16 TOTAL UNITS $590 PRICE /SF 4.6% CAP RATE 40’ FRONTAGE 25 TH AVENUE 14,400 TOTAL SQUARE FEET $99,597 PROJECTED TAXES 15.1 GRM 90’ FRONTAGE 44 TH STREET Peter Von Der Ahe Tel: (212) 430-5114 [email protected]Shaun Riney Tel: (718) 475-4369 [email protected]Dylan Walsh Tel: (212) 430-5120 [email protected]Dimitrios Kapelonis Tel: (718) 475-4331 [email protected]Andrew Dansker | Financing Inquiries Tel: (212) 430-5168 [email protected]LISTING METRICS 43-18 25th Avenue Is being offered at $8,500,000
7
Embed
PowerPoint Presentation · Dylan Walsh. Tel: (212) 430-5120. Dimitrios Kapelonis. Tel: (718) 475-4331. This informationhas been secured fromsourceswe believeto be reliable, but we
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Fully Renovated UnitsAll free market units have been newly renovated
with excellent craftsmanship and attention to detail.They feature hardwood floors and stone countertopsjustifying top-of-the-market rents. This asset is a rarecombination of a pre-war exterior with a beautifullyupdated interior.
Large + Market Rate UnitsAll residential units have been fully gut renovated
and are achieving market rents with the exception ofapartment 5 & 11, allowing the owner to instantlycapitalize on Astoria’s projected rent growth. Thisbuilding features a diverse and attractive mixconsisting of 7 two-bedrooms ($2,293/avg), 6 three-bedrooms ($2,933/avg), and 1 one-bedroom($2,100/avg). The building is operating veryefficiently, with strong and consistent cashflow.
INVESTMENT OVERVIEW
Rare OpportunityThis 16-unit mixed use building allows investors to gainan immediate footprint in the Astoria market, whereinventory is historically scarce and is rapidlyappreciating. This building is located blocks from boththe “N” & “W” train at 30th Avenue and “R” & “M” train atSteinway Street. This asset is also walking distance toboth Steinway Street and 30th Avenue, two of the mostpopular destinations in Astoria.
Multiple Exit StrategiesUltimately, a new buyer will be able to sell the asset
for an appreciated value once the final 3 units areconverted to free market or possibly convert thebuilding to condominiums. An additional option toincrease value will be to potentially condo out the retailportion of the building to be sold separately.
INCOME CURRENT PRO FORMAGross Potential Residential Rent $451,776 $453,674Gross Potential Commercial Rent $107,400 $107,400Gross Income $559,176 $561,074
PRICE PER SQUARE FOOT $590 Vacancy/Collection Loss ($16,775) ($16,832)PRICE PER UNIT $531,250 Other Income $3,000 $3,000TOTAL SQUARE FEET 14,400 Effective Gross Income $545,401 $547,242TOTAL UNITS 16 Average Residential Rent/Month/Unit $2,689 $2,700CURRENT CAP RATE 4.6%CURRENT GRM 15.1 EXPENSESPRO FORMA CAP RATE 4.6% Property Taxes Tax Class: 2 $99,597 $99,597PRO FORMA GRM 15.1 Fuel - Oil #2 $13,050 $13,050
Insurance $8,300 $8,300Water and Sewer $9,100 $9,100Repairs and Maintenance $3,200 $3,200
PROPOSED DEBT Common Electric (PPSF) $780 $780Loan Amount $5,000,000 Super Salary $4,800 $4,800Interest Rate 4.50% Management Fee $16,362 $16,417Amortization 30 Total Expenses $155,189 $155,244Annual Debt Service ($306,958) Net Operating Income $390,212 $391,997Debt Coverage Ratio 1.27Net Cash Flow After Debt Service $85,040 SCHEDULE OF INCOME
UNIT BREAKDOWN TOTAL % OF TOTAL RENTUPSIDE ANALYSIS Studio 0 0% $0
ACTUAL PRO FORMATOTAL ANNUAL REVENUE $559,176 $561,074There is currently 1 vacant unit in the building. The super lives off site.There are 16 total units.***All Units Have Been Fully Gut-Renovated to Condo-End Finishes With the Exception Of Apt. 5 & 11