Only $85 PDSF Economically Friendly Echo Development

Listing ID: 83
Last Updated: 04 10, 2017
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: $ 2,450,000Opinion of Value: $ 13,000,000
Down Payment: $ 0Year Built:
 
Property Size
 
Existing Built Square Footage: 6,328 Sq.FtLand Plot Lot Size: 5,457 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 44Percent Occupied: 0 %
Investment Type:  

Attachments

1-Lichtenstein $2.8M- 222-226 Echo Place Bronx Development.pdf

Property Details

Property Description :

Price Reduced 32%!! Now only $75PBSF Property Consists of 2 lots Currently with Two 2 story 3,164 square foot each, Residential 2 family Buildings. Proposed Construction of an 8 Story 32,850+/- Buildable Square Feet Residential Building that will consist of 22/Studios and 22/1 Bedroom Apartments. The property will be delivered in "as is" condition but with APPROVED ARCHITECTURAL BUILDING PLANS at closing from the noted and brilliant architectural firm of Issac and Stern Architects PC http://issacstern.com

Property Location :

Mount Hope, Bronx

Highlights :

? Valuable desirable location.
? Possibility to construct up to 8 Story Multifamily building with 44 residential apartments.
? Ready to go Approved Plans.
? Priced at Only $75 Per Buildable Square Foot with Approved Plans, Compared to other Properties Being sold in the Bronx at $80 Per Buildable Square F

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 808,183Gross Rent Multiplier:10
Less Vacancy & Collection Loss Assumption:$ 41,000Capitalization Rate:7 %
Reimbursement:$ Cash on Cash Return:15 %
Other Income:0 
a. Effective Gross Income, Annualy: $ 779,174 
  Annual ExpensesAnalytical Calculations
Management:$ 23,375Expenses per unit:$ 5,189
Maintenance:$ 26,572Expenses per square foot:$ 36.08
Taxes:$ 85,000Price per unit:$ 304,000
Insurance:$ 24,157Price per square foot (building):$ 85
Heating:$ 18,694Price per area of land plot:$ 449
a. Total Annual Expenses: $ 228,318 
Annual Net Financials
c. Net Operating Income, Annually$ 550,856
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 7,085,000
Interest Rate:4.5 %
Loan Amortization:30 Years
Loan Term:10 Years
Annual Debt Service:$ 430,784
Description:PROPOSED TAKEOUT PERMANENT FINANCING UPON COMPLETION OF CONSTRUCTION AND RENTAL: (Subject to lender approval & closing.) Rate subject to change until rate locked.

Tenant Information

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

Property Attachments

Attachment
(click to open / enlarge)
Description
Echonomically Friendly Echo Place

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