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123 West 20th St, New York, NY 10011

$30,000,000
Listing Details:
$30,000,000 Price
Townhouse Property Type
Chelsea Neighborhood
-- Beds
0 Baths
25,287 Approx. Sq. Ft.
Key Features:
Elevator
Unit Balcony
Description:

A 5 story, 46' wide x 92' deep Mix Used Building with an Elevator.
Currently 9 Free Market Units.
Configured as 5 Residential, 2 Commercial Retail and 2 Commercial Office.
The 25,287 SF Building is located in a prime Chelsea location with approximately 6,354 Unused Air Rights.
All Residential Units can be delivered Vacant, and the Commercial units can be delivered vacant with buyout clauses.

Building Features
Address: North Side of 20th Street between 6th and 7th Avenues.
Block / Lot: 796 / 23
Lot Size: 45.68' x 92'
Lot Area: 4,208
Stories: 5
Building Gross SF: 25,290 SF + Outdoor Terraces
Residential Units: 5
Commercial Units: 4
Unused Air Rights: 6,354
Zoning: C6-3A
Taxes: $118,699

This Mix Use Building offers a variety of layouts. Every unit is equipped with its very own completely separate boiler room, and has dedicated electrical panels with separate meters for both electric and gas, making this the perfect opportunity for an investor to easily convert into condominiums.

The building has a flat roof with existing I-Beams exposed. This way any investor who is interested in building up to maximize their air rights may easily do so.

All 5 residential high ceiling loft units are Free Market. 3 of the units are owner occupied. Building will be delivered vacant. The remaining 2 units have leases that expire on May 31, 2019.

1E Commercial Retail w/Basement
Water/sewer bill is sub-metered and pays twice a year. Buyout clause is $400K with an 18 month notice.
Gross Square Footage2,000 sq.ft.
Basement 1,600 sq.ft.
Increase3%
Projected Monthly Rent $16,480
Projected Annual $197,760

Unit 1W
Type: Commercial Retail w/Basement
pays $200 water/sewer every month. Buyout clause is $300K with 1 year notice.
Gross Square Footage: 2,000 sq.ft.
Basement: 1,200 sq.ft.
Increase:3%
Projected Monthly Rent: $16,480
Projected Annual: $197,760

Unit 2E
Type: Commercial Office Suite w/Terrace
pays $100 water/sewer every month along with rent. Buyout clause is $100K with 1 year notice.
Gross Square Footage:1,600 sq.ft.
Outdoor: 250 sq.ft.
Increase:3%
Projected Monthly Rent:$8,137
Projected Annual:$97,644

Unit 2W
Type: Commercial Office Suite w/Terrace
pays $50 water/sewer every month and has no buyout clause.
Gross Square Footage: 1,600 sq.ft.
Outdoor: 250 sq.ft.
Increase:0%
Projected Monthly Rent: $7,900
Projected Annual:$94,800

Unit 3E
Type: Residential 2 Bed/1 Bath Loft w/Balcony
Gross Square Footage:1,600 sq.ft.
Outdoor: 250 sq.ft.
Projected Monthly Rent:$8,000
Projected Annual:$96,000

Unit 3W
Type: Residential 3 Bed/ 1 Bath Loft w/Balcony
Gross Square Footage:1,600 sq.ft.
Outdoor: 250 sq.ft.
Projected Monthly Rent:$8,000
Projected Annual:$96,000

Unit 4
Type: Residential 5 Bed/ 2 Bath Loft
Gross Square Footage: 3,200 sq.ft.
Projected Monthly Rent:$16,000
Projected Annual: $192,000

Unit 5E
Type: Residential 2 Bed/ 2 Bath Loft
Gross Square Footage:1,600 sq.ft.
Increase:$100 Per Year
Projected Monthly Rent:$8,000
Projected Annual:$96,000

Unit 5W
Type: Residential 2 Bed/ 2 Bath Loft
Gross Square Footage:1,600 sq.ft.
Increase:$100 Per Year
Projected Monthly Rent:$8,000
Projected Annual:$96,000

Projected Total Income:
Projected Monthly Rent$96,997
Projected Annual Rent$1,163,964

Annual Expenses (Actual)
Real Estate Taxes:$118,699
Insurance: $5,773
Utilities:$15,421
Water/Sewer:$3,465
Garbage:$1,953
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Listing courtesy of Douglas Elliman Real Estate

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