Corner of Profit & Potential |
 | Listing ID: 76
Last Updated: 07 19, 2016
Property Type(s): Multi-Family (land), Commercial/Other (land)
Property Use Type: Any Use - All Of The Above
Contact : Andrew Lichtenstein,
President
Andrew Lichtenstein, Inc.
5770 Palisade Avenue Riverdale,
New York 10471
(800) 242-9888 or (718) 549-5999
Email: AL@LichtensteinRE.com |
| Make an offer to buy this property |
| Contact |
Andrew Lichtenstein,
President
Andrew Lichtenstein, Inc.
5770 Palisade Avenue Riverdale,
New York 10471
(800) 242-9888 or (718) 549-5999
Email: AL@LichtensteinRE.com
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| Price |
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| Asking Price: $ 549,000 | Opinion of Value: $ 990,000 | | Down Payment: $ 0 | Year Built: |
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| Property Size |
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| Existing Built Square Footage: 1,815 Sq.Ft | Land Plot Lot Size: 3,243 Square Feet | | Lot Frontage: 44 | Lot Depth: 72.58 | | Number of Units: 9 | Percent Occupied: 25 % | | Investment Type: | |
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Attachments |
1Page Fax Flyer.pdf Corner of Profit and Potential.pdf |
Property Details |
| Property Description : | Subject is currently a 2 lot property. 3464 Bronxwood Ave consists of a 2 story 2 family building which can be renovated or demolished to construct approximately 9 units when combined with vacant corner lot at 900 E215th Street. Proposed Construction of up to 6,484 Buildable Square Feet, 9 apartments with 6 parking spaces. | | Property Location : | Williamsbridge Allerton | | Highlights : | Valuable desirable corner location.
Existing 2 Family Frame Home in Very Poor Condition. Property can be reconstructed or demolished to become 1 large combined developable corner lot.
Easy Access To Shopping and Transportation. MTA #8,28, 30,34 Buses and #2& 5 Trains
100% Free-Market Rents upon completion
This is 335 feet from where another developer built and sold 4 beautiful 2 family townhouses in 2012
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Property Financials |
| Annual Income | Analytical Calculations |
| Scheduled Gross Income, Annually: | $ 196,065 | Gross Rent Multiplier: | | | Less Vacancy & Collection Loss Assumption: | $ 9,804 | Capitalization Rate: | % | | Reimbursement: | $ | Cash on Cash Return: | % | | Other Income: | 0 | |
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| a. Effective Gross Income, Annualy: $ 186,261 | |
| Annual Expenses | Analytical Calculations |
| Management: | $ 5,588 | Expenses per unit: | $ 3,247 | | Maintenance: | $ 4,693 | Expenses per square foot: | $ 16.10 | | Taxes: | $ 4,926 | Price per unit: | $ 0 | | Insurance: | $ 4,266 | Price per square foot (building): | $ 0 | | Heating: Private Meters- Tenants Pay | $ 0 | Price per area of land plot: | $ 169 |
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| a. Total Annual Expenses: $ 29,221 | |
| Annual Net Financials |
| c. Net Operating Income, Annually | $ 157,040 | | d. Annual Debt Service: | $ 0 | | e. Other Annual Capital Costs: | $ 0 | | Pre Tax Cash Flow, Annually | $ 0 |
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Financing Information |
| This Loan is Proposed | | Principal: | $ 2,093,873 | | Interest Rate: | 3.81 % | | Loan Amortization: | 30 Years | | Loan Term: | 10 Years | | Annual Debt Service: | $ 117,222 | | Description: | PROPOSED TAKEOUT PERMANENT FINANCING UPON COMPLETION OF CONSTRUCTION AND RENTAL: (Subject to lender approval & closing.) |
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Tenant Information |
| Tenant Name | Lease End (i.e. mm/dd/yyyy) | square feet | | | | Lease and Escalation:
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Property Attachments |
Attachment
(click to open / enlarge) | | Description | | Bronxwood Multifamily Development Opportunity |
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Disclaimer |
The statements, figures and information herein or provided at any time have been received from sources we believe to be authoritative, but no warranty, guarantee or representation is made as to the accuracy or completeness. Subject to errors, omissions, change of conditions, price, terms, rate, prior rental, sale, lease, financing, prior placement, withdrawal, cancellation or modification without notice. The information, including financial analysis does not constitute a representation, warranty, or guaranty of any or the numbers or information set forth herein or of any economic value attributable to the subject investment. Independent estimates of financial or economic attributes should be developed with due diligence of counsel and independent professionals before any decision is made regarding this. The materials and information do not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any companies affiliated herein. Furthermore, this site may contain information and press releases about and by affiliates; however, although this information was believed to be accurate as of the date prepared we hereby disclaim any duty or obligation to update such information. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933, as amended, such information is intended to fit within the 'safe harbor' for forward looking information and is subject to material risk factors which may or may not be disclosed herein. We do not intend to make any investment representations about or any companies affiliated with us, or of opportunities and should not be viewed as such. Buyers/Borrowers must perform their own independent due diligence. References to square footage or age are approximate. This summary is for information only and does not constitute all or any part of an offer or contract. Buyer must verify all information and bears all risk for any inaccuracies. Broker does not warrant any inaccuracies; pricing, availability etc. is subject to change.
ANDREW LICHTENSTEIN, INC. (Licensed Real Estate Broker) Commercial Real Estate Sales and Mortgage Financing |
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