64 Units 45,209 SqFt › d2 › lthOAnKSQ34I9ZY51hmW_GJkPk… · 6.92% CAP RATE “NET LEASED ”...

LichtensteinRE800-242-9888

[email protected] Leased Nirvana. 4 Building Portfolio

64 Units 45,209 SqFt

1232 Fulton AvenueBuilt in 2015

2131 Mapes AvenueBuilt in 2018

2132 Mapes AvenueBuilt in 2013

596 East 170th StreetBuilt in 2014

of 13

FOR SALE PORTFOLIO

Property 1 Property 2 Property 3 Property 4 Combined Properties

Addresses of Subject Properties

596 East 170th Street

1232 Fulton Avenue

2131 Mapes Avenue

2132 Mapes Avenue

Combined Package: 4 Properties: 596 East 170th Street, 1232 Fulton Avenue, 2131 & 2132 Mapes Avenue Bronx, NYC

Borough/County Bronx Bronx Bronx Bronx BronxCity Bronx Bronx Bronx Bronx BronxNeighborhood Morrisania Morrisania Belmont BelmontState New York New York New York New York New YorkZipcode 10456 10456 10460 10460Block & Lot # 2931-52 2612-03 3110-88 3111-39

Building ClassOver Six Families Without

Stores (C1)Over Six Families Without

Stores (C1)(D3) Elevator Aprtment

Fireproof without Stores Over Six Families Without

Stores (C1)Property Type Multifamily Multifamily Multifamily Multifamily MultifamilyBuilding Materials Brick Brick Brick Brick Brick

Distance Miles to Subject Property

0 0 0 0

Approximately 1.9 Miles/11 minutes apart from each

other

Gross ACTUAL BUILT USABLE Square Footage 13,080 6,838 16,512 8,779 45,209Year Built 2014 2015 2018 2013Age Years 4 3 0 5Building Dimensions 56 ft x 75 ft 27 ft x 64 ft 33 ft x 72 ft 33 ft x 66 ftLot Size Land Area Square Footage 6,926 2,637 4,800 4,797 19,160Lot Dimensions 56.81 ft x 119.25 ft 27 ft x 99 ft 33.04 ft x 145.27 ft 33.04 x 145.18 Zoning R5A R6 R7-1 R7-1 R5A/R6/R7-1NYC Tax Assessor Market Value $914,000 $668,000 $941,400 $1,176,000 $3,699,400Current Tax Bill $196 $0 $38,315 $8,841 $47,352

Photos

Residential Units 20 8 22 10 60Commercial or Community Facility Office Units

3 0 1 04

Total # of Units 23 8 23 10 64Studio 1 Bathroom 6 1 12 2 21

1 Bedroom 1 Bathroom 9 1 9 2 212 Bedroom 1 Bathroom 5 6 2 6 19

# Bedrooms 20 8 23 10 61# Rooms 59 29 59 34 181# Bathrooms 21 8 24 11 64# of Stories 4 4 7 4

ASKING PRICE: $23,000,000PRICE Required NOT NEGOTIABLE: $5,180,000 $2,220,000 $6,751,000 $3,422,000 $17,573,000GRM Gross Rent Multiplier 12.51 11.85 12.50 15.38 12.89(A) Gross Income Net Leased To Agency (Possible)

$414,000 $187,272 $540,000 $222,480 $1,363,752(B) Operating Expenses (Possible) ($79,900) ($37,574) ($10,900) ($19,841) ($148,215)A-B=(C) Net Income (Possible)

$334,100 $149,698 $529,100 $202,639 $1,215,537CAP RATE: (Possible) 6.45% 6.74% 7.84% 5.92% 6.92%Depreciation Annual Tax Deduction Benefit $162,909 $69,818 $212,364 $107,636 $552,727

Net Operating Income Plus Depreciation $512,909 $215,044 $669,793 $304,795 $1,702,541True Cap Rate ROI Net Operating Income Plus Depreciation

9.16% 8.96% 9.18% 8.24% 8.88%

19.81%D2) ROE Assuming Mortgage Financing w/Deprec & Amort: True Initial Cash On Cash Return on Equity Investment: Net Income PLUS Depreciation & Amortization Principal Reduction:

of 13

6.92% CAP RATE “NET LEASED ” NEWLY BUILT 4 BRONX BUILDINGS with 61 APARTMENTSFOR SALE: ASeller will Accept all Cash: $17,573,000 REDUCED FROM $23,000,000

