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Multifamily

The Chelsea Collection

307 W 29th St, New York, NY 10001

Listing Price: $100,000,000

Cap Rate
5.30%
Number of Units
147
GRM
13.26
Price/Unit
$680,272
Price/Gross SF
$1,012.67
Gross SF
98,749

Investment Overview

THE OFFERING


Marcus & Millichap is pleased to exclusively offer The Chelsea Collection, a 13-building multifamily portfolio located in the prime neighborhood of Chelsea, Manhattan. The offering is located in the heart of the city’s most desirable residential neighborhood, Chelsea, and is clustered together between West 19th Street and West 29th Street. This 147-unit portfolio offers economies of scale by consolidating management and staffing amongst the collection of properties. The portfolio totals approximately 98,000 square feet across the 13 buildings.


THE OPPORTUNITY: The 13 buildings contain 146 apartments and one commercial space. The apartments offer a diverse unit mix, ranging from studios to large 3-bedroom apartments. Many of the units in the portfolio offer private outdoor space, a rarity which commands top of the market rents. The portfolio is 84% Free Market, has 8 tax class protected buildings, and is offered with attractive assumable debt.

ECONOMIES OF SCALE: The Chelsea Collection offers a rare opportunity to immediately acquire a substantial footprint in Chelsea. Spanning roughly 98,000 square feet, with 13 buildings concentrated in the West side of the neighborhood between West 19th Street and West 29th Street, this portfolio allows the purchaser to consolidate management and property operations. All properties are within a quick walk of each other. Furthermore, The Chelsea Collection allows a first-time Manhattan purchaser to have an immediate presence in one of the most establishes residential neighborhoods in New York.

TAX CLASS PROTECTION: 8 of 13 buildings in The Chelsea Collection have the highly sought after Tax Class Protected designation. Under Tax Class Protections 2A & 2B, tax escalations cannot exceed 8% annually or 30% over a five-year period. This is among the most desirable tax designations in the city and protects the purchaser against future tax liability. The portfolio offers $75,000,000 of assumable interest-only debt at a 4.7% interest rate with four years of term remaining.

MULTIPLE EXIT STRATEGIES: The portfolio allows the purchaser to realize strong cash-flow immediately, but also offers significant future upside. The Chelsea Collection allows for multiple business plans, which include holding and operating as a cash flowing asset for the long term, adding value through renovations, or spinning off units individually through condo conversion. Additionally, several of the properties in the portfolio can be converted to single family residences to capitalize on the booming and supply-constrained Chelsea townhouse market.



Investment Highlights

  • THE OPPORTUNITY: The 13 buildings contain 146 apartments and one commercial space. The apartments offer a diverse unit mix, ranging from studios to large 3-bedroom apartments.
  • ECONOMIES OF SCALE: The Chelsea Collection offers a rare opportunity to immediately acquire a substantial footprint in Chelsea.
  • TAX CLASS PROTECTION: 8 of 13 buildings in The Chelsea Collection have the highly sought after Tax Class Protected designation.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

Multifamily

The Chelsea Collection

Listing Price: $100,000,000

Cap Rate
5.30%
Number of Units
147
GRM
13.26
Price/Unit
$680,272
Price/Gross SF
$1,012.67
Gross SF
98,749

Investment Highlights

  • THE OPPORTUNITY: The 13 buildings contain 146 apartments and one commercial space. The apartments offer a diverse unit mix, ranging from studios to large 3-bedroom apartments.
  • ECONOMIES OF SCALE: The Chelsea Collection offers a rare opportunity to immediately acquire a substantial footprint in Chelsea.
  • TAX CLASS PROTECTION: 8 of 13 buildings in The Chelsea Collection have the highly sought after Tax Class Protected designation.

Investment Overview

THE OFFERING Marcus & Millichap is pleased to exclusively offer The Chelsea Collection, a 13-building multifamily portfolio located in the prime neighborhood of Chelsea, Manhattan. The offering is located in the heart of the city’s most desirable residential neighborhood, Chelsea, and is clustered together between West 19th Street and West 29th Street. This 147-unit portfolio offers economies of scale by consolidating management and staffing amongst the collection of properties. The portfolio totals approximately 98,000 square feet across the 13 buildings. THE OPPORTUNITY: The 13 buildings contain 146 apartments and one commercial space. The apartments offer a diverse unit mix, ranging from studios to large 3-bedroom apartments. Many of the units in the portfolio offer private outdoor space, a rarity which commands top of the market rents. The portfolio is 84% Free Market, has 8 tax class protected buildings, and is offered with attractive assumable debt. ECONOMIES OF SCALE: The Chelsea Collection offers a rare opportunity to immediately acquire a substantial footprint in Chelsea. Spanning roughly 98,000 square feet, with 13 buildings concentrated in the West side of the neighborhood between West 19th Street and West 29th Street, this portfolio allows the purchaser to consolidate management and property operations. All properties are within a quick walk of each other. Furthermore, The Chelsea Collection allows a first-time Manhattan purchaser to have an immediate presence in one of the most establishes residential neighborhoods in New York. TAX CLASS PROTECTION: 8 of 13 buildings in The Chelsea Collection have the highly sought after Tax Class Protected designation. Under Tax Class Protections 2A & 2B, tax escalations cannot exceed 8% annually or 30% over a five-year period. This is among the most desirable tax designations in the city and protects the purchaser against future tax liability. The portfolio offers $75,000,000 of assumable interest-only debt at a 4.7% interest rate with four years of term remaining. MULTIPLE EXIT STRATEGIES: The portfolio allows the purchaser to realize strong cash-flow immediately, but also offers significant future upside. The Chelsea Collection allows for multiple business plans, which include holding and operating as a cash flowing asset for the long term, adding value through renovations, or spinning off units individually through condo conversion. Additionally, several of the properties in the portfolio can be converted to single family residences to capitalize on the booming and supply-constrained Chelsea townhouse market.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

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