PRICE PER SQUARE FOOT: $360

PRICE PER UNIT: $304,348

CAPITALIZATION RATE: 3.87%

GROSS RENT MULTIPLE: 15.02x

Financial Summary:

4791 BROADWAY 3

4791 BROADWAY - RESIDENTIAL REVENUE

UNIT ROOMS STATUS EXP. LEGAL RENT PREF. APPLIANCE

CHARGE MONTHLY RENT

0A 3 RS Apr-20 $1,157 ($144) $1,013

0B 4 RS Vacant $1,202 $2,100

1A 3 FM Nov-18 $1,550 $1,550

1B 4 RS $1,382 $17 $1,398

1C 3 RS Apr-20 $1,245 $13 $1,259

1D 4 FM May-19 $2,050 $2,050

1E 3 RS Mar-19 $1,801 ($376) $1,425

1F 3 RS Sep-19 $1,112 $1,112

1G 3 RS Apr-20 $1,082 $1,082

1H 3 RS Sep-19 $1,280 $1,280

1I 3 RS Nov-18 $1,324 $1,324

1J 3 RS Jul-19 $1,405 ($326) $1,079

1K 3 RS Sep-19 $1,346 $1,346

1L 3 RS Jun-19 $1,168 ($137) $1,031

2A 3 RS Jan-20 $1,456 $1,456

2B 4 RS Apr-19 $1,141 $1,141

2C 3 RS Jan-20 $2,107 ($457) $1,650

2D 4 RS May-20 $1,355 $17 $1,372

2E 3 RS Jun-19 $1,784 ($259) $1,525

2F 3 RS Jul-20 $1,307 $1,307

2G 3 RS Oct-19 $2,139 ($564) $1,575

2H 3 RS Jul-19 $1,330 $1,330

2I 3 RS Vacant $1,359 $1,750

2J 3 RS Apr-20 $1,333 $1,333

2K 3 RS Oct-19 $1,507 ($249) $1,258

2L 3 RS Feb-19 $1,732 ($307) $1,425

3A 3 RS Mar-19 $1,517 $1,517

3B 4 RS Aug-19 $1,345 $1,345

3C 3 RS Apr-19 $1,244 $1,244

3D 4 RS Sep-20 $1,440 $1,440

3E 3 RS May-19 $1,161 $1,161

3F 3 RS Mar-19 $1,697 $1,697

3G 3 FM Mar-19 $1,625 $1,625

3H 3 RS Dec-18 $1,378 ($53) $1,325

3I 3 RS Sep-19 $1,490 $1,490

4 CUSHMAN & WAKEFIELD

Gross Monthly Residential Rent: $86,262

Gross Annual Residential Rent: $1,035,147

Average Rent Per Unit: $1,391

Average Rent Per Net Square Foot: $22.44

RESIDENTIAL REVENUE

UNIT ROOMS STATUS EXP. LEGAL RENT PREF. APPLIANCE

CHARGE MONTHLY RENT

3J 3 RS Apr-19 $2,193 ($718) $1,475

3K 3 RS Jun-20 $1,166 $1,166

3L 3 RS Jan-19 $2,258 ($568) $1,690

4A 3 RS Jun-19 $1,561 ($311) $1,250

4B 4 RS Vacant $1,451 $2,100

4C 3 RS Aug-19 $1,179 $1,179

4D 4 RS Jun-20 $2,093 ($68) $2,025

4E 3 RS Apr-19 $1,174 $17 $1,191

4F 3 RS Aug-19 $1,468 $1,468

4G 3 RS Jun-19 $1,338 $17 $1,355

4H 3 RS May-20 $1,074 $17 $1,091

4I 3 RS Mar-19 $1,540 ($20) $1,520

4J 3 RS Oct-18 $2,133 ($733) $1,400

4K 3 RS Jul-18 $1,906 ($581) $1,325

4L 3 RS Feb-19 $1,586 ($186) $1,400

5A 3 RS Jul-20 $1,509 ($84) $1,425

5B 4 RS Oct-18 $2,099 ($474) $1,625

5C 3 RS Oct-19 $1,013 $1,013

5D 4 RS Jun-20 $1,682 ($34) $1,648

5E 3 RS Dec-18 $2,475 ($1,050) $1,425

5F 3 RS Aug-19 $1,138 $1,138

5G 3 RS Oct-18 $1,084 $1,084

5H 3 RS Aug-20 $1,097 $1,097

5I 3 RS Vacant $2,088 $1,750

5J 3 RS Vacant $1,465 $1,465

5K 3 RS Apr-20 $1,644 ($394) $1,250

5L 3 RS Aug-18 $693 $693

BSMT Super

4791 BROADWAY 5

Gross Monthly Retail Rent: $30,229

Gross Annual Retail Rent: $362,749

Average Retail Rent Per Square Foot: $90.69