6.92% Cap Rate Proforma Cap Rate: 7.2% 11% = Projected Proforma Future Cash On Cash ROI (Before CC&MCI)

9.83% True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Depreciation Tax Deduction Benefits 10.14%

9.92% Immediate Proforma Cash on Cash ROI 11.18% 17% = Projected Proforma Future Cash On Cash ROI (Before CC&MCI)

14.96%True Initial Cash On Cash Return on Equity Investment Net Income PLUS Principal Reduction 16.22% 22%

= Projected Proforma

26.59%

True Initial Cash On Cash Return on Equity Investment Net Income PLUS Principal Reduction PLUS Depreciation Tax Deduction Benefits 27.85%

12.89 = GRM Gross Income Multiplier Proforma GRM: 12.38 x RR$389 = Price Per Square Foot

$288,082 = Price Per UnitSubject Property Addresses Being Sold, Locations and Descriptions

Property Address:596 East 170th Street

1232 Fulton Avenue

2131 Mapes Avenue

2132 Mapes Avenue

City, State, Zipcode: Bronx, NY 10456 Bronx, NY 10456 Bronx, NY 10460 Bronx, NY 10460Block & Lot # Block: 2931 Lot: 52 Block: 2612 Lot: 03 Block: 3111 Lot: 88 Block: 3111 Lot: 39DESCRIPTION: Three 4 Story Walkup Residential Buildings and a 7 Story Newly Built Elevator Building with a Total of 61 Apartments, Community Facility and 8 to 10 car parking in the Morrisania and

Belmont Sections of the Bronx. These Properties are Net Leased to 3 Entities. Fulton Avenue has 8 Apartments and have a 5 year initial lease term while East 170th Street has 20 Apartments a 10 year initial term. 2132 Mapes Avenue- has 10 Residential Apartments and 2131 Mapes Avenue- a 7 Story Elevator Building has 22 Residential Apartments, a Large 600+/- square foot Recreational room and a 300+/- square foot Community Facility. 2132 Mapes Avenue is Net Leased and has a 5 year initial lease term, 5 year lease Renewal Option and a 421A Tax Abatement with 11 years remaining. 2131 Mapes Avenue is a brand new 2018 construction and has a 30 year lease with 3% Increases every 3 years, expiring in 2049.

Page 1 of 7

of 13

Property and Land Lot Size, Square Footage, Zoning, etc.

Year Built:2014 2015 2018 2013

Zoning District: R5A R6 R7-1 R7-1

E-Designation: None Historic District: None Landmark: None

Building Class:(C1) Over Six Families Without Stores

(C1) Over Six Families Without Stores



Width Building Built: 56 27 33 33

Depth Building Built: 75 64 72 66

Square Footage of Building's Base Dimensions: 4,200 1,728 2,376 2,178Width Frontage Lot Land: 56.81 27 33.04 33.04

Depth Deep Lot Land: 119.25 99 145.27 145.18

Square Footage of Land's Lot Size: 6,775 2,673 4,800 4,797 19,044Maximum Potential Buildable Usable Rentable Floor Area Square Feet including buildable FAR Air Rights 56,252 16,830 6,408 16,512 16,502 56,252UNUSED BUILDABLE ADDITIONAL SQUARE FOOTAGE (Or SF Over FAR) 11,043 3,750 -430 0 7,723 11,043Projected Additional Units If Buyer Adds Unused FAR after Closing Assuming Each Unit is 750 SF 5 -1 0 10 15TOTAL EXISTING USABLE BUILDING SQUARE FOOTAGE NOW: 45,209 13,080 6,838 16,512 8,779 45,209Office 3 3 0 0 0 3Garage SF ____ Car Parking Spaces Total 8 8 0 0 0 8Layout of Apartment Units and Estimated Comparable Rentals of Different Unit Sizes:

# of Each APARTMENT LAYOUTS:

Market Value Each Apartment Layout Comparable Quality Rental Apartments Rooms Baths 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue Total # of Rooms

20 Studio 1 Bathroom 2.0 1.00 6.00 1.00 11.00 2.00 4021 1 Bedroom 1 Bathroom 3.0 1.00 9.00 1.00 9.00 2.00 6319 2 Bedroom 1 Bathroom 4.0 1.00 5.00 6.00 2.00 6.00 7660 TOTAL Apartments On Owner's Rent Roll Listed As Rented With # of Rooms 20.00 8.00 22.00 10.00 179179 TOTAL NUMBER OF ROOMS 59.00 29.00 57.00 34.00 179.00

