B6 Real Estate Advisors is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of 552 West 161st Street, a four-story multifamily building located in the heart of the Washington Heights neighborhood on the south side of West 161st Street between Broadway and Amsterdam Avenue.
The 3,616 SF building consists of seven (7) Class A units, including one garden floor-through apartment. Recently renovated in 2018, the building’s electrical system has undergone a complete transformation, with improvements such as an increased electrical capacity from 100 AMPS to 400 AMPS, new metering and installation of circuit breakers for each apartment, installation of electric heaters in each apartment, and new lighting and light fixtures throughout the building. Additional renovations to the building made by current management include a refinished roof, surveillance cameras, new smoke and carbon monoxide detectors, new sprinkler heads, and new paint throughout the building.
Located between Broadway and Amsterdam Ave, the asset enjoys easy access to the C and 1 trains, as well as New York-Presbyterian Hospital and Columbia University’s School of Nursing. In addition, there is a parking garage conveniently located just across the street from the subject property, allowing for easy access to parking. This prewar walk-up building presents an excellent opportunity for an investor to invest in one of Manhattan’s fastest growing markets. Washington Heights has recently replaced Brooklyn as an attractive alternative for many millennials, boasting more millennials than any other NYC neighborhood according to the latest US Census. Its abundance of parkland and hills offers a pleasant change of scenery for Manhattanites, giving the neighborhood a unique community feel.
Listing Courtesy of Brian Whelan
Real Estate Taxes
16’ x 100’ (52' deep)
Seven-unit multifamily building
Delivered 100% occupied with all tenants in good standing
Tax protected class (2B)
Strong cashflow with financing options available at 80%/20% LTV
Highly efficient unit layouts, allowing for reduced operating expenses
Ownership recently gut renovated free-market units
Recent capital improvements including electrical upgrades and separate metering
Short walking distance from subway trains and
Proximity to NY Presbyterian-Columbia University campus
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