BESEN INVESTMENT SALES TEAM
Amit Doshi Executive Director (212) 951-8401 [email protected]
Shallini Mehra Senior Director (212) 951-8414 [email protected]
Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected]
Carine Citadelle Marketing Associate (646) 472-8750 [email protected]
Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518 BESEN INVESTMENT SALES TEAM
Greg Corbin Executive Managing Director (646) 424-5077 [email protected]
Aaron Kline Director (646) 472-8747 [email protected]
Miguel Jauregui Director (212) 951-8402 [email protected]
Brandon Serota Associate (646) 472-8732 [email protected]
Jacob C. Lenchner Associate (646) 424-5061 [email protected]
Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: (212) 689-8488 Fax: (212) 689-9518 TABLE OF CONTENTS
15
PROPERTY OVERVIEW
11
EXECUTIVE SUMMARY
FINANCIAL OVERVIEW 22
PROPERTY PHOTOS EXECUTIVE SUMMARY 11 “LINC” PROGRAM OVERVIEW PROPERTY OVERVIEW 15 LOCATION MAPS PROPERTY PHOTOS FINANCIAL OVERVIEW 41 INCOME/EXPENSE REPORTS RENT ROLLS
4341
Tiebout & Evergreen | 9
EXECUTIVE SUMMARY EXECUTIVE SUMMARY 118 Units | 108,445± Square Feet
2240-2242 Tiebout Avenue, Bronx, NY 10457
2240-2242 Tiebout Avenue, Bronx, NY 10457 consists of a 5-story building with 45,445± SF and 57 units. Built on a 130’ x 100’ lot, the property is situated on the west side of Tiebout Avenue between East 183rd Street and East 182nd Street, four short blocks from 182-183 Street [B, D] subway line. Improvements include new mailboxes, repointed bricks, new boiler and flashed rubber roof. The property is ideally located near Fordham University, New York Botanical Garden, St. Barnabas Hospital, and the Bronx Zoo. Within walking distance of the Property is the Grand Concourse, the 183rd Street [4] subway station, and the Bx41 MTA Bus which runs north and south along Webster Avenue.
1160 Evergreen Avenue, Bronx, NY 10472
1160 Evergreen Avenue, Bronx, NY 10472 consists of a 6-story elevator building with 63,000± SF and 61 units. Built on a 150’ x 100’ lot, the property is located between Westchester and Watson Avenues. Improvements include new mailboxes, repointed bricks, new boiler and flashed rubber roof. The residents are well served by public transportation, with the [6] subway station two short blocks away, and a network of bus lines along Westchester Avenue. Easy access to the Sheridan Expressway (I- 895) and the Bruckner Expressway (I-278). The Soundview route of NYC Ferry by Hornblower will connect communities in the Bronx and the Upper East Side with job centers in Lower Manhattan. Asking Price: $23,000,000 $18,700,000 $158,500 / Unit | 5.0% Cap Rate | 10.9x Rent | $172 / Sq. Ft. Average Monthly Rent: $1,185.60
Tiebout & Evergreen | 12 LINC PROGRAM APARTMENTS
Under the LIVING IN COMMUNITIES (LINC) Program, the City of New York pays directly to landlords a portion of the monthly rent for apartments (“LINC Rent Payment”) on behalf of the eligible LINC Program client (“Program Tenant”). The Program Tenant is responsible for payment to the Landlord, of a monthly rent contribution to cover the remaining portion of the rent under the Lease and Rider not covered by the LINC Rent Payment and a Public Assistance shelter allowance, if any. LINC provides a security voucher in the event of tenant’s default in lieu of the money. The following tenants participate in the 5-Year LINC Program: 2240 Tiebout Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 2B No Freeze - 08/31/21 2D No Freeze - 06/30/21 2E Freeze 01/31/19 01/31/22 3D No Freeze - 06/30/21 3E No Freeze - 06/30/21 4A No Freeze - 06/30/21 4B Freeze 01/31/19 01/31/22 4D Freeze 03/31/19 03/31/22 4E Freeze 01/31/19 01/31/22 5A No Freeze - 09/30/21 5B No Freeze - 10/31/21 5D No Freeze - 10/31/21 5E No Freeze - 07/31/21 6E No Freeze - 10/31/21 2242 Tiebout Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 1E No Freeze - 10/31/21 2C Freeze 06/30/20 06/30/23 2D No Freeze - 08/31/21 2E No Freeze - 08/31/21 3A No Freeze - 09/30/21 3B No Freeze - 08/31/21 3C Freeze 01/31/19 01/31/22 3D Freeze 01/31/19 01/31/22 3E No Freeze - 09/30/21 4B Freeze 11/30/18 11/30/21 1160 Evergreen Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 1G No Freeze - 12/31/21 1K No Freeze - 09/30/21 3C No Freeze - 12/31/21 3D Freeze 04/01/19 03/31/22 4D Freeze 04/30/20 04/30/23 4J Freeze 06/30/20 06/30/23 6A Freeze 04/30/19 04/30/22 6D Freeze 04/30/19 04/30/22 6G Freeze 01/31/19 01/31/22 *Once the rent freeze expires, the rent goes up according to the RGB renewal increase at that time.
