Exclusive Offering Mott Haven Multifamily in Opportunity Zone 128 Willis Avenue, Bronx 9 Total Units I-95 Sign Potential OPPORTUNITY ZONE $161k GSI $113k NOI 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 9 FOR SALE | MOTT HAVEN, BRONX MULTI-FAM IN OPPORTUNITY ZONE 128 Willis Ave, Bronx, NY 10454 (Parcel #: 02278-0004) OPPORTUNITY ZONE 6.4% Asking 4.9% 14.3 x 7,425 Average Residential Rents - Pro Forma $336 /month /room Cap Rate Total SF $2,295,000 Cap Rate Rent $1,044 /month /unit ● 8 Residential Apartments Many large developments along the South Bronx waterfront are driving & 1 Retail Space a tremendous amount of interest in Mott Haven. In 2018, the $165M sale of a build-able waterfront site became the most expensive Bronx ● Mott Haven Area development deal in history. Bronx, NY This Mott Haven, brick building sits in an Opportunity Zone and consists ● I-87 On-ramp of eight residential apartments and one retail space located on the Billboard Potential east side of Willis Avenue just south of Interstate 87 and East 134th Street. This is the perfect location for a rooftop billboard overlooking ● Large Two Bedroom the on-ramp connecting the Willis Avenue Bridge to I-87. There is also Apartment Layouts the future potential to reconfigure the current railroad apartment layouts and possibly increase the overall unit count. Features include: ● Future Potential to Renovate, two (2) 330 gallon above ground oil tanks, #2 oil burner, major work Reconfigure, Add Units… completed on the boiler unit, newer roof (5 yrs), and more... Tenants See Images & More Online @ enjoy an approximately 35 minute total commute time to Grand http://bit.ly/128willis Central Station by train with multiple MTA stations (4,5 & 6 Lines) a short walk from the subject property. CONTACT EXCLUSIVE AGENTS Marco Lala • 914.380.3806 • [email protected] Jack Lala • 914.363.7903 • [email protected] Dave Raciti • 914.775.7322 • [email protected] Michelle Lala • 914.861.3183 • [email protected] Team Lala of RMFriedland MultiFamilyDirect.com Exclusively Listed by RM Friedland LLC Page 3 of 9 FINANCIAL SUMMARY 128 Willis Ave, Bronx, NY 10454 (Parcel #: 02278-0004) BUILDING DETAILS BUILDING SQUARE FEET Asking 9 Total Units 7,425 Gross SF $2,295,000 8 Residential Apts, 1 Retail Space 1,000 Est. Retail SF Dimensions: 25 ft x 63 ft 692 SF Avg. Res. Apt. 14.3 x $161k 1 Buildings, 5 Stories, Built 1931 est. 12% common area loss Rent GSI Walk-up Apartment, Over Six Families with Stores, (C7) 4.9% $113k PARCEL SIZE ZONING Cap Rate NOI 2,000 Square Feet M1-2/R6A, MX-1 Zone 25 ft x 80 ft 3.00 - 3.00 Max FAR $309 7,425 /SF Total SF INCOME Pro Forma Current Gross Scheduled Income (GSI) 197,239 160,747 less 3% Vacancy Allowance (5,917) (4,822) $255k 9 Gross Operating Income (GOI) 191,321 155,925 /unit Total Units less expenses (43,990) (42,928) Net Operating Income 147,331 112,997 Cap Rate 6.42% 4.9% Average Residential Rents -$336 /month /room $1,044 /month /unit Average Residential Rents - $336 /month /room $1,044 /month /unit ESTIMATED ANNUALIZED EXPENSES RE Tax* (8,431) (8,431) Water & Sewer (7,960) (7,960) FINANCING SCENARIO Year 1 Insurance (5,400) (5,400) *illustration only, without appreciation Heat (8,500) (8,500) Interest Rate 4.125% Utilities (2,400) (2,400) Amortization 30 years Repairs/Maintenance (4,000) (4,000) 29.5% Down Payment $675,891 Payroll FREE UNIT - - 70.5% Loan to Valule $1,619,109 Legal, Reserves & Misc. (1,559) (1,559) Annual Debt Service ($94,164) Management @ 3.00% (5,740) (4,678) DSCR 1.20 Total Expenses (43,990) (42,928) Cash Flow $18,833 Principal Recapture $27,899 CASH ON CASH RETURN Year 1 UNIT MIX CURRENT MONTHLY INCOME Typical Return 2.79% TYPE COUNT /ROOM /UNIT MIN MAX TOTAL Self Mgmt. & 100% Occupied 4.19% 3 rm Super's Unit 1 0 TOTAL RETURN Year 1 4.0 rm 7 336 1,342 1,072 1,600 9,396 Typical Return 6.91% Retail 1 4,000 Self Mgmt. & 100% Occupied 8.32% Potential Billboard 0 Total Units 9 Total Monthly Income $13,396 Average Rents $336 /room, $1,044 /unit CONTACT EXCLUSIVE AGENTS Marco Lala • 914.380.3806 • [email protected] Jack Lala • 914.363.7903 • [email protected] Dave Raciti • 914.775.7322 • [email protected] Michelle Lala • 914.861.3183 • [email protected] Team Lala of RMFriedland MultiFamilyDirect.com 128 Willis Avenue Summary.xlsm Rent Roll Page 4 of 9 Unit Unit Pro Scheduled Rent Unit Rent Lease Name Type Forma P = Projected Size Metrics Expiration Notes 128 Willis 2N stabilized $1,624.00 $1,600.00 P 4.0 rms $400/rm/mo Vacant month-to- 2S stabilized $1,900.00 3.0 rms $0/rm/mo Super's Unit month 3N stabilized $1,230.18 $1,212.00 4.0 rms $303/rm/mo 3S stabilized $1,624.00 $1,600.00 P 4.0 rms $400/rm/mo Vacant 4N stabilized $1,087.68 $1,071.61 4.0 rms $268/rm/mo 4S stabilized $1,319.50 $1,300.00 4.0 rms $325/rm/mo 5N stabilized $1,230.18 $1,212.00 4.0 rms $303/rm/mo 5S stabilized $1,421.00 $1,400.00 4.0 rms $350/rm/mo ST retail $4,000.00 $4,000.00 P 1,000 sf $48/sf/yr Vacant Estimated SF 2nd 2nd Floor Studio other $0.00 Floor $700/mo Value SIGN other $1,000.00 I-87 Billboard Potential Scheduled Annual Rent 9 Units $16,436.54 $13,395.61 31.0 rms $303/rm/mo $160,747 RM Friedland LLC Investment Sales 128 Willis Avenue Summary.xlsm Images & Maps Page 5 of 9 RM Friedland LLC Investment Sales 128 Willis Avenue Summary.xlsm Images & Maps Page 6 of 9 RM Friedland LLC Investment Sales 128 Willis Avenue Summary.xlsm Images & Maps Page 7 of 9 N RM Friedland LLC Investment Sales 128 Willis Avenue Summary.xlsm Images & Maps Page 8 of 9 Tax Map N RM Friedland LLC Investment Sales 128 Willis Avenue Summary.xlsm Images & Maps Page 9 of 9 Qualified Opportunity Zone Map source: https://eig.org/opportunityzones N RM Friedland LLC Investment Sales.