70 West 82nd street is a great opportunity to take ownership of an upper west side brownstone on 82nd and Central Park West. With a number 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 $230.50/month with exact numbers provided in the chart and also noted below. 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 $800-$1,500/month (depending on unit) pulling the total net income up by $141,060 from it's current income, or an additional 56% 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 $4,500 $54,000 Unit 1a $3,650 $43,800 Unit 1b $778.30 $9,340 Unit 2a $3,200 $38,400 Unit 2b $3,400 $40,800 Unit 3a $3,500 $42,000 Unit 3b $3,750 $45,000 Unit 4a $3,995 S47,940 Unit 4b $3,500 $42,000 Total Rent/Month: $32,923.30 Total Rent Annual: $395,079.6 •Market Value Unit Rent/Month Rent Annual a $2,850 $34,200 b $4,500 $54,000 1a $3,650 $43,800 1b $778.30 $9,340 2a $3,500 $42,000 2b $3,700 $44,400 3a $3,500 $42,000 3b $3,750 $45,000 4a $4,500 $54,000 4b $4,500 $54,000 Total Rent/Month: $35,228 Total Rent Annual: $422,740 •Pro Forma Unit Rent/Month Rent Annual a $3,650 $43,800 b $5,500 $66,000 1a $4,500 $54,000 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: $536,140 Expenses Taxes: $99,815 Heat/Gas: $17,000 Electric: $3,083 Water: $12,440 Insurance: $10,987 Net Income (Current**): $251,754.28 Net Income (Market Value): $279,414.28 Net Income (Pro Forma): $392,814 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 ˜$8000-1,500/mo/unit depending on the 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 "Market Value."