Tiebout & Evergreen | 13 50 Orange Street, Brooklyn, NY 11201 | 14 PROPERTY OVERVIEW
2240-2242 Tiebout Avenue PROPERTY OVERVIEW - 2240-2242 Tiebout Avenue
Neighborhood: Fordham
Block / Lot: 3143 / 150
Lot & Built Size: 130’ x 100’ (Built: 130’ x 87’)
Square Feet 45,445± SF
Stories 5-Story Building (C1)
Total Apartments 57 Units
Zoning District: R7-1
Tax Class: 2
FAR (Built / Allowed): 3.50 / 3.44
Real Estate Taxes & Assessment: $968,760 / $123,216 (2018/2019) LOCATION MAP
University Heights - Hudson
2240-2242 Tiebout Avenue
Tremont
Tiebout & Evergreen | 17 AERIAL MAP
2240-2242 Tiebout Avenue LOCATION OVERVIEW Fordham is a group of neighborhoods located in the western Bronx, New York City. These neighborhoods are part of Bronx Community Board 5 and Bronx Community Board 7. Fordham is roughly bordered by Fordham Road to the north, Southern Boulevard to the east, East 183rd Street to the south, and Jerome Avenue to the west. The neighborhood's primary thoroughfare is Fordham Road; its main subway line is the IND Concourse Line (B and D trains), operating under the Grand Concourse, with the IRT Jerome Avenue Line (4 train) on its western border. ZIP codes include 10453, 10457, 10458 and 10468.
Tiebout & Evergreen | 19 ZONING - R7-1 TRANSPORTATION
at 182nd-183rd Sts 0.19 miles at Fordham Rd 0.52 miles
at 183rd St 0.39 miles at Burnside Av 0.57 miles
at Fordham Rd 0.4 miles
MTA Bus Service
Tiebout & Evergreen | 21 PROPERTY PHOTOS PROPERTY PHOTOS
Tiebout & Evergreen | 23 PROPERTY PHOTOS PROPERTY PHOTOS
Tiebout & Evergreen | 25 50 Orange Street, Brooklyn, NY 11201 | 26 PROPERTY OVERVIEW
1160 Evergreen Avenue PROPERTY OVERVIEW - 1160 Evergreen Avenue
Neighborhood: Soundview
Block / Lot: 3738 / 27
Lot & Built Size: 150’ x 100’ (Built: 150’ x 84’)
Square Feet 63,000± SF
Stories 6-Story Elevator Building (D1)
Total Apartments 61 Units
Zoning District: R6
Tax Class: 2
FAR (Built / Allowed): 4.20 / 2.43
Real Estate Taxes & Assessment: $864,360 / $109,937 (2018/2019) LOCATION MAP
1160 Evergreen Avenue
Tiebout & Evergreen | 29 AERIAL MAP
1160 Evergreen Avenue LOCATION OVERVIEW Soundview is a working-class neighborhood geographically located in the Clason Point section of the borough of the Bronx in New York City. The neighborhood is part of Bronx Community Board 9. Its boundaries, starting from the North and moving clockwise are the Cross-Bronx Expressway to the North, White Plains Road to the East, Lacombe Avenue to the South, and the Bronx River to the West. The Bruckner Expressway bisects the neighborhood horizontally along the center and the Bronx River Parkway runs north to south. Soundview Avenue is the primary thoroughfare through Soundview. The local subway are the 6 and <6> trains, operating along Westchester Avenue. Zip codes include 10472 and 10473. The area is patrolled by the 43rd Precinct located at 900 Fteley Avenue. New York City Housing Authority (NYCHA) property in the area is patrolled by P.S.A. 8 at 2794 Randall Avenue in the Throggs Neck section of the Bronx. The studios for News 12 The Bronx are located here.
