121, 123, 125, & 127 Post Avenue

New York, NY

For Sale

$11,975,000

OVERVIEW

LOCATION:
121, 123, 125, & 127 Post Avenue, New York, NY 10034

Neighborhood: Inwood

Asset Type: Multifamily

Square Feet: 36,905

# of Buildings: 4

Stories: 5

Residential Units: 43

 

Description

Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 121, 123, 125, & 127 Post Avenue, New York, NY 10034 (collectively the “Property” or “Portfolio”); four contiguous 5-story walkups located in the Inwood section of Upper Manhattan. The Portfolio consists of 43 units, ±36,905 gross square feet, and has been well maintained by current ownership.

 

The 100% occupied Property, which is situated around the corner from the #1 train at Tenth Avenue and three blocks from the “A” train at Broadway and West 207th Street, contains one (1) one-bedroom unit, twenty-three (23) two-bedroom units, and nineteen (19) three-bedroom units. The 23 two-bedroom units have an average monthly rent of $1,516 and the 19 three-bedroom units have an average monthly rent of $2,117, representing a 25%-40% discount to current market rents. Overall, the 43 apartments are renting at well below market rates with an average monthly rent of $1,795, offering significant upside to new ownership.

  

Current ownership has completed substantial capital improvements at the Property, including a new boiler at 121 Post Avenue, Entech System at all 4 buildings, new windows in 123 Post Avenue and new roofs at 123, 125, and 127 Post Avenue. Furthermore, there have been upgrades to the lobby and partial apartment renovations as well as an upgraded electric system and gas-conversion to one of the three (3) boilers. The Property also features a state-of-the-art, camera-mounted security system with 24-hour interior and exterior building surveillance. Major capital expenditures totaled approximately $1,000,000.

 

Ownership is also in the process of contesting the real estate taxes at 123 Post Avenue ($56,712). They have been offered a settlement to reduce the taxes by approximately $8,089, but Ownership has not yet accepted this offer and is pushing for a further tax reduction.

 

Nearby Transportation

The 4-building portfolio is located on the easterly side of Post Avenue mid-block between West 204th Street and West 207th Street, three blocks from the bustling retail corridor along Broadway. The residents are well served by public transportation and a network of bus lines available throughout the neighborhood. The north/south M100 runs along Tenth Avenue, as well as the Bx12, which runs along West 207th Street providing access into University Heights via the University Heights Bridge. For vehicular traffic, the area possesses easy access to the George Washington Bridge and I-95 (Cross Bronx Expressway) to the south and I-87 (Major Deegan) just to the east of the Property. The Henry Hudson Parkway provides access to points north of Upper Manhattan.