109 Audubon Ave. New York, NY 10032
Area (Sq Ft)
Land Size: 1900 Sq Ft
Year Built: 1914
No. of Units: 3
Price per Unit: $1,166,666
Price per SF: $590.78
Property Type: Multi-family
Property Subtype: Mixed-Use
Property Use Type: Investment
Other address (1) : 512 W 171 St.
Other address (2) : 516 W 171 St.
No. of Stories: 3
Building Dimensions: 20' x 95'
Residential Units: 2
Retail Units: 1
Zoning (FAR): R7-2 (3.44)
Annual Income: $154,959
The subject property is a 3-story walk-up mixed-use building located on the southeast corner of Audubon Avenue and West 171st Street in Washington Heights. Property spans 7,617 gross square feet. The current configuration includes a ground floor retail space (currently occupied by LabCorp) and two (2) floor through, two-bedroom apartments on the second and third floors.
All units are currently occupied at rents below market, providing investors with an opportunity to capitalize on rental upside in a growing market. The retail tenant has one (1) option to renew their lease for two (2) years at a 3% increase. Additionally, the residential units can be reconfigured to increase unit/bedroom counts and unlock additional value.
About the Neighborhood
Washington Heights is a rapidly expanding area with several area draws. Within a short walking distance from the subject property is the New York Presbyterian-Columbia University Hospital campus. Other notable community developments in the area include Columbia University’s New Medical and Graduate Education Facility, which opened August 2016. Residential and commercial developments underway include 655 West 187th Street – a 48 unit, 75,000 square foot rental project being developed by HAP Investments and 2420 Amsterdam Avenue – a new development project by Youngwoo & Associates, which will include a hotel as well as office space. The location of the subject property also facilitates easy access to key transportation options, with the 1, A, and C subway lines all situated four blocks away. 109 Audubon Avenue presents prospective investors and users with a cash flowing investment opportunity with inherent value-add/ conversion potential.
Rowen Giles is a New York Licensed Real Estate Salesperson and represents owners of single and multi-family residential homes, as well as apartment buildings and mixed-used commercial properties anywhere in the State of New York. When it comes to the complexities of selling real estate, no one is more qualified than Rowen. Prior to real estate, Rowen was a computer systems engineer and technology manager for 18 years working for small and large fortune 500 companies, including stints at Microsoft Corporation and the Federal Reserve Bank of New York. Rowen’s career in technology saw many challenges such as sizing large technical infrastructure, solving complex technology problems, and deploying sophisticated software solutions. Rowen met each challenge with success as a result of careful planning, organizing, directing and managing. Rowen is a results-driven and highly organized professional with strong attention to details. Once a property is on the market, Rowen applies advanced techniques to connect clients to thousands of buyers, investors, mortgage brokers, and real…
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