US - Jacksonville, FL
Drivers of rent growth in the short term will include the ongoing citywide rental recovery and a return to full international enrollment at Columbia University this coming fall. The Property’s predominantly Free Market status, studio layouts and access to the Broadway 1 & Central Park B, C subway stations will be additional drivers of rent growth. Longer term demand will be supported by the supply constrained nature of the Upper West Side building stock, the long discussed potential redevelopment of West 106th Street and the continued evolution of the retail landscape along Columbus Avenue.
Future ownership will have multiple paths to increase the Property’s cash flow. Light cosmetic upgrades to the apartments can position the Free Market component in-line with the top of prevailing area studio rents. Upon future vacancy of the remaining regulated units, perimeter changes and new unit configurations can be utilized to re-cast first market rents. In addition, the vacant basement space could be repositioned to offer tenant amenities such as storage or an in-building laundry service. Over the longer term, the property lies outside of all the UWS historic districts and possesses ~8,052 SF of additional air rights that could be used in the future to enlarge the existing structure.