Brown Harris Stevens

Excellent investment opportunity in prime Turtle Bay/ Midtown East location! 331 East 52nd Street is centrally located in the heart of the city, on a quiet tree-lined block close to every form of transportation, every residential convenience, and the workplaces of many high-quality prospective tenants. This a 5-story building, comprised of 9 residential apartments. Currently, the largest of these 9 apartments is free market, and eight are rent-stabilized. The building's electrical systems were extensively updated 3 years ago, and a brand new gas boiler was installed six months ago. Every apartment boasts strip hardwood floors, soaring 10-foot ceilings, and a windowed kitchen. On the first floor, an outdoor patio leads onto a wonderfully tranquil rear garden oasis, and the property is further enhanced by a partially finished basement with a full bathroom and kitchen.

NEARBY TRANSIT/SUBWAY
Lexington Avenue 51st Street Transit Stop - #4, #6, E, and M Trains
Lexington Avenue 59th Street Transit Stop - #4, #5, #6, N, R, and W Trains
Grand Central 42nd Street Transit Stop - #4, #5, #6, #7, the Shuttle, and Metro-North
5th Avenue 53rd Street Transit Stop - E and M Trains
5th Avenue 42nd Street (Bryant Park) Transit Stop - #7, B, D, F, and M Trains

Building class: Converted Dwellings or Rooming House (C5)
Lot dimensions 18.75 feet x 100.42 feet
Lot square footage: 1,883
Building square footage: 6,135
Building dimensions: 18.75 feet wide x 63 feet deep x 60 feet high
Stories: 5
Year built: 1910
Certificate of occupancy: Yes
Residential FAR (Floor Area Ratio): 4
FAR as built: 3.26
Allowed usable floor area: 7,532 sqft
Usable floor area as built: 6,135 sqft
Unused FAR: 1,397 sqft
Zoning district: R8B

EXPENSES - 331 EAST 52ND STREET
Gas + Electric for Common Areas: approx. $8,100 per year
Water: approx. $1,600 per year
Real Estate Taxes: $77,699.84 per year
TOTAL ANNUAL EXPENSES: $87,399.84

INCOME - 331 EAST 52ND STREET
UNIT 1
Status: Free-Market
Size: 2 Bedrooms, 2 Bathrooms, Rear Patio + Rear Garden
Lease Expires: tenants are month-to-month
Rent: $3,990 per month or $47,880 per year

UNIT 2F
Status: Stabilized
Size: 1 Bedroom, 1 Bathroom
Lease Expires: 12/31/2020
Legal Rent: $2,362.30
Actual Rent: $2,100 per month or $25,200 per year

UNIT 2R
Status: Stabilized
Size: 1 Bedroom, 1 Bathroom
Lease Expires: 09/2021
Legal Rent: $1,153.88 per month or $13,846.56 per year

UNIT 3F
Status: Stabilized
1 Bedroom, 1 Bathroom
Lease Expires: 09/30/2020
Legal Rent: $1,102.43 per month or $13,229.16 per year

UNIT 3R
Status: Stabilized
1 Bedroom, 1 Bathroom
Lease Expires: 09/30/2020
Legal Rent: $947.02 per month or 11,364.24 per year

UNIT 4F
Status: Stabilized
1 Bedroom, 1 Bathroom
Lease Expires: 07/20/2020
Legal Rent: $1,435.68 per month or $17,228.16 per year

UNIT 4R
Status: Stabilized, VACANT
1 Bedroom, 1 Bathroom
Legal Rent: $1,322.63 per month or $15,871.56 per year

UNIT 5F
Status: Stabilized
1 Bedroom, 1 Bathroom
Lease Expires: 12/31/2020
Legal Rent: $1,335.99 per month or $16,031.88 per year

UNIT 5R
Status: Stabilized, VACANT
1 Bedroom, 1 Bathroom
Legal Rent: $1,401.00 per month or $16,812 per year

TOTAL ANNUAL INCOME: $177,463.56