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):
Property Use Type:
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: $ 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:  

Attachments

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

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

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