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239 W 20th St 24 Unit Apartment Building $10,733,052 CAD ($447,211 CAD/Unit) 6.46% Cap Rate New York, NY 10011
INVESTMENT HIGHLIGHTS
- 24 Units / 50% RS Pref / 50% RS
- Approximately $395k in Savings from J51 Abatement Through 2031/32
- Steps from the High Line and Chelsea Market
- Ideal Unit Mix: 10 studios, 12 one-bedrooms, 1 one-bedroom duplex, and 1 two-bedroom duplex
- Prime Chelsea Location Attracting Successful Young Professionals
- Excellent Connectivity via the A, C, E, L, F, M, 1, 2, 3, and PATH trains
EXECUTIVE SUMMARY
JLL has been retained on an exclusive basis to arrange for the sale of 239 West 20th Street (“The Property”), a ~26’ wide, six-story walk-up building located on the north side of West 20th Street between Seventh and Eighth Avenues in the Chelsea neighborhood of Manhattan. Comprised of approximately 8,898 gross sf, the apartments feature efficient layouts with a mix of ten (10) studios, twelve (12) one-bedrooms, one (1) one-bedroom duplex, and one (1) two-bedroom duplex with a garden.
Of the 24 apartments 12 (50%) are currently rent stabilized with preferential rents, and 12 (50%) are rent stabilized. The rent stabilized preferential units are renting for an average of $2,259/month, a ~27% discount to the legal rent signaling potential for future rent growth. The remaining rent stabilized units are renting for an average of $2,687/ month. Furthermore, the Property will continue to receivetax exemption benefits under the J-51 program, which is not set to expire until 2031/32.
Of the 24 apartments 12 (50%) are currently rent stabilized with preferential rents, and 12 (50%) are rent stabilized. The rent stabilized preferential units are renting for an average of $2,259/month, a ~27% discount to the legal rent signaling potential for future rent growth. The remaining rent stabilized units are renting for an average of $2,687/ month. Furthermore, the Property will continue to receivetax exemption benefits under the J-51 program, which is not set to expire until 2031/32.
PROPERTY FACTS
| Price | $10,733,052 CAD | Property Subtype | Apartment |
| Price Per Unit | $447,211 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.46% | Lot Size | 0.04 AC |
| Sale Condition | 1031 Exchange | Building Size | 12,000 SF |
| No. Units | 24 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1910 |
| Zoning | R8B (C4) - R8B Zoning is considered “high density” residential zoning. It typically has multifamily buildings that are often 6 or 7 stories. | ||
| Price | $10,733,052 CAD |
| Price Per Unit | $447,211 CAD |
| Sale Type | Investment |
| Cap Rate | 6.46% |
| Sale Condition | 1031 Exchange |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 12,000 SF |
| No. Stories | 6 |
| Year Built | 1910 |
| Zoning | R8B (C4) - R8B Zoning is considered “high density” residential zoning. It typically has multifamily buildings that are often 6 or 7 stories. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
- Patio
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 0770-0019 | Improvements Assessment | $1,421,616 CAD |
| Land Assessment | $325,321 CAD | Total Assessment | $1,746,937 CAD |
PROPERTY TAXES
Parcel Number
0770-0019
Land Assessment
$325,321 CAD
Improvements Assessment
$1,421,616 CAD
Total Assessment
$1,746,937 CAD
CONTACTS
-
Jonathan Hageman -
Hall Oster -
Clint Olsen -
Teddy Galligan -
Logan Boenning -
Conrad Martin -
Stephen Godnick -
Jacob Russell -
JLL
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239 W 20th St
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