Tiebout & Evergreen | 31 ZONING - R6
R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. The character of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large-scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers can choose between two sets of bulk regulations. Standard height factor regulations, introduced in 1961, produce small multifamily buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. Optional Quality Housing regulations produce high lot coverage buildings within height limits that often reflect the scale of older, pre-1961 apartment buildings in the neighborhood.
Height Factor Regulations Buildings developed pursuant to height factor regulations are often tall buildings set back from the street and surrounded by open space and on-site parking. The floor area ratio (FAR) in R6 districts ranges from 0.78 (for a single-story building) to 2.43 at a typical height of 13 stories; the open space ratio (OSR) ranges from 27.5 to 37.5. Generally, the more open space, the taller the building. In the diagram, for example, 81% of the zoning lot with the 13-story building is required to be open space (2.43 FAR × 33.5 OSR). Thus, the maximum floor area ratio is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. There are no height limits for height factor buildings although they must be set within a sky exposure plane which begins at a height of 60 feet above the street line and then slopes inward over the zoning lot. Off-street parking is required for 70% of a building’s dwelling units, or it can be waived if five or fewer spaces are required.
*Note: Data taken from NYC Department of City Planning. ZONING - R6
R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. The character of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large-scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers can choose between two sets of bulk regulations. Standard height factor regulations, introduced in 1961, produce small multifamily buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. Optional Quality Housing regulations produce high lot coverage buildings within height limits that often reflect the scale of older, pre-1961 apartment buildings in the neighborhood.
Quality Housing Regulations The optional Quality Housing regulations produce high lot coverage buildings set at or near the street line. Height limitations ensure that these buildings are often more compatible with older buildings in the neighborhood. As an incentive for developers to choose the Quality Housing option outside the Manhattan Core, greater floor area ratio, and therefore, more apartments, is permitted for buildings on or within 100 feet of a wide street than would be permitted under height factor regulations. The FAR is 3.0; the maximum base height before setback is 60 feet with a maximum building height of 70 feet. On a narrow street (beyond 100 feet of a wide street), the maximum FAR is 2.2; the maximum base height before setback is 45 feet with a maximum building height of 55 feet. The area between a building’s street wall and the street line must be planted and the buildings must have interior amenities for the residents pursuant to the Quality Housing Program.
