Living / Multi-housing

946 Columbus Avenue

946 Columbus Ave New York, New York United States 10025-3107
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1910
Building Area Gross
Land Area Gross ()
Number of units 16
Occupancy 1.0 %

Asset Description

Drivers of rent growth in the short term will include the ongoing citywide rental recovery and a return to full international enrollment at Columbia University this coming fall. The Property’s predominantly Free Market status, studio layouts and access to the Broadway 1 & Central Park B, C subway stations will be additional drivers of rent growth. Longer term demand will be supported by the supply constrained nature of the Upper West Side building stock, the long discussed potential redevelopment of West 106th Street and the continued evolution of the retail landscape along Columbus Avenue.


Future ownership will have multiple paths to increase the Property’s cash flow. Light cosmetic upgrades to the apartments can position the Free Market component in-line with the top of prevailing area studio rents. Upon future vacancy of the remaining regulated units, perimeter changes and new unit configurations can be utilized to re-cast first market rents. In addition, the vacant basement space could be repositioned to offer tenant amenities such as storage or an in-building laundry service. Over the longer term, the property lies outside of all the UWS historic districts and possesses ~8,052 SF of additional air rights that could be used in the future to enlarge the existing structure.

Investment Highlights

  • 40+ year family ownership
  • Accretive assumable loan, 3.05% through ‘28
  • Good base building condition
  • 67% Free Market
  • Light value- add potential
  • 100% Occupied with upside remaining on the rents
  • Diversified income stream w/ 86% coming from apartments
  • Latch Keyless Entry
  • Proximity to Columbia University
  • ~8,052 SF of additional air rights
Last Updated Date: 23 Aug 2022

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Last Updated Date: 23 Aug 2022

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