131 Nagle Avenue, New York, NY 10040

Washington Heights, New York, New York 10040

$5,900,000  

Listing ID Number

25072

Property Description

131 Nagle Avenue is a 44’ wide, 18,500 square foot, 25 unit building located on the south side of Nagel Avenue between Arden and Sickles Avenue. This five-story walk-up building is comprised of 14 one-bedroom and 11 two-bedroom apartments. All of the 25 units are rent stabilized. The property offers investors tremendous upside in the ability to convert units to larger bedroom counts and increase rents that are close to 40% below market. Apartments are currently renting for an average of $1,271 per month and $24 per net square foot in a market that can achieve close to $37. Recent building improvements include work to roof and parapet wall, installation of new cameras/security system and gas burner conversation that was completed in 2016. Tenants benefit from the property’s close proximity to the Broadway, Dyckman and Nagle retail corridors which include national retail tenants like Starbucks, Dunkin Donuts, Rite Aid and Planet Fitness as well as long established neighborhood gems. Public transportation is easily accessible via the 1 and A subway lines at Dyckman Street in addition to numerous bus lines that service the area.

Overview

Building Type:Apartment Buildings
Location:Washington Heights
Stories:5
Units:25

Summary

Price Per Sq Ft:$311
Capitalization Rate:3.90%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Ian Brooks
Senior Associate
(212) 589 5107
ian.brooks@cushwake.com

Robert M. Shapiro
Executive Managing Director
(212) 660 7717
robert.shapiro@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.