6.2% Cap Bronx NN Leased Nirvana

Listing ID: 92
Last Updated: 06 06, 2018
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: $ 8,000,000Opinion of Value: $ 8,415,000
Down Payment: $ 0Year Built: 2014
Property Size
Existing Built Square Footage: 19,818 Sq.FtLand Plot Lot Size: 9,448 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 28Percent Occupied: 100 %
Investment Type:  


1- Lichtenstein-For Sale-2 Bronx Net Leased Building Portfolio .pdf

Property Details

Property Description :

Two 4 Story Newly Built walkup Residential Buildings with a Total of 28 Apartments and 8 to 10 car parking in the Morrisania section of the Bronx. These 2 Properties are Net Leased to 2 Entities. Fulton Avenue has 5 year initial lease terms while East 170th Street has a 10 year initial term. Both have lease Renewal Options. 2 Buildings have combined 19,918 square foot total plus an Additional 3,320SF of Air Rights available for a total of 23,238 square foot Residential as of right maximum FAR Buildable.

Property Location :

Morrisana Bronx

Highlights :

Brand New 3 to 4 year old New Buildings MINT CONDITION
Properties are Net Leased so Minimal Operating Expenses for Buyer
$8,415,000 Broker Comparable Sales Opinion of Value Valuation.

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 597,600Gross Rent Multiplier:
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:6.1 %
Reimbursement:$ Cash on Cash Return: %
Other Income:0 
a. Effective Gross Income, Annualy: $ 597,600 
  Annual ExpensesAnalytical Calculations
RE Taxes$ 72,574Expenses per unit:$ 3,656
Water & Sewer$ 16,000Expenses per square foot:$ 5.17
Insurance$ 13,800Price per unit:$ 285,714
$ 0Price per square foot (building):$ 402
$ 0Price per area of land plot:$ 847
a. Total Annual Expenses: $ 102,374 
Annual Net Financials
c. Net Operating Income, Annually$ 495,226
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 4,790,000
Interest Rate:4.75 %
Loan Amortization:30 Years
Loan Term:5 Years
Annual Debt Service:$ 330,686
Description:FIXED FOR 5 YEARS WITH 30 YEAR AMORTIZATION SCHEDULE. 100% Personal guarantee required. 1/2% Bank Fee.

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
Lease and Escalation:
East 170th Street: 5 Year fixed rent then 2% Increase per year thereafter. At 10 year Expiration Ter

Property Attachments

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6.2% Bronx Net Leased Nirvana


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