| Location: |
The Southeast corner of East Houston Street and Suffolk Street |
| Block/Lot: |
350/12 |
| Lot
Size: |
50'
x 82' (Approx) |
| Lot
Area: |
4,100
Sq Ft (Approx) |
| Stories: |
6
stories plus basement |
| Building
Size: |
50'
x 82' (Approx) |
| Gross
Sq. Footage: |
12,146
Sq Ft (approx) |
| Assessed
Value: |
$402,750
(08/09) |
| Real
Estate Taxes: |
$46,154
(08/09) |
| Current Zoning / FAR: |
R7-2 / 3.44 |
| Proposed Zoning / FAR: |
R8-a / 7.2 (w/ Inclusionary from a base of 5.4 : 6.5 for Community Faculty |
| Air
Rights: |
4,240
Sq Ft (approx) |
| Built |
1900 |
|
Description:
The subject property is a 6 story plus usable basement, walkup mixed use building totaling approximately 12,146 square feet. There are fifteen (15) residential units with two (2) commercial spaces on the ground floor. New boilers and hot water systems have been installed, and plans have been filed to renovate 1,250 square feet of ground floor commercial space and 650 square feet of usable basement space; the plans include adding a separate commercial entrance and plate glass windows along Suffolk Street. Currently, the bar’s lease has expired. Therefore, a new owner has the option of renting out the entire ground floor (2,200 SF) and basement (2,000 SF) to a single tenant, or two tenants. The liquor license is transferable for a fee, so the location would be ideal for a bar/restaurant.
The building consists of two (2) three-bedroom apartment, eight (8) two-bedroom apartments and five (5) one-bedroom apartments. The A line is approximately 375 square feet, the B line is approximately 585 square feet, and the C line is approximately 650 square feet. Six (6) of the apartments are rent stabilized and the remaining nine (9) are free market. The rent regulated units are renting for approximately 22% of market rents or a mere $14.10 per square foot. Therefore, there is significant
upside in the rents. The gross rents total $696,504, and the current projected annual net operating income is $598,131.
|
