Newly Built 7 Story Elevator 40-Unit Multifamily DELIVERED VACANT |
 | Listing ID: 111
Last Updated: 07 12, 2024
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
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| Price |
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| Asking Price: $ 1 | Opinion of Value: $ 16,000,000 | | Down Payment: $ 0 | Year Built: 2023 |
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| Property Size |
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| Existing Built Square Footage: 38,074 Sq.Ft | Land Plot Lot Size: 9,432 Square Feet | | Lot Frontage: | Lot Depth: | | Number of Units: 40 | Percent Occupied: 0 % | | Investment Type: | |
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Attachments |
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Property Details |
| Property Description : | The property is a Newly Built Fully Vacant 7 story Elevator Building with 40 residential units. The masonry-based structure also has a cellar, 12 enclosed parking spaces, plus eight open parking spaces, for a total of 20 parking spaces. There is a 905 square foot Recreation Room on the first floor which may be rented to a Not-for-Profit Agency. Each apartment has its own (PTAC) Packaged Terminal Air Conditioner unit, which provides both heating and cooling. The property is in the Kingsbridge Section of The Bronx with unobstructed views overlooking Manhattan, The East River, the Harlem River, the Hudson River, New Jersey Palisade National Park and the Bluffs and with easy access to public transportation. Property has a total gross size of 38,047 square feet and was built in 2023. The Property qualifies for the new 485x Tax Exemption (Upon Construction completion - 35-years (100% First 25 Years then 25% remaining 10 Years). | | Property Location : | Kingsbridge | | Highlights : | The Property qualifies for the new 485x Tax Exemption (Upon Construction completion - 35-years (100% First 25 Years then 25% remaining 10 Years).
Delivered Vacant
Brand New Building
Unobstructed views overlooking Manhattan, The East River, the Harlem River, the Hudson River, New Jersey Palisade National Park and the Bluffs
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Property Financials |
| Annual Income | Analytical Calculations |
| Scheduled Gross Income, Annually: | $ 1,305,864 | Gross Rent Multiplier: | 11 | | Less Vacancy & Collection Loss Assumption: | $ -68,293 | Capitalization Rate: | 0.08054985714285715 % | | Reimbursement: | $ | Cash on Cash Return: | 11 % | | Other Income: | 0 | |
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| a. Effective Gross Income, Annualy: $ 1,240,571 | |
| Annual Expenses | Analytical Calculations |
| Real Estate- 485x Tax Exemption | $ 0 | Expenses per unit: | $ 2,822 | | Water & Sewer: | $ 10,000 | Expenses per square foot: | $ 2.96 | | Electricity CAM | $ 10,000 | Price per unit: | $ 350,000 | | Janitorial/Payroll: | $ 12,000 | Price per square foot (building): | $ 368 | | Repairs & Maintenance | $ 16,000 | Price per area of land plot: | $ 0 |
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| a. Total Annual Expenses: $ 112,873 | |
| Annual Net Financials |
| c. Net Operating Income, Annually | $ 1,127,698 | | 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: | $ 10,500,000 | | Interest Rate: | 5.95 % | | Loan Amortization: | 30 Years | | Loan Term: | 10 Years | | Annual Debt Service: | $ 2 | | Description: | |
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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
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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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