44 Apartments. 6.54% Cap Rate Net Leased Nirvana. Brand Newly Built 4 Bronx Buildings

Listing ID: 86
Last Updated: 11 24, 2017
Property Type(s): Garden/Low-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: $ 12,618,512Opinion of Value: $ 13,420,653
Down Payment: $ 0Year Built:
Property Size
Existing Built Square Footage: 32,182 Sq.FtLand Plot Lot Size: 14,326 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 44Percent Occupied: 100 %
Investment Type:  


1- Lichtenstein-For Sale-4 Bronx Net Leased Building Portfolio.pdf

Property Details

Property Description :

Four 4 Story Newly Built walk-up Residential Buildings with a Total of 44 Apartments in the Tremont & Morrisania sections of the Bronx. 4 Properties are Net Leased to 3 Entities. Crotona, Fulton Avenue & East 167th each have 5 year initial lease terms while East 170th Street has a 10 year initial term. All 4 have lease Renewal Options. 4 Buildings have combined 32,182 square foot total plus an Additional 5,341SF of Air Rights available for a total of 37,523 square foot Residential as of right maximum FAR Buildable.

Property Notes :

E 170th Street NO MORE 421 TAX ABATEMENT solely for the construction time frame THIS WAS ABANDONED AND NO LONGER AVAILABLE: Seller represents that taxes are $45,000. However NYCDOF shows taxes of only $194 with exemption. Builder prepaid that is why it shows $0. Was vacant land previously.) 1232 Fulton Avenue NO MORE 421 TAX ABATEMENT solely for the construction timeframe THIS WAS ABANDONED AND NO LONGER AVAILABLE: Real Estate Taxes have not changed in years before construction and same now after development $0. Was vacant land previously.

Property Location :

Morrisania and Tremont Areas

Highlights :

? Brand New 2 to 3 year old Buildings
? Properties are Net Leased so Minimal Operating Expenses for Buyer
? 421A Tax Abatements on 2 of 4 buildings

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 918,000Gross Rent Multiplier:14
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:6.5 %
Reimbursement:$ Cash on Cash Return:7.27 %
Other Income:0 
a. Effective Gross Income, Annualy: $ 918,000 
  Annual ExpensesAnalytical Calculations
Management:$ 0Expenses per unit:$ 2,113
Maintenance:$ 0Expenses per square foot:$ 2.89
Taxes:$ 45,150Price per unit:$ 286,776
Insurance:$ 21,800Price per square foot (building):$ 392
Heating: Paid by Master Tenants$ 0Price per area of land plot:$ 881
a. Total Annual Expenses: $ 92,950 
Annual Net Financials
c. Net Operating Income, Annually$ 825,050
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 9,463,614
Interest Rate:3.94 %
Loan Amortization:25 Years
Loan Term:5 Years
Annual Debt Service:$ 595,673
Description:FIXED FOR 5 YEARS WITH 25 YEAR AMORTIZATION SCHEDULE. Personal guarantee required. 70%LTV No PG.

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
Lease and Escalation:
4 Properties are Net Leased to 3 Entities. Crotona, Fulton Avenue & East 167th each have 5 year init

Property Attachments

(click to open / enlarge)
Bronx Nirvana 44 Unit 4 Building portfolio


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