INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 530 West 136th Street, a six (6) story, mixed-use elevator building. The subject property is a pre-war multifamily, built in 1926, totaling thirty-eight (38) apartments and two (2) commercial units that are currently occupied by one (1) retail tenant. The property has 100' of frontage in an unparalleled location for an Upper Manhattan investment. Located between the City College of New York (CCNY) and The Columbia University Manhattanville Expansion Project, future ownership will benefit from an entrenched student tenancy with parental guarantors. The 17' acre Manhattanville Campus will ultimately stretch from West 125th Street to West 133rd Street, between Broadway and Twelfth Avenue, just three blocks away from 530 West 136th Street.
The property boasts large apartments with an average apartment size of 950 square feet, presenting prospective purchasers with a value-add opportunity. Comparable apartments in terms of size and layout in the area have been converted into 5 and 6 bedrooms and are currently renting for $1,000/bedroom. Current ownership has gut renovated four (4) units (BSMT, 4, 25 & 36) and will deliver the building with cap-ex projects completed such as: new gas boiler with a new chimney, controls and decommissioning, and removing the existing oil tank. Additionally, there is a new elevator cab and machine, machine room, control, and guide rails.
Several of the units are in late-stages of potential turnover and with average residential rents at $22.58/NSF and average monthly rents at $1,332, investors can capitalize on improving the rent roll and benefit from continued growth in West Harlem rental rates. The property is located adjacent to the Broadway retail corridor and the 1 subway line is a block away. Located in a newly designated tax-friendly “Opportunity Zone,” 530 West 136th Street will benefit from anticipated development and conversion projects in the immediate area and Upper Manhattan more generally.