Hamilton Heights Manhattan Best Deal
Listing ID:
63238161802
Last Updated:
11/14/2004
Property Type(s):
Multi-Family: Mid/High-Rise
Property Use Type:
Investment
Tenancy Type:
Multiple
Property Address:
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NY, NY 10023, US
Contact
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Price
Asking Price:
$
4,200,000
Down Payment:
$
1,700,000
Property Size
Existing Built
Square Footage:
32,000
square feet
Land Plot Lot Size:
.062
Lot Frontage:
75
feet
Investment Type:
Value Add
Number of Units:
46
Percent Occupied:
87
%
Property Details
Property Description:
Multifamily with $745/month average. Eventually when rents are the projected gross rents will be $607,200 which is just a matter of time or time and money.
Property Location:
Excellent Hamilton Heights Manhattan location, call Exclusive broker for more details. 2004 comparable condominium sales for older housing stock: $250/SqFt and up
=$6,000,000 condominium sellout value
Highlights:
· 1 bedrooms 300 sq ft. average
· 2 bedrooms 600 sq ft average
Property Financials
(This Income/Expense Information is
Proforma
)
Annual Income
Analytical Calculations
Scheduled Gross Income, Annually:
$
324,000
Gross Rent Multiplier:
9.74
+ 6 Vacant apartments
$
87,000
Capitalization Rate:
7.3
%
+5% lease renewals in 12 mos.
$
20,444
Cash on Cash Return:
8.4
%
n/a
n/a
a.
Effective Gross Income, Annualy:
$
431,444
Annual Expenses
Analytical Calculations
$
39,500
Expenses per unit:
$
2,717
Maintenance
$
34,500
Expenses per square foot:
$
5.2
Taxes
$
31,000
Price per unit:
$
91,304
Insurance
$
20,000
Price per square foot (building):
$
131
n/a
Price per area of land plot:
$
67,741,935
b.
Total Annual Expenses:
$
125,000
Annual Net Financials
c.
Net Operating Income, Annually
$
306,444
d.
Annual Debt Service:
$
163,000
e.
Other Annual Capital Costs:
$
Pre Tax Cash Flow, Annually
$
143,444
Financing Information
This Loan is
Proposed
.
Principal:
$
2,500,000
Interest Rate:
5.1
%
Loan Amortization:
30
Loan Term:
10
yrs.
Annual Debt Service:
$
162,885
Description:
Non-Recourse institutional mortgage Financing pre-approved for the building with 1% mortgage brokerage fee to Andrew Lichtenstein, Inc.(subject to standard industry carveouts) cash required above this
Unit Mix Information
Description
No. of Units
Square feet
Avg. mo. rent
Property Attachments
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