TREMENDOUS TIEBOUT BRONX BONANZA
Listing ID:
53754824399
Last Updated:
11/24/2015
Property Type(s):
Multi-Family: Mid/High-Rise
Property Use Type:
Investment
Tenancy Type:
Multiple
Property Address:
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Bronx, NY 10458, US
Contact
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Price
Asking Price:
$
6,360,000
Opinion of Value:
$
6,500,000
Property Size
Existing Built
Square Footage:
24,125
square feet
Land Plot Lot Size:
6,999
square feet
Number of Units:
35
Percent Occupied:
100
%
Property Details
Property Description:
A Five Story Walk-up Apartment Building Containing 30 Rent Stabilized Apartments +5 Storage units.
Property Location:
Fordham Road/Grand Concourse
Highlights:
· • Lovely, Large, Bright Well Maintained Apartments
· • Architecturally Fine Property including Luxurious Marble Entry Hallways, Terra Cotta Exterior Intricate Decorative Details.
· • Desirable Fordham and Grand Concourse Section of Bronx Minutes from Manhattan.
· • New Rubber Roof, Thoroseal Pointing, New Boiler
· • Undervalued Rents You can increase rents substantially over time
· • Cameras Throughout Interior & Exterior of Building
Property Financials
(This Income/Expense Information is
Actual
)
Annual Income
Analytical Calculations
Scheduled Gross Income, Annually:
$
492,816
Gross Rent Multiplier:
12.91
less Vacancy:
$
24,641
Capitalization Rate:
4.79
%
Reimbursement:
Other Income:
a.
Effective Gross Income, Annualy:
$
468,175
Annual Expenses
Analytical Calculations
Management: Self Managed 3%
$
14,784
Expenses per unit:
$
4,679
Maintenance:
$
15,000
Expenses per square foot:
$
6.79
Taxes:
$
41,847
Price per unit:
$
181,714
Insurance:
$
10,000
Price per square foot (building):
$
264
Heating: #2
$
42,000
Price per area of land plot:
$
909
Water & Sewer
$
28,000
Utilities: Electricity- CAM
$
7,000
Labor: Payroll 1 Super
$
13,000
Replacement Reserves ($200/unit)
$
6,000
Less Projected Saving if onvert to Gas heat
$
-13,860
b.
Total Annual Expenses:
$
163,771
Annual Net Financials
c.
Net Operating Income, Annually
$
304,404
d.
Annual Debt Service:
$
e.
Other Annual Capital Costs:
$
Pre Tax Cash Flow, Annually
$
Financing Information
This Loan is
Proposed
.
Principal:
$
4,500,000
Interest Rate:
3.74
%
Loan Amortization:
30
Loan Term:
5
yrs.
Annual Debt Service:
$
249,776
Description:
FIXED FOR 5 YEARS with 30 YEAR AMORTIZATION SCHEDULE with 5 year rollover option at future rate
Unit Mix Information
Description
No. of Units
Square feet
Avg. mo. rent
1 Bedroom 1 Bath
9
$1,118
2 Bedrooms 1 Bath
18
$1,339
3 Bedroom 1 Bath
2
$1,600
4 Bedroom 1 Bath
1
$2,100
Property Attachments
Attachment
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Description
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Executive Summary
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Photo
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Hallway
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Living Room
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2013 New Oil Burner
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Building Front