Off-street parking, which is not permitted in front of a building, is required for 50% of all dwelling units, less than for height factor buildings because of the high lot coverage. Parking can be waived if five or fewer spaces are required.
*Note: Data taken from NYC Department of City Planning.
Tiebout & Evergreen | 33 ZONING - R6 TRANSPORTATION
at Elder Av 0.11 miles at Freeman St 0.62 miles
at Whitlock Av 0.3 miles at Simpson St 0.68 miles
at Soundview Av 0.35 miles
MTA Bus Service
Tiebout & Evergreen | 35 PROPERTY PHOTOS PROPERTY PHOTOS
Tiebout & Evergreen | 37 PROPERTY PHOTOS PROPERTY PHOTOS
Tiebout & Evergreen | 39 FINANCIAL OVERVIEW FINANCIALFINANCIAL OVERVIEWOVERVIEW INCOME & EXPENSE - 2240-2242 Tiebout Avenue
REVENUE AMOUNT
Residential $756,700
Antenna $33,700
Vacancy & Credit Loss (3%) ($23,700)
EFFECTIVE GROSS INCOME: $766,700
ESTIMATED EXPENSES
Real Estate Taxes (18/19) $123,200
Water & Sewer $57,000
Payroll & Benefits (Non-Union) $20,000
Insurance $34,200
Fuel (dual #2) $56,100
Utilities $2,500
Management Fee (3% of EGI) $23,000
Repairs, Maintenance & Supplies $50,000
TOTAL EXPENSES: $366,000
NET OPERATING INCOME: $400,700 RESIDENTIAL RENT ROLL - 2240 Tiebout Avenue
APT # TENANT BILLED RENT LEGAL RENT ROOMS LXP STATUS 1A Vacant $1,200.00 $1,200.00 3 - RS 1B Tenant 2 $465.58 $643.48 4 N/A RC 1C Vacant $1,400.00 $479.46 4 - RS 1D Tenant 4 $866.58 $1,592.45 4 05/31/2019 RS 1E Vacant $1,400.00 $1,588.13 4 - RS 2A Tenant 6 $1,151.61 $1,151.61 3 05/31/2020 RS/S8 2B Tenant 7 $1,292.90 $1,347.93 3 08/31/2019 RS 2C Tenant 8 $1,285.88 $1,285.88 3 05/31/2019 RS 2D Tenant 9 $1,238.22 $1,694.98 3 06/30/2019 RS 2E Tenant 10 $1,283.85 $1,548.55 3 01/31/2019 RS 3A Vacant $1,200.00 $1,200.00 3 - RS 3B Tenant 12 $1,285.88 $1,285.88 3 05/31/2019 RS 3C Tenant 13 $1,167.06 $1,167.06 3 01/31/2019 RS/S8 3D Tenant 14 $1,238.22 $1,362.25 3 06/30/2019 RS 3E Tenant 15 $1,214.32 $1,214.32 3 06/30/2019 RS 4A Tenant 16 $1,062.03 $1,062.03 3 06/30/2019 RS 4B Tenant 17 $1,237.26 $1,431.10 3 01/31/2020 RS/S8 4C Tenant 18 $1,032.05 $1,032.05 3 05/31/2020 RS 4D Tenant 19 $1,268.00 $1,493.95 3 03/31/2019 RS/S8 4E Tenant 20 $1,117.39 $1,117.39 3 01/31/2020 RS 5A Tenant 21 $1,241.27 $1,506.99 3 09/30/2019 RS 5B Tenant 22 $1,286.83 $1,286.83 3 10/31/2019 RS 5C Tenant 23 $738.94 $738.94 3 11/30/2018 RS 5D Tenant 24 $1,228.96 $1,228.96 3 06/30/2019 RS 5E Tenant 25 $1,238.22 $1,408.09 3 07/31/2019 RS 6A Tenant 26 $1,020.41 $1,241.33 3 01/31/2019 RS 6B Tenant 27 $853.68 $853.68 3 11/14/2019 RS 6C Vacant $1,200.00 $1,391.33 3 - RS 6D Tenant 29 $686.15 $686.15 3 11/30/2018 RS 6E Tenant 30 $1,313.31 $1,324.81 3 10/31/2019 RS Super Tenant 31 $0.00 $0.00 3 - TE Walk In Tenant 32 $1,599.41 $1,599.41 4 08/31/2018 RS
Average Monthly Rent: $1,155.29
Tiebout & Evergreen | 43 RESIDENTIAL RENT ROLL - 2242 Tiebout Avenue
