Exclusive Offering Corner Apartment Building For Sale in Pelham Bay, Bronx 2955 East 196th Street, Bronx, NY
Meticulously 119 foot x 76 foot 37 Total Units Preserved Original 4 Story Corner $618k Gross Income Art Deco Features & Building $314k NOI Fixtures
Shopping, Dining & Transportation Hot Spot
Exclusive Agents: Marco Lala • 914.380.3806 Jack Lala • 914.363.7903 [email protected] [email protected]
Dave Raciti • 914.775.7322 Michelle Lala • 914.861.3183 [email protected] [email protected] Team Lala of RM Friedland LLC - 440 Mamaroneck Avenue #504, Harrison, NY 10528 Exclusively Listed by RM Friedland LLC Page 2 of 8 FOR SALE | 37 UNIT PELHAM BAY, BRONX CORNER MULTIFAMILY 2955 E 196th St, Bronx, NY 10461 (Parcel #: 04251-0001)
Average Rents @ Asking 3.7% 13.7 x $243 $230k $454 /month /room $8,495,000 Cap Rate Rent /SF /unit $1,375 /month /unit
Own a 'mint condition' apartment building with meticulously preserved original Art Deco Building Art Deco features including the entire facade, the original steel and glass in Pelham Bay, Bronx entrance, apartment interiors, Art Deco lobby fixtures and terrazzo flooring. 119 foot x 76 foot The property consists of 37 large apartments and is located on the northeast 4 Story Corner Building corner of East 196th Street and Saint Paul Avenue in The Bronx's Pelham Bay neighborhood. Features include: replacement windows with marble sills, Meticulously Preserved Original wrought iron parapet fencing, newer bulkhead and parapet cladding, new Art Deco Features & Fixtures sky-light, #4 oil boiler, 3,500 gallon above ground oil tank, new silver-coat on roof and a laundry room with 3 washers and 3 dryers. Shopping, Dining & The MTA #6 train is a 4 minute walk away at Pelham Bay Park Station - a major Transportation Hot Spot transportation terminal with local and express bus service to all areas of the Bronx, Manhattan, La Guardia Airport and Bee Line service to Westchester $618k Gross Income County. The building is located within close proximity to I-95, Pelham Parkway $314k NOI and the Hutchinson River Parkway.
See Pictures Online @ Great local amenities include: highly trafficked shopping districts along http://bit.ly/2955E196 Westchester and Buhre Avenues, a high end supermarket (BonaVita), restaurants, abundant parking and NYC's largest park. Pelham Bay Park is 2,772 acres of parkland, athletic facilities and a 1.1 mile long beach. CONTACT EXCLUSIVE AGENTS Marco Lala • 914.380.3806 Jack Lala • 914.363.7903 [email protected] [email protected]
Dave Raciti • 914.775.7322 Michelle Lala • 914.861.3183 [email protected] [email protected]
Team Lala of RMFriedland
MultiFamilyDirect.com Exclusively Listed by RM Friedland LLC Page 3 of 8 FINANCIAL SUMMARY 2955 E 196th St, Bronx, NY 10461 (Parcel #: 04251-0001)
BUILDING DETAILS BUILDING SQUARE FEET Asking 37 Total Units 35,000 Gross SF $8,495,000 37 Residential Apts, No Retail Spaces No Est. Retail SF Dimensions: 119 ft x 76 ft 832 SF Avg. Res. Apt. 13.7 x $618k Gross 1 Buildings, 4 Stories, Built 1931 est. 12% common area loss Rent Income Over Six Families without Stores, (C1)
PARCEL SIZE ZONING 3.7% 10,974 Square Feet R7-1 Zone $314k NOI Cap Rate 97.17 ft x 122.33 ft 3.44 - 4.80 Max FAR
INCOME Current $243 35,000 Gross Scheduled Income (GSI) 617,826 /SF Total SF less 3% Vacancy Allowance (18,535) Gross Operating Income (GOI) 599,291 less expenses (285,681) $230k Net Operating Income 313,610 37 Total Units /unit Cap Rate 3.7%
Average Rents @$454 /month /room $1,375 /month /unit Average Rents @ ESTIMATED ANNUALIZED EXPENSES $454 /month /room RE Tax* (118,832) $1,375 /month /unit Water & Sewer (37,000) Insurance (20,350) Heat #4 Oil (38,850) FINANCING SCENARIO Year 1 Utilities (8,050) *illustration only, without appreciation Repairs/Maintenance (18,500) Interest Rate 4.125% Payroll (21,120) Amortization 30 years Legal, Reserves & Misc. (5,000) 47.1% Down Payment $4,001,343 Management @ 3.00% (17,979) 52.9% Loan to Value $4,493,657 Total Expenses (285,681) Annual Debt Service ($261,342) DSCR 1.20 Cash Flow $52,268 UNIT MIX CURRENT MONTHLY INCOME Principal Recapture $77,432 TYPE COUNT /ROOM /UNIT MIN MAX TOTAL
