LichtensteinRE.com Just Sold $3,650,000 Four Contiguous Properties in Mount Vernon, Westchester County.
Andrew Lichtenstein, President of LichtensteinRE.com, has just sold four contiguous properties for the asking price of $3,650,000 all cash. The properties are located at 238, 242, 242 ½ and 244 South 3rd Avenue in Mount Vernon, Westchester County, New York.
Andrew Lichtenstein, the exclusive seller’s broker, explained that “even in this market with newly unprecedented rental regulatory restrictions we were able to deliver excellent results to our customer, the seller. With our real estate expertise we are able to deal with the new challenges and to bring the deal to closing. All parties, the buyer and the seller finished happy. The buyer recognized the greatly under charged current rents that their long term ownership will realize the full potential.”
Three of the properties are brick walk-up prewar Victorian Queen Anne architecturally beautiful contiguous brownstones and the fourth one next door is a frame apartment building. These three story properties contain 22+ residential rental units. Two of these buildings contain four residential units each, one contains six residential units and the last one contains eight residential units. The 4 contiguous properties sit on 12,632 total square feet of land.
The buildings contain a total of four (1) bedroom, three (2) bedroom, five (3) bedroom and ten (4) bedrooms residential apartments. All twenty two apartments are now rented for a low average of $1,747 a month. The total gross annual actual & projected all sources rental income is $461,305. The buildings have an outstanding 100% occupancy rate.
The sales price of $3,650,000 represents an excellent capitalized return on investment for the lucky buyer presenting big upside long term future potential income.
“The buyer is an experienced landlord in the neighborhood. His expertise will help him increase the rents in the buildings,” Andrew Lichtenstein explains.
The property is located on the South Side section of Mount Vernon, Westchester County, near the downtown business district and municipal establishments. The property is close to public transportation like the Metro North, the Westchester Bee Line and the NYC MTA # 5 and # 2 trains.
The property was marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE.com has been actively selling multifamily and commercial real estate for its clients in and around New York City.
LichtensteinRE.com specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE.com 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, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
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 (800) 242-9888 or AL@LichtensteinRE.com