Mount Hope Double Blessing 46 Unit Multifamily Investment |
 | Listing ID: 103
Last Updated: 08 09, 2019
Property Type(s): Garden/Low-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
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| Price |
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| Asking Price: $ 14,020,000 | Opinion of Value: $ 13,000,000 | | Down Payment: $ 0 | Year Built: |
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| Property Size |
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| Existing Built Square Footage: 33,158 Sq.Ft | Land Plot Lot Size: 0 Acres | | Lot Frontage: | Lot Depth: | | Number of Units: 46 | Percent Occupied: 96 % | | Investment Type: | |
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Attachments |
1-Lichtenstein-Double Blessings-Combined 1818 Clay Avenue & 265 East 176 Street NRI.pdf |
Property Details |
| Property Description : | Subject Properties consist of a Five-story Brick Walk-up Apartment Building and a Six-story Mid-Rise Masonry Elevator Apartment Building and contains Seven (1) Bedrooms, Thirty-Three (33) 2 Bedrooms and Six (3) Bedroom for a total of 46 Residential Apartments. Gross total floor area of 33,158 Square feet and 43,322 Maximum potential buildable square feet. Properties were Built in 1928 & 1937 and are located in The Mount Hope Section of the Bronx close to Schools, Shopping and Entertainment. | | Property Location : | Mount Hope Section of The Bronx | | Highlights : | Beautiful High Decorative Ceilings, Hallways and Tiled floors.
Dual Gas/ Oil Boiler and Burner.
Indiviual Gas and Electric Meters for each Apartment
Security Cameras Throughout
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Property Financials |
| Annual Income | Analytical Calculations |
| Scheduled Gross Income, Annually: | $ 876,429 | Gross Rent Multiplier: | 16 | | Less Vacancy & Collection Loss Assumption: | $ 0 | Capitalization Rate: | 3.7 % | | Reimbursement: | $ | Cash on Cash Return: | 6.6 % | | Other Income: | 0 | |
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| a. Effective Gross Income, Annualy: $ 0 | |
| Annual Expenses | Analytical Calculations |
| Management: 3% | $ 26,293 | Expenses per unit: | $ 7,764 | | Maintenance: | $ 22,000 | Expenses per square foot: | $ 10.77 | | Taxes: | $ 112,441 | Price per unit: | $ 304,783 | | Insurance: | $ 50,000 | Price per square foot (building): | $ 423 | | Heating: Gas & Oil | $ 65,000 | Price per area of land plot: | $ 0 |
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| a. Total Annual Expenses: $ 357,134 | |
| Annual Net Financials |
| c. Net Operating Income, Annually | $ 519,295 | | d. Annual Debt Service: | $ 0 | | e. Other Annual Capital Costs: | $ 0 | | Pre Tax Cash Flow, Annually | $ 0 |
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Financing Information |
| This Loan is Proposed | | Principal: | $ 9,814,000 | | Interest Rate: | 3.8 % | | Loan Amortization: | 30 Years | | Loan Term: | IO Years | | Annual Debt Service: | $ 372,932 | | Description: | Choice of maximum LTV determines maximum amortization schedule:
Choice of LTV: A) 70% LTV maximum with 30 year amortization.
Non-recourse less than <60%LTV
Or Personal guarantee required >= 60%LTV.
Interest Only: Maximum 12 months limited to 59% LTV.
Or, Choice of :B) Up to 75%LTV 25 year Amortization is required.
Choice of Term: A) Term: 5 year fixed balloon term
OR, B) 10 year fixed |
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Tenant Information |
| Tenant Name | Lease End (i.e. mm/dd/yyyy) | square feet | | | | Lease and Escalation:
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Property Attachments |
Attachment
(click to open / enlarge) | | Description | | Mount Hope Double Blessing |
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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 |
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