CASH ON CASH RETURN Year 1 3.0 rm 32 459 1,377 813 1,600 44,074 Typical Return 1.31% 4.0 rm 4 426 1,703 1,452 1,900 6,812 Self Mgmt. & 100% Occupied 2.22% Bsmt Super's Unit 1 0 Laundry Room 300 TOTAL RETURN Year 1 Storage Room 300 Typical Return 3.24% Self Mgmt. & 100% Occupied 4.15% Total Units 37 Total Monthly Income $51,485 Averages $454 /room, $1,375 /unit
CONTACT EXCLUSIVE AGENTS Marco Lala • 914.380.3806 Jack Lala • 914.363.7903 [email protected] [email protected]
Dave Raciti • 914.775.7322 Michelle Lala • 914.861.3183 [email protected] [email protected]
Team Lala of RMFriedland
MultiFamilyDirect.com 2955 E196th Street Summary Images & Maps Page 4 of 8
RMFriedland LLC Investment Sales Division 2955 E196th Street Summary Images & Maps Page 5 of 8
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RMFriedland LLC Investment Sales Division 2955 E196th Street Summary Rent Roll Page 8 of 8
Unit Legal Rent Unit Rent Lease Type Scheduled Rent Notes Name + Charges P = Projected Size Metrics Expiration E196th A1 stabilized $1,167.01 $1,167.01 3.0 rms $389/rm/mo Sep-2019 SCRIE: 125.99 A2 stabilized $1,983.18 $1,600.00 P 3.0 rms $533/rm/mo Vacant A3 stabilized $1,671.65 $1,518.75 3.0 rms $506/rm/mo Aug-2019 A4 stabilized $2,233.74 $1,900.00 4.0 rms $475/rm/mo Jun-2019 AS stabilized $1,883.43 $1,421.00 3.0 rms $474/rm/mo Oct-2019 A6 stabilized $1,222.46 $1,222.46 3.0 rms $407/rm/mo Mar-2020 A7 stabilized $2,626.61 $1,452.94 3.0 rms $484/rm/mo Feb-2021 A8 stabilized $1,150.98 $1,150.98 3.0 rms $384/rm/mo Jan-2021 SCRIE: 41.93 A9 stabilized $1,675.01 $1,421.00 3.0 rms $474/rm/mo Oct-2019 B1 stabilized $2,249.67 $1,450.00 3.0 rms $483/rm/mo Jun-2020 B2 stabilized $1,776.80 $1,375.00 3.0 rms $458/rm/mo Dec-2019 B3 stabilized $2,247.64 $1,479.00 3.0 rms $493/rm/mo Jun-2020 B4 stabilized $1,883.55 $1,825.00 4.0 rms $456/rm/mo Nov-2019 B5 stabilized $1,392.00 $1,392.00 3.0 rms $464/rm/mo Jun-2020 B6 stabilized $1,142.79 $1,142.79 3.0 rms $381/rm/mo Apr-2021 Washing Machine Charge: 20.76 B7 stabilized $1,413.47 $1,375.00 3.0 rms $458/rm/mo Nov-2020 B8 stabilized $2,016.71 $1,428.00 3.0 rms $476/rm/mo Jan-2020 B9 stabilized $1,515.87 $1,515.87 3.0 rms $505/rm/mo Aug-2019 Bsmt super 4.0 rms Super - $1,775 Value C1 stabilized $1,950.90 $1,417.50 3.0 rms $473/rm/mo May-2019 C2 stabilized $812.98 $812.98 3.0 rms $271/rm/mo Aug-2019 C3 stabilized $1,319.92 $1,319.92 3.0 rms $440/rm/mo Oct-2019 C4 stabilized $1,451.51 $1,451.51 4.0 rms $363/rm/mo May-2020 C5 stabilized $2,809.71 $1,425.00 3.0 rms $475/rm/mo Jun-2019 C6 stabilized $1,900.70 $1,500.00 3.0 rms $500/rm/mo Sep-2019 C7 stabilized $1,795.88 $1,435.00 3.0 rms $478/rm/mo Sep-2020 C8 stabilized $1,500.00 $1,500.00 3.0 rms $500/rm/mo Aug-2019 C9 stabilized $1,530.00 $1,530.00 3.0 rms $510/rm/mo Jun-2019 D1 stabilized $1,259.60 $1,259.60 3.0 rms $420/rm/mo May-2019 D2 stabilized $1,312.72 $1,312.72 3.0 rms $438/rm/mo May-2020 D3 stabilized $1,871.64 $1,449.42 3.0 rms $483/rm/mo Dec-2019 D4 stabilized $1,635.17 $1,635.17 4.0 rms $409/rm/mo Mar-2021 D5 stabilized $2,060.88 $1,550.00 3.0 rms $517/rm/mo Feb-2020 D6 stabilized $1,052.77 $1,052.77 3.0 rms $351/rm/mo May-2019 D7 stabilized $1,578.65 $1,428.00 3.0 rms $476/rm/mo Aug-2019 D8 stabilized $1,419.10 $1,419.10 3.0 rms $473/rm/mo Aug-2019 D9 stabilized $1,775.69 $1,550.00 3.0 rms $517/rm/mo Feb-2020 Laundry $300.00 $300.00 Apr-2021 Storage $300.00 $300.00
Scheduled Annual Rent TOTAL 37 Units $62,666.39 $51,485.49 116.0 rms $454/rm/mo $617,826
RMFriedland LLC Investment Sales Division