Layout Summary: (20 Studios), (21/1 Bedrooms), (19/2 Bedrooms)0 # of Rent Controlled Apartments 0% % of Total

61 # of Rent Stabilized Apartments* 100% % of Total Per DHCR, No registration on file for 1232 Fulton Ave, We have not seen 0 # of Free Market Rent Decontrolled Destabilized Apartments 0% % of Total

Page 2 of 7

of 13

Financial Overview A B

Income: (as of 4/30/2019)Tenants # of Units

CURRENT ACTUAL & PROJECTED

TOTAL NOW

Five Year Future Projected Gross Annual Income As Per

Lease AgreementsRESIDENTIAL INCOME: 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue COMBINED

61 TOTAL NUMBER OF APARTMENTS Occupied Apartments 100%Occupancy Rate 20 8 23 10 61 61

ACTUAL RENTS FROM RENTED & PROJECTED BUILDINGS NOW: Occupied Apartments 61 $414,000 $187,272 $540,000 $222,480 $1,363,752 $1,419,158

Average Rent Per Month Per Apartment: Estimated $1,725 $1,951 $1,957 $1,854 $1,863 $1,939Residential Rent Per Square Foot Per Year Total Residential Square Footage: 45,209 $31.65 $27.39 $32.70 $25.34 $30.17 $31.39

Square Feet

Residential Vacancy & Collection Allowance: 0% $0 $0 $0 $0 $0 $0

EGI EFFECTIVE GROSS INCOME (EGI) After Vacancy & Collection Allowance: $414,000 $187,272 $540,000 $222,480 $1,363,752 $1,419,158EXPENSES: (Estimated Ordinary Operating Expenses) 596 E 170th Street 1232 Fulton Avenue 2131 Mapes Avenue* 2132 Mapes Avenue COMBINEDNYC R.E. Transitional Net Assessment Value 2017/2018 $1,528 $0 $11,264 $0NYC Tax Class 2 Tax Rate: 2017/2018 12.8920% 12.7190% 12.7190% 12.7190% 12.8550% 12.8550%

2017/2018 Real Estate Taxes $197 $0 $1,433 $0 $0 $0*NYC R.E. Taxable Assessment Valuation 2017/2018 $411,300 $216,794 $301,241 $69,513 $998,848

NYC Water Sewer Account Number:

NO MORE 421 TAX ABATEMENT solely for the construction time

frame THIS WAS ABANDONED AND NO LONGER AVAILABLE:

Seller represents that taxes are $45,000. However NYCDOF shows taxes of only

$194 with exemption. Builder prepaid that is why it shows $0. Was vacant land

previously.)

NO MORE 421 TAX ABATEMENT solely for the

construction timeframe THIS WAS ABANDONED

AND NO LONGER AVAILABLE: Real Estate Taxes

have not changed in years before construction and same now after

development $0. Was vacant land previously.

NO MORE 421 TAX ABATEMENT solely for the

construction time frame THIS WILL NO LONGER BE

AVAILABLE: However NYCDOF shows 2018-2019 Assessed Value

of $41,861 with taxes of only $5,324. Consult tax certiorari.

*Landlord shall pay all RE taxes, however Landlord will work towards

getting Tax Exemption Certificate within next 12 months. In the event Landlord is not able to obtain said

Exemption then Tenant shall be responsible for all Real Estate

Taxes due from comencement of lease until it's expiration.

421 TAX ABATEMENT with 11 years remaining

Buyer must perform its own due diligence with regard to the real estate taxes.

Expenses: (As Per Seller)* Real Estate Taxes: Per Seller $45,000 $27,574 $0 $8,841.36 $81,415 $81,415Water & Sewer:Per Seller (Tenant Pays*) $24,000 $5,000 $0 $6,000 $35,000 $35,000Insurance: $31,800 as per Seller, but Jacob Klein Insurance Associates can offer these insurance premiums combined for $25,000+- $10,900 $5,000 $10,900 $5,000 $31,800 $31,800Heating Fuel: Master Tenant Pays $0 $0 $0 $0 $0 $0Utilities: Electricity: Master Tenant Pays $0 $0 $0 $0 $0 $0Labor Payroll: Master Tenant Pays $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0Management Fee (Estimate For New Buyer) Master Tenant Pays 0% $0 $0 $0 $0 $0 $0TOTAL ORDINARY OPERATING EXPENSES: (Estimated) $79,900 $37,574 $10,900 $19,841 $148,215 $148,215Expenses Per Unit Per Year ($2,430) ($2,430)Expenses Per Square Foot Per Year $3.28 $3.28Expenses As Percentage of EGI 11% 10%

NOI BDS: $334,100 $149,698 $529,100 $202,639 $1,215,537 $1,270,942

Repair & Maintenance: Master Tenant Pays majority. Landlord pays roof, structure, infrastructure plumbing, electric, servicing on demand heating units but these are brand new buildings.

