Manhattan Opportunity

[Micheal Jonoba]

Hello BP community,

I am a multi-family investor, up until now I been investing primarily out of NYC. Recently I have started to to explore the NYC Market. A Broker of mine brought a deal to me located near Colombia University. 

Building Info:

5,450 Rentable Square Footage

$5.00 p/sf Average area rent

10 Units 

Current Income/Expense:

Gross Income $315,847.00 Yearly 

Expenses: $121,095.00

NOI: $194,752.00

Current asking is $4.2m. From my analysis the building is currently performing very well, and may not allow for much opportunity for growth. However Im new to NYC markets therefore, What do you guys think of this deal? Just wanted to get some ideas, thoughts, insight from seasoned NYC investors in here.