8 Cap Rate with upside potential for 12 return.

1946 McGraw Avenue
Bronx NY 10462
Cross street:Metropolitan Avenue

Building

Type:House
Era:Pre-war
Floors:3

Property

Ownership: Multi-Family
Rooms: 25
Bedrooms: 15 BR
Bathrooms: 6
Pets: Pets Unknown

Financials

Price: $1,200,000
415 Madison Avenue NY, NY 10017
Courtesy of Mont Sky Real Estate LLC

Description

**8% Cap Rate with upside potential for 12% return. Buyer is eager to sell!

This portfolio contains 3 adjacent identical buildings with a spacious backyard. Each building has 3 huge above-ground apartments as well as a large basement studio with a separate entrance to the street. Construction is relatively new from 2008, having also just been gut-renovated in Mid December with top-of-the-line granite kitchen counters/cabinets as well as high-end appliances and tile backsplash. This lot is zoned as R6, granting an additional 6000+ buildable SF.

Each of the three addresses also has a large storage facility in the lower level. These spaces are nicely finished with tiles and are currently vacant. Comparable basement facilities within a few blocks are getting $1350/month per room, and we have three rooms. This can bump NOI by ~$48,600/year.

Located within a couple hundred feet from subway line 6, as well as main bus lines providing excellent transportation options. There are major shopping areas, restaurants and entertainment venues all within a few blocks.

There are several new multifamily developments currently in construction within a few blocks.

Rent Roll and T12 Pro Forma are all available upon request.





Amenities

  • private-garden
  • Washer Dryer
  • Walk-up

8 Cap Rate with upside potential for 12 return.

Description

**8% Cap Rate with upside potential for 12% return. Buyer is eager to sell!

This portfolio contains 3 adjacent identical buildings with a spacious backyard. Each building has 3 huge above-ground apartments as well as a large basement studio with a separate entrance to the street. Construction is relatively new from 2008, having also just been gut-renovated in Mid December with top-of-the-line granite kitchen counters/cabinets as well as high-end appliances and tile backsplash. This lot is zoned as R6, granting an additional 6000+ buildable SF.

Each of the three addresses also has a large storage facility in the lower level. These spaces are nicely finished with tiles and are currently vacant. Comparable basement facilities within a few blocks are getting $1350/month per room, and we have three rooms. This can bump NOI by ~$48,600/year.

Located within a couple hundred feet from subway line 6, as well as main bus lines providing excellent transportation options. There are major shopping areas, restaurants and entertainment venues all within a few blocks.

There are several new multifamily developments currently in construction within a few blocks.

Rent Roll and T12 Pro Forma are all available upon request.





Amenities

  • private-garden
  • Washer Dryer
  • Walk-up

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.