NET INCOME Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)

Page 3 of 7

of 13

A) PRICING METRICSPRICE Seller will Accept All Cash $5,180,000 $2,220,000 $6,751,000 $3,422,000 $17,573,000 $17,573,000

A) 6.92% 7.2%GRM = Gross Rent Multiplier 12.89 12.38Price Per Unit $288,082 $288,082Price Per Square Foot $389 $389

B) B) True Value To Efficient Hands On Self Managed Buyers, but All Lenders, Appraisers will not value it based on the following:

NOI BDS: $334,100 $149,698 $529,100 $202,639 $1,215,537 $1,270,942B) Add Back Vacancy, Collection, TILC, Replacement Reserves & Management Fee $0 $0

B) NET INCOME CURRENT PROJECTED (Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) $1,215,537 $1,270,9426.92% 7.23%

$511,215 $511,215$1,726,751 $1,782,157

B2) ROE w/Deprec: 9.83% 10.14%

A) Cap Rate: (All Cash Purchase Cash On Cash Return On Investment Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)


True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Depreciation Tax Deduction Benefits: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)

Total Initial Return NOIADS Plus Depreciation Tax Deductions

Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 27.5 Years After Deducting 20% of Purchase Price For Land Value

B) Cap Rate All Cash Purchase; Cash On Cash Return On Investment (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)

Page 4 of 7

of 13

C1) PROJECTED POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY:C1) Projected Resale Value of Property: Projected Resale Cap Rate: 5.00% $24,310,732 $25,418,846

Projected Resale Profit: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $6,737,732 $7,845,846Projected Resale Profit Markup: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) 38% 45%

153% 179%Projected Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.)

Page 5 of 7

of 13

D2) POSSIBLE NEW FINANCING: (Subject to lender approval & closing.)

Optional Possible PRE-APPROVED FINANCING offered via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing.5 Year US Treasury Index Yield (SWAP) 2.50% As of Date: 2/4/2019 subject to change until rate locked.Spread 1.77%

FIXED INTEREST RATE: 4.27%Amortization Schedule in Years 30 A BFirst Mortgage Offer Proposed by Lender of Mortgage Broker Andrew Lichtenstein, Inc. $13,179,750 $13,179,750Loan to Purchase Price 75% 75%

NOI BDS: $334,100 $149,698 $529,100 $202,639 $1,215,537 $1,270,942D2) DS: Debt Service Principal & Interest Payments Annually: (Projected Estimate Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error) ($779,890) ($779,890)

Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed] 5.92% 5.92%DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service] (1.56) (1.63)Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 9.22% 9.64%LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 54% 52%

NOI ADS: $435,646 $491,052D2) $4,393,250 $4,393,250

D2) ROI: 10% 11%D2)Amort. Add Back Principal Reduction Amortization Equity Buildup: $221,415 $221,415

D2) $657,061 $712,467

D2) ROE: 15% 16%$511,215 $511,215

Total Initial Return NOIADS Plus Amortization Plus Depreciation Tax Deductions $1,168,276 $1,223,681B2) ROE w/Deprec: 26.59% 27.85%


NET INCOME AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

ROI: Initial Cash On Cash Return on Investment With Proposed New Financing: (Cash Flow Divided by Equity Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable etc. Subject to Change & Error)

TRUE INITIAL TOTAL RETURN: NOIADS PLUS AMORTIZATION PRINCIPAL REDUCTION From DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

True Initial Cash On Cash Return on Equity Investment: Net Income PLUS Amortization Principal Reduction: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)

Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 27.5 Years After Deducting 20% of Purchase Price For Land Value

True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction PLUS Depreciation Tax Deduction Benefits: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)

FIXED FOR 5 YEARS WITH 30 YEAR AMORTIZATION SCHEDULE. Personal guarantee required for > 61%. Non Recourse for < 60% . For up to 75%LTV Amortization is Limited to 25 years and Personal Guarantee is required.

