Hamilton Heights Manhattan Best Deal

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