TREMENDOUS TIEBOUT BRONX BONANZA

  Generic Photo (you have to sign up and  log in in order to view the photos) 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: sign up and log in in order to request the street address and view the photos
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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