$2,999,900
Investment Summary
- Monthly Cash Flow
- -$13,991
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -24.3%
- Debt Coverage Ratio
- 0.11
- Internal Rate of Return (5 years)
- -19.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
This ONE OF A KIND triplex Condominium located in the sought after neighborhood of Gramercy /East Village is the definition of Modern Architecture! This beauty captured the attention of *Cover of New York Magazine, *Featured on Bravo TV’s Million Dollar Listing, *Elle Décor’s Pick of the World’s Most Beautiful Homes and *Highlighted in the American Institute of Architects. Embrace the unique triplex home located in this four unit renowned Brownstone complex. This 2 bedrooms, 2.5 bathrooms boasts a combined 1781 Sqft space of living and 750 Sq Ft of outdoor entertainment patio space. Featuring two FULLY RETRACTABLE doors. One on the front exterior that is seamlessly designed to mix in with the outside facade and the backyard door working as a full garage door wall with an exit door confirms the innovative design of this home. The first floor welcomes you with an entry foyer big enough to welcome your guests and accommodate their belongings, or to store your everyday possessions or a home office. For your convenience a full bathroom is located on the first floor as well. Along the hallway is an exposed brick wall directing you towards the chic all white chef’s kitchen with a modern look and a multi-purpose island. This eat-in kitchen area is adjacent to floor to ceiling glass garage doors leading you into the 750 sqft private patio outdoor backyard area! The backyard includes a BBQ grill, full sink, refrigerator, and a bar area ideal for intimate gatherings day or night. The second floor features a sun drenched living area that includes a modern electric fireplace and with the flip of a switch another set of facade doors opens up giving you a picturesque view of 14th Street. The Master bedroom includes stunning exposed brick walls and a full bathroom with an en-suite bath with fitting vanity, and floor to ceiling insulated windows. A powder room is located on the second floor for the convenience of your visitors. This unit features 12-foot ceilings, top of the line Viking appliances, exposed brick and stone walls, elevator, and keyless entry. On the lower level you will find the second bedroom that also has access to the backyard. This area can be used as a dining room, private office space or guest bedroom. Combining world class design with superior luxury and downtown chic, this residence offers a truly unique living experience in one of New York City’s most vibrant neighborhoods. When completed in 2009 this unit was bragged for being “State-of-the-Art Model for the New Brownstone” and was included in Elle Décor’s “Pick of the World’s Most Beautiful Homes.” The award-winning architecture of this building has also earned it a place in both the prestigious American Institute of Architects’ AIA Guide to New York City and the Contemporary Guide to New York City Architecture. Located between Second and Third Avenues, just off Union Square, The Brownstone East Village is steps away from Gramercy Park and Irving Place, some of New York City’s finest restaurants, food shopping (Trader Joe’s and Whole Foods) and 1 block away next to subway lines L, N, Q, R, W, 4, 5, and 6 for easy city transportation. A true NYC GEM. Additional Information: Amenities:Storage,
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Location
Property Details
Parking
- Description: On Street
- Details: On Street
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 5
- # of Stories: 7
- Basement Description: None
HOA
- Has HOA: Yes
- HOA Fee: $1,760/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 004691301
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 1925
Tax Information
- Annual Tax: $31,688
Utilities
- Water & Sewer: Public
- Heating: Forced Air, Natural Gas
- Cooling: Central Air
Location
- County: New York
Listing Details
Investment Summary
- Monthly Cash Flow
- -$13,991
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -24.3%
- Debt Coverage Ratio
- 0.11
- Internal Rate of Return (5 years)
- -19.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $2,999,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,399,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $599,980 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $89,997 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $689,977 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,871 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,603 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $4.70 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,399,920 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.810% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $15,662 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,641 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $616 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $18,919 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $8,800 | $105,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$528 | -$6,336 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,272 | $99,264 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 30% | -$2,641 | -$31,688 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$616 | -$7,392 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$704 | -$8,448 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$440 | -$5,280 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$440 | -$5,280 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 20% | -$1,760 | -$21,120 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 75% | -$6,601 | -$79,208 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,671 | $20,052 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$15,662 | -$187,944 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $13,991 | $167,892 |