2 x Four Unit Brick Buildings Back To Back BRONX NY Approx 8% CAP

[Al Schnitzer]

2 Newly Built (2003) Corner Brick Buildings Back to Back 4 parking spots and 8 units.

Each building has 4 floors, 4 units, and 2 parking spots 

1st floor 1br/1bath, other 3 floors are 3br/2bath each) > Total 8 apartments & 4 parking spots (6 3brs/2bath, 2 1brs/1bath) 

Total Bedrooms: 20 

Total Bathrooms: 14 

Total Parking Spots: 4 

Total Balconies: 4

SUMMARY INCOME & EXPENSE 

Current RR = $147,160 

Expenses $32,300 Net = $114,860 

Asking price $1,500,000 (7.66% CAP)

• Rents are low and can be brought up to 200k gross, 165k net
• Section 8 paying now for 3BR $2200, 1BR $1460 
• Property doesn’t need more than some paint and minor repairs (closet doors) 
• PERFECT for condo conversion. Each 3br has 2 full bathrooms, 1 Porch, and each building has 2 legal parking spots 
• BOTH are Corner Properties 
• Walking distance to the Bronx Zoo 

Combined Expense Breakdown

**Property Taxes (421a) $10,000 

Water & Sewer $6,000 

Heat & Hot Water $7,000 

Insurance $5500 

Repairs & Maint $2000 

Super $1200 

Electric $600

421A – Property taxes - 421A is expiring in approximately 3 years. Several options available to reduce the increased taxes. Even WITHOUT reducing it the net will be at 125k when increasing the rent which is 8.33% CAP and from there it can only get better if taxes are reduced