Two Co-op Units: First Floor and Basement For Sale

An excellent opportunity for an investor looking for real estate that will appreciate and provides a thriving income while requiring little on-site management. Investments under four million dollars in this very desirable neighborhood are rare.

View / Download Condo Floor Plans HERE

Number of shares: 69
Zoning: C6-2
C of O: Use Group E which is services, offices, professional

Current Use: First Floor: Beauty salon.
Basement Front: Palm Readings
Basement Rear: Hair Salon

Sale Type: Investor/eventual user

Cap Rate: 3.5.% NOI: $88,700.00

Net Leasable SF: 1,900 Basement and First floor

Location: In the heart of NoHo, Little Italy and SoHo

Parking and Transportation: Two blocks from Eastside and Westside
Subways. Parking garage across the street

Condo Property Features:

First Floor: 12' ceilings throughout. Private bathroom. Rough plumbing for kitchenette. Slate floors in the back. Two Zoned HVAC (one gas hydronic heating system and one electric split air conditioner with back up heat.). Intercom to front and back. Direct, private street access.

Basement: Slate floors throughout. Two private bathrooms (one with a shower. Kitchenette. Skylights all across the back and one window in the back. Front has use of tiny front courtyard. Two zoned HVAC system (one gas hydronic boiler system and one split air conditioner with back up heat. Intercom to front and back. Private street entrance via stair from gate to courtyard.

• Co-op Units' RE taxes remain the same after sale because taxes on Co-op units are based on rental income— not based on sales price as are condo units.
• All units in the building are investor owned.
• No Board approval for uses in compliance with zoning
• No limit or approvals required for renting units
• This building does NOT have an underlying mortgage which means lower maintenance payments and no percentage of underlying mortgage to assume on top of sales price.
• Each floor-through has it's own private street entrance
• Individually controlled four zone heat and A/C
• Sunny: windows front and back each floor-through
• Slate floors throughout
• Small courtyard in front on Lower Level
• Rough plumbing in place for easy conversion to larger kitchen and/or bathrooms or operatory sinks
• 12' ceilings on 1st Floor
• Current tenants are strictly commercial. No residential issues

Current monthly Gross Income 1st & Bsmt $11,700.00
Maintenance: $4,088.00
Gas & electric for basement $ 225.00
Total Monthly expenses: $4,303.00
Net monthly Income: $7,397.00

Annual Net Operating Income: $88,764.00

Rent Rolls and Lease info:

Basement Front: Monthly rent: $2,200.00
Two year lease ending 10/31/2022
Basement Rear: Monthly rent: $3,500.00
Lease expires 5/31/22.

First Floor: Monthly rent: $6,000.00
Lease expires 7/31/22.

Expenses:

Co-op Monthly maintenance for Basement and First Floor: $4,088.00
(69 shares x $59.25 monthly maintenance per share)

Maintenance includes: Real Estate taxes, hot water, water and sewage, garbage removal, "super" and building maintenance of common areas including elevator. First floor tenants pay for their own gas, electric, cable. Owner pays gas and electric for basement (about $225.00 per month) tenants. All tenants must provide liability insurance that covers the Co-op and the owner.