King Of the Hill Development Opportunity

Listing ID: 82
Last Updated: 12 22, 2016
Property Type(s): Multi-Family (land)
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

Price
 
Asking Price: $ 550,000Opinion of Value: $ 900,000
Down Payment: $ 0Year Built:
 
Property Size
 
Existing Built Square Footage: 3,512 Sq.FtLand Plot Lot Size: 3,950 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 13Percent Occupied: 0 %
Investment Type:  

Attachments

Property Details

Property Description :

Property Consists of an existing 8+/- Bedroom 3,500+/- square foot 2.75 story residential home being delivered vacant. Proposed Construction of up to 8,685 Buildable Square Feet, for 13 apartments with 9 parking spaces. Option to Build Additional 3,500SF Community/Medical Facility.

Property Location :

Kingsbridge Terrace, Bronx

Highlights :

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 475,357Gross Rent Multiplier:
Less Vacancy & Collection Loss Assumption:$ 16,708Capitalization Rate: %
Reimbursement:$ Cash on Cash Return: %
Other Income:0 
a. Effective Gross Income, Annualy: $ 451,589 
  Annual ExpensesAnalytical Calculations
Management:$ 13,548Expenses per unit:$ 3,213
Repair & Maintenance:$ 7,024Expenses per square foot:$ 11.89
Taxes:$ 3,111Price per unit:$ 43,000
Insurance:$ 6,386Price per square foot (building):$ 139
Utilities: Electric & Heating: Common Area$ 0Price per area of land plot:$ 139
a. Total Annual Expenses: $ 41,765 
Annual Net Financials
c. Net Operating Income, Annually$ 409,824
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 5,464,314
Interest Rate:3.81 %
Loan Amortization:30 Years
Loan Term:10 Years
Annual Debt Service:$ 0
Description:3.81% FIXED FOR 10 YEARS WITH 30 YEAR AMORTIZATION SCHEDULE. Subject to Approval and rate change until rate locked. PROPOSED TAKEOUT PERMANENT FINANCING UPON COMPLETION OF CONSTRUCTION AND RENTAL

Tenant Information

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

Property Attachments

Attachment
(click to open / enlarge)
Description
King Of the Hill Development

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