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,
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

Andrew Lichtenstein,
Andrew Lichtenstein, Inc.
5770 Palisade Avenue Riverdale,
New York 10471
(800) 242-9888 or (718) 549-5999
Email: AL@LichtensteinRE.com

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:  


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

Tenant Information

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

Property Attachments

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10% Proj. ROI 22 Unit E.Village


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ANDREW LICHTENSTEIN, INC. (Licensed Real Estate Broker) Commercial Real Estate Sales and Mortgage Financing