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LichtensteinRE Negotiates $1,325,000 Sales Contract for an Extensively Renovated 7 Unit Property in Yonkers, Westchester.

03/15/2018

Andrew Lichtenstein, President of LichtensteinRE, negotiated the sales contract of a multifamily building in Yonkers for the asking price of 1,325,000 all cash. The building is located at 67-69 Van Cortlandt Park Avenue in Yonkers, Westchester County. The property has just been beautifully renovated.

The 3 story walk-up building contains 7 apartments.  Six of the units have 4 bedrooms and one has two bedrooms. The 2 bedroom apartment is located in the rear of the building.  All 6 four bedroom apartments have an unheated porch or “summertime 5th bedroom.”  The building has a Gross Total Floor Area of 6,240 Square Foot.

Most units of the property have been completely gutted renovated with new wood floors, new kitchens with new cabinets and appliances, some with granite countertops and glass tiled backsplashes, and new modern tiled top to bottom bathrooms.  

The property is targeted to have at closing an actual Gross Income of $148,800 and a Net Income of $106,036. The contract price of $1,325,000 represents $189,285 Per Unit, $212 Per Square Foot, 8% Cap Rate and 8.9% GRM.

“In the long term future, after all the current low rent tenant units move out and are renovated and re-rented at market rate, the property will have a Future Projected Income of $198,000 with a projected  Net Income of $163,330. This could be a bargain to the current buyers a projected future Cap Rate of 11.6%,” explains Andrew Lichtenstein, the listing broker.

The property is located in the Nodine Hills section of Yonkers in Westchester County. It enjoys great views of the Hudson River and the New Jersey Palisades Interstate Park National Historic Natural Landmark.  It has easy access to shopping and public transportation. The Property is only one mile from Yonkers Metro North Station and only 25 minutes to Midtown Manhattan’s Grand Central Terminal.

Downtown Yonkers, located only a few miles from the building, is becoming the next hip town to live in New York.  New downtown and waterfront buildings are attracting young NYC professionals looking for a neighborhood like this, with easy commute to the city.  There are five active upscale residential construction projects within a five-block radius in the city’s downtown area.

Andrew Lichtenstein exclusively marketed this transaction and represented both seller and buyer.

LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.

 

About LichtensteinRE

LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, financing ability and exclusive connections with tens of thousands of potential buyers assure their selling clients the best possible price.

DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.

LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at AL@LichtensteinRE.com

03/15/2018 - 09:00

Source

LichtensteinRE

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