Fantastic Flushing Avenue MASPETH - FRESH PONDS QUEENS MIXED USE INVESTMENT OPPORTUNITY |
 | Listing ID: 90
Last Updated: 10 05, 2018
Property Type(s): Garden/Low-Rise
Property Use Type: Investment
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: $ 1,400,000 | Opinion of Value: $ 1,888,888 | | Down Payment: $ 0 | Year Built: |
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| Property Size |
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| Existing Built Square Footage: 3,000 Sq.Ft | Land Plot Lot Size: 2,576 Square Feet | | Lot Frontage: 25.5 | Lot Depth: 100 | | Number of Units: 3 | Percent Occupied: 100 % | | Investment Type: Value Add | |
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Attachments |
1-Lichtenstein_$1,400,000-5220_Flushing_Ave_Queens_ Mixed-Use.pdf |
Property Details |
| Property Description : | A Two-story 3,000 Square foot walk-up Mixed Use building with Two (2) Bedroom Residential Apartments approximately 750 square foot each, 1,500 square foot Ground Floor Pizza Restaurant plus basement. Restaurant uses 1/3rd of basement space for Inventory storage. Property also has an attached single car garage plus exterior parking space. | | Property Notes : | Retail tenant reimburses 33.3% Real Estate Taxes & 50% Water Sewer. | | Property Location : | Maspeth Fresh Ponds Queens | | Highlights : | Retail Tenant Reimburses 33.3% Real Estate Taxes & 50% Water Sewer
Very Clean Building. No Violations (as at 5/2/18)
Close to the Metropolitan Oval.
Close to MTA 38, 52 Buses.
0.686 Miles to L Subway Train to Manhattan. Schools Nearby.
Demographic Data: Average Household Income: $69,886. Median Value Of Each Residential Unit: $535,000 |
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Property Financials |
| Annual Income | Analytical Calculations |
| Scheduled Gross Income, Annually: | $ 78,000 | Gross Rent Multiplier: | 16 | | Less Vacancy & Collection Loss Assumption: | $ 0 | Capitalization Rate: | 4.73 % | | Reimbursement: | $ 3,475 | Cash on Cash Return: | 7.6 % | | Other Income: | 3,600 | |
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| a. Effective Gross Income, Annualy: $ 85,075 | |
| Annual Expenses | Analytical Calculations |
| Management: Self Managed | $ 0 | Expenses per unit: | $ 6,275 | | Maintenance: | $ 2,200 | Expenses per square foot: | $ 6.28 | | Taxes: | $ 4,126 | Price per unit: | $ 466,667 | | Insurance: | $ 2,500 | Price per square foot (building): | $ 467 | | Heating: | $ 4,000 | Price per area of land plot: | $ 543 |
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| a. Total Annual Expenses: $ 18,826 | |
| Annual Net Financials |
| c. Net Operating Income, Annually | $ 66,249 | | 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: | $ 700,000 | | Interest Rate: | 4.87 % | | Loan Amortization: | 30 Years | | Loan Term: | 5 Years | | Annual Debt Service: | $ 44,428 | | Description: | FIXED FOR 5 YEARS Plus 5+5+5+5+5 rollover terms with 30 YEAR AMORTIZATION SCHEDULE. Each resets at 225bps over 5 year FHLB at the start of each term. Subject to changes |
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Tenant Information |
| Tenant Name | Lease End (i.e. mm/dd/yyyy) | square feet | | Good Pizza Restaurant | 2030 | 1500 | Lease and Escalation:
Annual $100/month/year increase |
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Property Attachments |
Attachment
(click to open / enlarge) | | Description | | 5220 Flushing Ave Maspeth Mixed Use |
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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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