7% Cap Rate Bronx 4 Building 64 Units w/ 60 Apartments Net Leased Investment

Listing ID: 99
Last Updated: 11 04, 2018
Property Type(s): Mid/High-Rise
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: $ 17,573,000Opinion of Value: $ 23,000,000
Down Payment: $ 0Year Built: 2014 to 2018
 
Property Size
 
Existing Built Square Footage: 45,209 Sq.FtLand Plot Lot Size: 19,160 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 64Percent Occupied: 100 %
Investment Type:  

Attachments

1-Lichtenstein 4 Sale 2131 & 2132 Mapes Ave Bx 45KRR.pdf

1- Lichtenstein-For Sale- $7.5M 2 Bronx Net Leased Building Portfolio 596 E 17 & 1232 Fulton .pdf

4_Building_Portfolio_Summary_$17.6MM_ROCK_BOTTOM_7CAP.pdf

Property Details

Property Description :

Three 4 Story and a 7 Story Newly Built Walkup Residential Buildings with a Total of 61 Apartments, Community Facility and 8 to 10 car parking in the Morrisania and Belmont Sections of the Bronx. These Properties are Net Leased to 2 Entities. Fulton Avenue has 8 Apartments and have a 5 year initial lease term while East 170th Street has 20 Apartments a 10 year initial term. 2132 Mapes Avenue- has 10 Residential Apartments and 2131 Mapes Avenue- A 7 Story Elevator Building has 22 Residential Apartments, a Large 600+/- square foot Recreational room and a 300+/- square foot Community Facility. 2132 Mapes Avenue is Net Leased and has a 5 year initial lease term and a 421A Tax Abatement with 11 years remaining. 2131 Mapes Avenue is fully constructed and interior nearing completion. This building can be delivered vacant or NN leased at closing if required. Buildings will have 5 year lease Renewal Options.

Property Notes :

Best Highest Cap Rate we have handled in years

Property Location :

Morrisania & Belmont

Highlights :

Brand Newly Built & 4 year New Buildings MINT CONDITION
Properties are Net Leased so Minimal Operating Expenses for Buyer
421A Tax Abatement on some 1 of the 4 Properties


Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 1,357,272Gross Rent Multiplier:13
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:7 %
Reimbursement:$ Cash on Cash Return: %
Other Income:0 
a. Effective Gross Income, Annualy: $ 1,357,272 
  Annual ExpensesAnalytical Calculations
Management:Net Lease Tenant Pays$ 0Expenses per unit:$ 1,988
Maintenance:Net Lease Tenant Pays$ 0Expenses per square foot:$ 2.81
Taxes:$ 81,415Price per unit:$ 274,578
Insurance:$ 23,800Price per square foot (building):$ 388,705
Heating:Net Lease Tenant Pays$ 0Price per area of land plot:$ 917
a. Total Annual Expenses: $ 127,215 
Annual Net Financials
c. Net Operating Income, Annually$ 1,230,057
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 0
Interest Rate: %
Loan Amortization: Years
Loan Term: Years
Annual Debt Service:$ 0
Description:

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
4 different master lease tenant operators5 plus 5 years
Lease and Escalation:
Some have 2% annual rent increases

Property Attachments

Attachment
(click to open / enlarge)
Description
Bronx Nirvana 4 Building Net Leased 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