Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings.

629 Faile Street
Bronx NY 10474
Cross street:Randall Avenue

Building

Type:Low-rise
Era:Pre-war
Floors:4

Property

Ownership: Income Property
Rooms: 28
Bedrooms: 16 BR
Bathrooms: 16

Financials

Price: $5,250,000
415 Madison Avenue NY, NY 10017
Courtesy of Compass

Description

Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years. Annual Net Income is roughly $260,000+, giving the properties a 5% cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser. Brokers collect your commission from your buyer. *Due to the current market of the Hunts Point area, 120% AMI is slightly above market rate. According to the NYC HPD website, 120% AMI allows for studios to be rented for $1,866 and 1 beds for $2,342, which is above the current Hunts Point Market.

Amenities

  • New Development
  • Video Intercom
  • Walk-up

Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings.

Description

Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years. Annual Net Income is roughly $260,000+, giving the properties a 5% cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser. Brokers collect your commission from your buyer. *Due to the current market of the Hunts Point area, 120% AMI is slightly above market rate. According to the NYC HPD website, 120% AMI allows for studios to be rented for $1,866 and 1 beds for $2,342, which is above the current Hunts Point Market.

Amenities

  • New Development
  • Video Intercom
  • 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.