4791 BROADWAY - REVENUE & BREAKDOWN

UNIT TENANT LEASE START LEASE EXP. TOTAL MONTHLY RENT

ST1 Lawrence Rosenblatt Jun-17 May-19 $7,846

ST3 Auto Leasing & Sales Dec-16 Nov-21 $2,678

ST4 Salud Para Todos Nov-14 Nov-19 $2,896

ST5 Beauty Salon Nov-17 Oct-22 $2,316

ST6 Inwood Coffee May-18 Apr-23 $3,650

ST7/8 JMC Holdings Jul-15 Jun-25 $10,843

6 CUSHMAN & WAKEFIELD

Commercial Revenue:

Gross Total Monthly Rent: $116,491

Gross Total Annual Rent: $1,397,896

Combined Revenue:

STATUS NUMBER %

FM 3 4.3%

RS 59 85.5%

Super 1 1.4%

Retail 6 8.7%

69 100%

% OF MARKET

76%

79%

77%

ROOMS NUMBERAVERAGEMONTHLY

RENT

MARKETRENT

3 51 $1,334 $1,750

4 11 $1,659 $2,100

BSMT 1

Retail 6 $5,038 $5,038

69

Average Total Rent Breakdown:Unit Breakdown:

INCOME & EXPENSES

4791 BROADWAY 7

EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $1,348,704

LESS EXPENSES: 40% ($536,378)

NET OPERATING INCOME: $812,326

Gross Annual Residential Revenue $1,035,147

Vacancy Allowance @ 3% Of Gross Annual Revenue ($31,054)

Gross Annual Commercial Revenue $362,749

Vacancy Allowance @ 5% Of Gross Annual Revenue ($18,137)

Effective Gross Annual Combined Revenue $1,348,704

Combined Revenue:

Taxes 2018 / 2019 Actual $300,750

Tax Reimbursements Actual ($46,972)

Water/Sewer 2018 / 2019 Actual $69,691

Insurance @ $450 / Unit $31,050

Fuel (Oil) @ $1.00 / GSF $58,260

Common Electric @ $0.15 / GSF $8,739

Repairs & Maintenance @ $550 / Resi. Unit $34,650

General & Administrative @ $250 / Resi. Unit $15,750

Payroll @ $2,000 / Elevator $24,000

Management @ 3.0% / EGR $40,461

Total Expenses: $536,378

C&W ProjectedExpenses (Estimated):

8 CUSHMAN & WAKEFIELD

4791 BROADWAY - PROPERTY PICTURES

4791 BROADWAY 9

PROPERTY PICTURES

181ST STREET

191ST STREET

190TH STREET

181ST STREET

175TH STREET

DYCKMAN STREET

DYCKMAN STREET

207TH STREET

207TH STREET

1

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30min to Penn Station via A

GEORGE WASHINGTON BRIDGE BUS STATION

LA MARINA - RESTAURANT,BAR & BEACH LOUNGE

4791 BROADWAY - TRANSPORTATION OVERVIEW

Travel Times:

4791 BROADWAY

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10 CUSHMAN & WAKEFIELD

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Tax Map:

Retail Map:

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4791 BROADWAY

LOCATION OVERVIEW

FORT TRYON PARK

4791 BROADWAY 11

4791 BROADWAY

For more information contact:

ROBERT M. SHAPIROExecutive Managing Director(212) 660 7717robert.shapiro@cushwake.com

IAN BROOKSDirector(212) 589 5107ian.brooks@cushwake.com

Cushman & Wakefield Copyright 2018.  No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.