APT # TENANT BILLED RENT LEGAL RENT ROOMS LXP STATUS 1A Tenant 33 $931.01 $931.01 5 5/14/2019 RS 1B Tenant 34 $1,082.55 $1,082.55 5 11/30/2019 RS 1C Tenant 35 $1,596.50 $2,446.27 5 4/30/2019 RS 1D Tenant 36 $716.71 $716.71 5 N/A RC 1E Tenant 37 $1,956.00 $2,119.92 5 12/31/2018 RS 2A Tenant 38 $498.40 $498.40 4 N/A RC 2B Tenant 39 $1,177.65 $1,177.65 3 4/30/2020 RS 2C Tenant 40 $1,239.32 $1,239.32 3 - RS 2D Tenant 41 $909.04 $909.04 3 8/31/2018 RS 2E Tenant 42 $1,293.90 $1,405.68 3 8/31/2018 RS/S8 3A Tenant 43 $1,297.10 $1,943.81 3 9/30/2019 RS 3B Tenant 44 $1,227.25 $1,227.25 3 8/31/2019 RS 3C Tenant 45 $1,300.64 $1,664.42 3 1/31/2019 RS 3D Tenant 46 $1,239.21 $1,336.60 3 1/31/2019 RS 3E Tenant 47 $1,241.27 $1,629.88 3 9/30/2019 RS 4A Tenant 48 $1,195.63 $1,195.63 3 5/31/2020 RS/S8 4B Tenant 49 $1,387.47 $1,387.47 3 11/30/2018 RS 4C Tenant 50 $967.23 $1,625.97 3 3/31/2019 RS 4D Tenant 51 $904.00 $1,273.97 3 3/31/2019 RS/S8 4E Tenant 52 $1,418.17 $1,418.17 3 8/31/2019 RS/S8 5A Tenant 53 $678.73 $678.73 3 4/30/2019 RS 5B Tenant 54 $511.73 $684.84 4 10/31/2019 RS 5C Tenant 55 $700.65 $700.65 4 1/31/2019 RS 5D Tenant 56 $391.21 $551.25 4 N/A RC 5E Tenant 57 $1,385.44 $1,385.44 4 2/28/2020 RS/S8 Total Monthly Income: $63,060.82 $69,395.65 Total Annual Income: $756,729.84 $832,747.80 Average Monthly Rent: $1,089.87 COMMERCIAL RENT ROLL - 2242 Tiebout Avenue
BLDG TENANT BILLED INCREASES LEASE TERM 2242 T-Mobile – Roof Antenna $2,804.34 3% / Annum 12/2002 - 12/2032 Total Monthly Antenna Income: $33,652.08 Total Annual Bldg Income: $790,381.92
INCOME & EXPENSE - 1160 Evergreen Avenue
REVENUE AMOUNT
Residential Income $922,100
Vacancy & Credit Loss (3%) ($27,700)
EFFECTIVE GROSS INCOME: $894,400
ESTIMATED EXPENSES
Real Estate Taxes (18/19) $109,900
Water & Sewer $57,000
Payroll & Benefits (Non-Union) $20,000
Fuel (dual #2) $56,100
Insurance $34,200
Utilities $5,000
Management Fee (3% of EGI) $26,800
Repairs, Maintenance & Supplies $50,000
TOTAL EXPENSES: $359,100
NET OPERATING INCOME: $535,300 RESIDENTIAL RENT ROLL - 1160 Evergreen Avenue
APT # TENANT BILLED RENT LEGAL RENT ROOMS LXP STATUS 1A Tenant 1 $1,400.31 $1,335.95 3 06/30/2019 RS 1B Tenant 2 $1,468.29 $1,400.13 3 05/31/2019 RS 1C Tenant 3 $1,007.84 $970.49 4 01/31/2020 RS/S8 1D Tenant 4 $912.91 $876.17 3 08/31/2019 RS 1E Tenant 5 $1,468.29 $1,400.13 3 05/31/2019 RS 1F Tenant 6 $1,355.19 $1,293.64 3 10/31/2019 RS 1G Tenant 7 $1,370.42 $1,444.36 3 12/31/2018 RS 1H Tenant 8 $911.52 $879.52 4 05/31/2019 RS 1J Tenant 9 $1,052.14 $1,007.26 3 05/31/2019 RS 1K Tenant 10 $1,378.77 $1,566.12 3 09/30/2019 RS 2A Tenant 11 $1,468.29 $1,400.13 3 05/31/2019 RS 2B Tenant 12 $942.81 $904.41 3 08/31/2019 RS/S8 2C Tenant 13 $1,739.91 $1,661.89 4 10/31/2019 RS/S8 2D Tenant 14 $1,317.40 $1,452.50 3 10/31/2019 RS 2E Tenant 15 $1,869.04 $2,056.69 4 10/31/2019 RS 2F Tenant 16 $320.61 $589.93 4 09/30/2020 RC 2G Tenant 17 $805.70 $774.92 3 07/31/2019 RC 2H Tenant 18 $1,448.69 $1,555.71 4 02/28/2019 RS 2J Tenant 19 $1,312.24 $1,449.80 3 03/31/2019 RS 2K Tenant 20 $1,526.61 $1,493.81 3 04/30/2019 RS 3A Tenant 21 $1,318.47 $1,259.54 3 09/30/2020 RS/S8 3B Tenant 22 $1,646.83 $1,779.48 3 05/31/2019 RS 3C Tenant 23 $1,674.11 $2,240.74 4 12/31/2018 RS 3D Tenant 24 $1,344.15 $1,834.13 3 03/30/2019 RS 3E Tenant 25 $1,057.77 $1,083.77 4 02/28/2019 RS 3F Tenant 26 $1,705.06 $1,628.31 4 02/28/2019 RS/S8 3G Tenant 27 $1,279.82 $1,360.90 3 08/31/2019 RS 3H Tenant 28 $793.25 $866.39 4 02/28/2019 RS 3J Tenant 29 $1,412.71 $1,641.74 3 05/31/2019 RS 3K Tenant 30 $1,322.60 $1,262.59 3 02/28/2019 RS 4A Tenant 31 $1,362.90 $1,525.40 3 06/30/2019 RS 4B Tenant 32 $1,354.96 $1,293.66 3 11/30/2019 RS
