|Number of units||15|
JLL has been retained on an exclusive basis to arrange for the sale of 304 West 102nd Street, a 25’ wide, 5-story elevator apartment building located on the south side of West 102nd Street between West End Avenue and Riverside Drive. The 80% Free Market building is configured as 15 apartments and is comprised of approximately 9,850 Sq. Ft. The property has been owned by the same family for three generations and is available for the first time in over 50 years.
The apartments are arranged as six studios, eight 1-bedrooms, and one 2-bedroom of which 12 are Free Market and 3 are Rent Stabilized. The Free-Market apartments are currently leased for an average of $2,571 per month while the Rent Stabilized apartments are averaging $2,017 per month.
304 West 102nd Street is poised to benefit from a post-COVID rebound in rents. The Property will capitalize on surging rental growth throughout the balance of the pandemic’s recovery due to its primarily Free Market status, proximity to Columbia University, access to the 1, 2 & 3 trains along Broadway and high-quality common area / apartment renovations.
The property has been well cared for by family ownership which has reinvested significant capital into maintaining the building. Drivers of growth in the short term include the ongoing citywide rental recovery and a return to full in person learning at Columbia University. Long term dynamics are supported by the supply constrained nature of the Upper West Side, the property’s stellar location just west of the 1, 2 & 3 trains on Broadway and its proximity to Riverside Park. In addition to natural rent growth in both the long and short term, it may also be possible to add value by duplexing unit 1A with existing finished basement space and optimizing the outdoor space in the rear of the building.
In regard to infrastructure, the boiler has been converted to gas and the property is individually sub-metered for cooking gas and electric. There is also additional space in the basement where future ownership may be able to add amenities such as tenant storage or an in-building laundry room.
304 West 102nd Street will appeal to investors seeking a low maintenance, mostly Free Market, elevatored apartment building close to Columbia University. The property will be sold on an as-is where-is basis.
80% Free Market
Elevatored Apartment Building
Post-COVID Rental Rebound