12.38% Proj. Return On Investment- 22 Unit E.Village

Listing ID: 15
Last Updated: 08 14, 2015
Property Type(s): Mid/High-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

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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

Price
 
Asking Price: $ 17,500,000Opinion of Value: $ 18
Down Payment: $ 0Year Built: 1910
 
Property Size
 
Existing Built Square Footage: 8,900 Sq.FtLand Plot Lot Size: 2 Acres
Lot Frontage: Lot Depth:
Number of Units: 22Percent Occupied: 100 %
Investment Type:  

Attachments

1-Lichtenstein-82 East 3rd Street Manhattan East Village.pdf

1 Page Executive Summary- 82 E 3rd Street.pdf

Property Details

Property Description :

6 story brick walk up apartment building plus basement containing 20 apartments & 2 retail stores converted to live/work units containing approximately 750 square feet each.$35,000,000 CONDOMINIUM VALUE of the property. 10.84% Projected Potential Projected Cash On Cash Return On Investment If Buyer Develops Available Areas & Maximizes Rents Big Upside!! 1 rent controlled tenant pays only $101 monthly has moved to Brazil, unit to be destabilized and rent increased. Plus 1 rent stabilized tenant pays only $643 monthly.

Property Location :

East Village, Close to NYU Dorms, Easy access to Transportation.

Highlights :

Brand New 10/05/2013 Fuel Efficient Gas Boiler & Burner




Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 777Gross Rent Multiplier:23
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:4.1 %
Reimbursement:$ Cash on Cash Return:7 %
Other Income:0 
a. Effective Gross Income, Annualy: $ 777 
  Annual ExpensesAnalytical Calculations
Management:$ 0Expenses per unit:$ 3,093
Maintenance:$ 5,000Expenses per square foot:$ 7.65
Taxes:$ 34,766Price per unit:$ 727,273
Insurance:$ 3,500Price per square foot (building):$ 1,799
Heating:New Gas Boiler & Burner$ 9,843Price per area of land plot:$ 8,750,000
a. Total Annual Expenses: $ 68,046 
Annual Net Financials
c. Net Operating Income, Annually$ 709
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 6,000,000
Interest Rate:3.19 %
Loan Amortization:30 Years
Loan Term:10 Years
Annual Debt Service:$ 310,786
Description:FIXED FOR 5 YEARS PLUS 5 YEAR ROLLOVER WITH 30 YEAR AMORTIZATION SCHEDULE

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
Lease and Escalation:

Property Attachments

Attachment
(click to open / enlarge)
Description
10% Proj. ROI 22 Unit E.Village

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