Tiebout & Evergreen | 47 RESIDENTIAL RENT ROLL - 1160 Evergreen Avenue
APT # TENANT BILLED RENT LEGAL RENT ROOMS LXP STATUS 4C Tenant 33 $1,598.06 $1,527.92 4 04/30/2020 RS/S8 4D Tenant 34 $1,361.48 $1,749.15 3 04/30/2019 RS 4E Tenant 35 $1,626.83 $2,574.75 4 11/30/2018 RS 4F Tenant 36 $1,863.18 $1,928.56 4 08/31/2019 RS 4G Tenant 37 $1,207.36 $1,153.00 3 11/30/2018 RS 4H Vacant $1,600.00 $931.27 4 - RS 4J Tenant 39 $1,350.17 $1,520.52 3 06/30/2019 RS 4K Tenant 40 $901.85 $865.73 3 07/31/2019 RS/S8 5A Tenant 41 $1,373.94 $1,311.59 3 07/31/2019 RS 5B Tenant 42 $1,151.05 $1,389.88 3 02/28/2019 RS 5C Tenant 43 $1,967.81 $2,551.32 4 05/31/2019 RS 5D Tenant 44 $760.61 $732.33 3 12/31/2019 RS/S8 5E Tenant 45 $1,512.36 $1,446.98 4 04/30/2019 RS 5F Tenant 46 $1,570.24 $1,501.64 4 08/31/2019 RS 5G Tenant 47 $1,524.83 $1,454.10 3 01/31/2020 RS/S8 5H Tenant 48 $454.69 $679.39 4 - RC 5J Tenant 49 $700.55 $675.61 3 07/31/2019 RS 5K Tenant 50 $1,165.11 $1,114.06 3 09/30/2019 RS/S8 6A Tenant 51 $1,386.37 $2,211.22 3 04/30/2019 RS 6B Tenant 52 $522.21 $764.22 3 07/31/2019 RS 6C Tenant 53 $1,079.61 $1,124.48 4 07/31/2019 RS 6D Tenant 54 $1,289.72 $1,794.88 3 04/30/2019 RS 6E Tenant 55 $1,634.19 $1,710.40 4 03/31/2019 RS 6F Tenant 56 $748.76 $837.99 4 04/30/2019 RS 6G Tenant 57 $1,368.76 $1,421.20 3 01/31/2019 RS 6H Tenant 58 $1,331.39 $1,276.06 4 03/31/2020 RS 6J Tenant 59 $1,404.94 $1,340.87 3 06/14/2019 RS/S8 6K Tenant 60 $1,034.07 $989.52 3 12/31/2018 RS BSMT Super $0.00 $0.00 4 - TE Total Monthly Income: $76,839.75 $81,868.85 Total Annual Income: $922,077.00 $982,426.20
Average Monthly Rent: $1,280.66 COMBINED INCOME & EXPENSES
REVENUE AMOUNT
Residential Income $1,678,800
Antenna Income $33,700
Vacancy & Credit Loss (3%) ($51,400)
EFFECTIVE GROSS INCOME: $1,661,100
ESTIMATED EXPENSES
Real Estate Taxes (18/19) $233,200
Water & Sewer $114,000
Payroll & Benefits (Non-Union) $40,000
Fuel (dual #2) $112,200
Insurance $68,400
Utilities $7,500
Management Fee (3% of EGI) $49,800
Repairs, Maintenance & Supplies $100,000
TOTAL EXPENSES: $725,100
NET OPERATING INCOME: $936,000
Tiebout & Evergreen | 49
CONFIDENTIALITY & DISCLAIMER
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following properties: 2240-2242 Tiebout Avenue, Bronx, NY 10457 and 1160 Evergreen Avenue, Bronx, NY 10472 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections.
This Listing contains selected information pertaining to the Property and does not purport to be all- inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein.
Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner.
This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety. Greg Corbin Aaron Kline Executive Managing Director Director (646) 424-5077 (646) 472-8747 [email protected] [email protected]
Miguel Jauregui Brandon Serota Director Associate (212) 951-8402 (646) 472-8732 [email protected] [email protected]
Brandon Serota Jacob C. Lenchner Associate Associate (646) 472-8732 (646) 424-5061 [email protected] [email protected]
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.