70 West 82nd street is a great opportunity to take ownership of an upper west side brownstone on 82nd and Central Park West. With the majority of the units rented below market value, despite being free market, there is a significant value-add opportunity available. Each unit can come up an average of $346.11/month to bring the building up to market value. Additionally, the units haven't been updated in ˜20 years and can benefit from an updating of kitchens and bathrooms, and a re-staining of the floors. Doing this can easily pull in another $1,000-$1,500/month pulling the total net income up by $157,380 from it's current income, or an additional 67% income increase. Asking Price: $5,500,000 Square Footage: 5,436 Price/sf = $1,011.77/sf Property Type: 10-unit multifamily building (9 free market units, 1 rent-stabilized unit) Building Size: 6 stories (top stories are recessed and can't be seen from the picture.) Unit Types: All 1-bedroom apartments, with the top two penthouses as duplex units Features: Washer/Dryer in the basement, many units have dishwashers. Location: •Prime Location: Just half a block from Central Park, situated between Columbus Avenue and Central Park West. •Transportation: 1 block from the ABCD subway lines and M79+ and BxM2 buses. •Nearby Landmarks: 1 block from the Museum of Natural History. Rental Breakdown •Current** Unit Rent/Month Rent Annual Unit a $2,650 $31,800 Unit b $4,250 $51,000 Unit 1a $3,200 $38,400 Unit 1b $778.30 $9,340 Unit 2a $3,200 $38,400 Unit 2b $3,200 $38,400 Unit 3a $3,200 $38,400 Unit 3b $3,490 $41,880 Unit 4a $3,995 $47,940 Unit 4b $3,500 $42,000 Total Rent/Month: $31,463.30 Total Rent Annual: $377,559.60 •Market Value Unit Rent/Month Rent Annual a $2,650 $31,800 b $4,500 $54,000 1a $3,400 $40,800 1b $778.30 $9,340 2a $3,400 $40,800 2b $3,700 $44,400 3a $3,400 $40,800 3b $3,750 $45,000 4a $4,500 $54,000 4b $4,500 $54,000 Total Rent/Month: $34,578 Total Rent Annual: $414,940 •Pro Forma Unit Rent/Month Rent Annual a $3,650 $43,800 b $5,500 $66,000 1a $4,400 $52,800 1b $778 $9,340 2a $4,400 $52,800 2b $4,700 $56,400 3a $4,400 $52,800 3b 4,750 $57,000 4a $6,000 $72,000 4b $6,000 $72,000 Total Rent/Month: $44,578 Total Rent Annual: $534,940 Expenses Taxes: $99,815 Heat/Gas: $17,000 Electric: $3,083 Water: $12,440 Insurance: $10,987 Net Income (Current**): $234,234.28 Net Income (Market Value): $271,614.28 Net Income (Pro Forma): $391,614 Potential for Renovation If you spend $500,000 on renovations throughout the building, (i.e. updating countertops and bathrooms, re-staining wood floors, adding dishwashers to units that don't have any), I believe this can easily yield an additional ˜$1,000-1,500/mo/unit resulting in an extra $100,000/year. Note** This building is currently under-rented, with several tenants paying well below market rates. For example: -one tenant pays a below-market rent due to a friendship with the landlord -The penthouses are identical, however there is a discrepancy in the rental rates for two nearly identical free market apartments apartments. The most accurate evaluation of this building’s rental potential, without additional upgrades, is reflected in the "Market Value" section.