15 beds 5 baths Townhouse FOR $3.750.000

This a 5 unit building with a commercial space on the corner of 1st floor, All units are free market, will be delivered vacant, projected rent is from 4000 to 4500 monthly. plus 2500 rent per store. FOR $3.750.000

Location: South west corner of Herkimer Street and Howard Avenue 

Block: 1558 

Lot: 19 

Lot Size: (Built) 

Building Size: 

Building Square Footage: 

Stories: 75’ x 50’ 75’ x 32’ 5,700 (approx) 2 

Zoning: (FAR) R6B (2.0) Height Limit 50’ 

Total Buildable Square Feet: 

Total Available Air Rights: 

7,500 

1,800 

Assessment: Real Estate Taxes: 

$126,359 (23/24) 

$15,797.40 

Description: A package of five buildings on one lot. The property has five apartments and a corner commercial space on the ground floor. All the units are free market and delivered vacant. The apartments are four three-bedroom units and one unit is a one-bedroom apartment over the store. The property is a prime investment opportunity, an investor can always rent out the apartments at full market value. The units have been renovated with new full kitchen and bathroom, nice wood floors and beautiful expose brick walls. There will always be a strong demand for the units since each apartment is a separate building and is close to the A & C trains and Fulton Street. 

Opportunity: A developer can duplex the top floor by adding on the 1,800 square feet of air rights and then separate the tax lots and sell the five buildings individually. The property is in an area that under a lot of development and close to all modes of transportation. The A and C train is on Ralph & Fulton Street within 10-15 minutes the new owner or owners will be in the city. The building has great residential exposure the units get great sunlight. The corner commercial space has great commercial exposure and would be great for any retail or office use. 

Income: 

Unit Description Unit Type Rev Projected 

286 Howard: 1 1 Bd Apt Free Market $2,400 $2,650 Store $0.00 $3,500 

288 Howard: 2 3 Bd Apt Free Market $4,000 $4,500 

290 Howard: 3 3 Bd Apt Free Market $4,000 $4,500 

292 Howard: 4 3 Bd Apt Free Market $4,000 $4,500 

1030 Herkimer: 5 3 Bd Apt Free Market $4,000 $4,500 

Monthly Income: $18,400 $24,150 

Annual Income: $220,800 $289,800 

Expenses: 

Real Estate Taxes: $15,797.40 

Water & Sewer: $2,400.00 

Insurance: $3,700.00 

Heat (Gas): $3,200.00 

Electric: (common areas) $2,200.00 

Repairs & Maintenance: 

Total Annual Expenses $2,300.00 $29,597.4 

Projected Net Operating Income: $260,202.6 CAP RATE: 6.9%