Webster Value Added Mixed-Use Investment Opportunity

Listing ID: 104
Last Updated: 10 08, 2019
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: $ 2,300,000Opinion of Value: $ 2,300,000
Down Payment: $ 0Year Built: 1931
Property Size
Existing Built Square Footage: 6,000 Sq.FtLand Plot Lot Size: 1,399 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 8Percent Occupied: 100 %
Investment Type: Value Add 


1-Lichtenstein_396_E 171_Street_Bronx.pdf

Property Details

Property Description :

A Four-story Brick Walk-up Mixed Use Apartment Building consisting of Six (6) Large One Bedroom Residential Apartments Plus a Deli/Grocer Store and Stand alone One-story Beauty Salon/Barber Shop. Gross total floor area of 5,397 Square foot consisting of 4,397+/- Residential Square foot and 1,000+/- Deli Retail Square foot, Plus 600+/- square foot Hair salon/Barber Shop.

Property Location :

Mount Eden

Highlights :

Major Thoroughfare, Diversity in Food and Culture.
Close to BX41, BX41 Select Buses.
Streets are well-lit and walkable to Grocery Stores and Restaurants.
Great Unregistered Value Add Investment Opportunity
No history of any rent registrations therefore effectively the entire building is free market. Check with your own attorney or expert.

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 116,040Gross Rent Multiplier:19
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:3.50 %
Reimbursement:$ Cash on Cash Return:6.5 %
Other Income:0 
a. Effective Gross Income, Annualy: $ 116,040 
  Annual ExpensesAnalytical Calculations
$ 0Expenses per unit:$ 4,430
$ Expenses per square foot:$ 5.91
$ 0Price per unit:$ 287,500
$ 0Price per square foot (building):$ 383
$ 0Price per area of land plot:$ 1,644
a. Total Annual Expenses: $ 35,440 
Annual Net Financials
c. Net Operating Income, Annually$ 80,600
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 1,150,000
Interest Rate:3.5 %
Loan Amortization:30 Years
Loan Term:3 Years
Annual Debt Service:$ 61,986
Description:FIXED FOR 3 YEARS Plus 3+3+3+3+3+3+3+3+3 rollover terms with 30 YEAR AMORTIZATION SCHEDULE. Each resets at 225bps? over 3 year FHLB at the start of each term.

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
Lease and Escalation:

Property Attachments

(click to open / enlarge)
Webster Mixed Use 6 unit Residential Plus 2 Retail


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