LichtensteinRE.com Retained as Exclusive Broker to Sell Two Building Portfolio in The Bronx, NY for $14,020,000.
LichtensteinRE.com has been retained on an exclusive basis to sell a building portfolio with 46 apartments in The Bronx. The asking price is $14,020,000.
This portfolio consists of two residential properties, one around the corner of each other. One is an elevator building located at 1818 Clay Avenue plus one walk-up apartment building located at 265 East 176 street, both in the Mount Hope section of The Bronx. The two properties are in good condition with architectural ornately details. Both properties have security systems.
The buildings contain 46 apartments comprised of seven (7) one-bedroom, thirty-three (33) two-bedroom, and six (6) three-bedroom apartments. This represents a gross total floor area of 33,158 square feet and 43,322 maximum potential buildable square feet.
The buildings are 100% rented averaging $1,588/ month. The properties have some renovated apartments with hardwood floors, new kitchen with new appliances, tiled floors, and new bathrooms.
“These large apartments are rented below market value representing great long term upside potential for the new owner. After he raises the properties’ rents, his return on investment will be even greater,” Andrew Lichtenstein the exclusive seller’s broker said.
The selling price represents a Price per Square Foot of $423 and a Price per Unit of $304,783. 16% is the projected return on investment including depreciation tax benefits and amortization equity buildup based on anticipated available mortgage financing with 30% cash down investment and 70% bank acquisition financing.
The first property located at 1818 Clay Avenue in Mount Hope was built in 1937. It’s a Six-story Mid-Rise Masonry Elevator Apartment Building containing 25 apartments, a total of 95 rooms in a gross total of 19,158 square feet. It has Six (1) Bedroom, Eighteen (2) Bedroom Residential Apartments, plus One (3) Bedroom Basement Apartment.
The second property located around the corner at 265 East 176 Street also in Mount Hope was built in 1928. It’s a Five-story Brick Walk-up Apartment Building containing 21 apartments, divided in One (1) Bedroom, Fifteen (15) 2 Bedroom and Five (3) Bedroom Residential Apartments. The building has a Gross total floor area of 14,000 Square foot and 26,982 Maximum potential buildable square feet.
“265 East 176th Street has the potential to construct 13,000 unused buildable air rights or up to 17 Projected Additional Units assuming each unit is 750 square feet,” said Andrew Lichtenstein, exclusive broker for the property.
These buildings are located in the Mount Hope section of The Bronx. They are close to schools, shopping, and entertainment. Near the B, D, and #4 subway as well as MTA buses and shopping along the Grand Concourse.
The properties are being 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 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