Page 6 of 7

of 13

Highlights, Notes, Remarks, Comments, Conditions and Some Known Violations:Property Condition: ExcellentNotes, Remarks, Comments: ● Social Services Human

Resources Admin HRA & NYC Homeless Services 2 Year to 11-17-2016 MOU Memorandum of Understanding.They only give these out 2 year terms at a time$58/Room/Night X 54 rooms = Up to $1,143,180 gross annual income

NYC Social Services Human Resources Admin HRA MOU Memorandum of Understanding.$56/Person/Night X 29 rooms = Up to $592,760 gross annual income

Highlights: ● Brand New & 2 to 3 year old Buildings ● Properties are Net Leased so Minimal Operating Expenses for Buyer● 421A Tax Abatements 596 E170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue

Violations: A Class HPD Housing Violations: 0 0 0 0 0As of Date: B Class HPD Housing Violations: 0 0 0 0 0

10/30/2018 C Class HPD Housing Violations: 0 0 0 0 0I Class HPD Housing Violations: 1 1 0 0 0Total Number of HPD Housing Violations: 1 1 0 0 0# of Open DOB Department of Building Violations: 1 0 0 1 0# of Open ECB Environmental Control Board Violations: 0

0 0 0 0# of Open Complaints: 0 0 0 0 0

To be removed from this list just call 800-242-9888, fax or email REMOVE and tell us the fax number or email address this was sent to, or Click Here

This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to Size, square footage, or age are approximate, or estimated, zoning, calculations, and projections are made on best efforts basis and should not be relied upon and must be verified independently. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the 'safe harbor' provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person's use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. This message cannot be considered spam as long as we include the way to be removed, Paragraph (a)(c) of S. 1618. To be removed from receiving further communication just call toll free 24 hours a day 800-242-9888, or fax to our 24 hour fax line 866-591-1138 reply “REMOVE” with your fax number, or email reply Unsubscribe REMOVE in the subject line and tell us the fax number or email address this was sent to. This message is sent in compliance of the new email bill section 301. Under Bill S. 1618 TITLE III passed by the 105th US Congress.

Seller's Required Terms and Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer’s due diligence with 10% non-refundable deposit closing in “As Is” condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Buyer must sign Broker ALI's Buyer Registration NCCFA Non-Circumvention and Conditional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement and if Buyer requires property inspection and receipt of confidential seller due diligence this shall be made available to only bona fide buyer who first submits letter of intent offer to buy satisfactory to Seller "subject to satisfactory property inspection and due diligence that includes Buyer's proof of cash funds for the required equity over proposed mortgage financing."

Contact Seller's Exclusive Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] Do Not circumvent Broker. No site access without Broker appointment.Cooperating Buyer's Broker will be paid 25% of the 2% fee received from Seller by Broker ALI.

Page 7 of 7

of 13

RENT ROLL As at 4/25/2019

Property Addresses Being Sold: 596 E 170 STREET, 1232 FULTON AVENUE, 2131 & 2132 MAPES AVENUE

City, State, Zip: Bronx New York 10456 & 10460

# Of Buildings 4

# of Residential Units 61# of Commercial Units 3

Total # of Units: 64# of Vacant Units: 0 Vacancy Rate 0%

# of Occupied Units: 64 Occupancy Rate 100%

PROPERTY ADDRESS TENANT NAME

Residential CURRENT/PROJECTED

Monthly Rent NOW Description

#

BEDROOMS

#

BATHS

#

ROOMS

Status (2016 NYS DHCR Rent Registration)(RC, RS, FMDecontrolled

Destabilized Free Market)

LEASE INCEPTION/

MOVE IN DATE

LEASE EXPIRATION

DATE LEASE TERM/ RENEWAL OPTIONMONTHLY RENT AT

YEAR 6 AS PER LEASES


Community Outreach Consulting Firm, Inc $34,500.00

20 Residential Apartments

(9x1 bedrooms, 5x2 bedrooms, 6 studios, 2 offices +

community space) 19 20 59 RS 10/1/2016 9/30/2026

5 Year fixed rent then 2% Increase per year thereafter.

At 10 year Expiration Term tenant shall quit premises or pay 20% increase of the 2026

Current Rent ($38,090.78 + $7,618.15=$45,708.94) $35,190.00

1232 Fulton Ave Eloise's Helping Hand, Inc $15,606.00


(1 studio, 1x1 bedroom, 6x2

bedrooms) 14 8 29 2/1/2017 1/31/22

2% Increase per year. Renewal Option of Five years with Fixed Rent Starting at $194,838/year +2% Increase/year $16,236.48

2131 Mapes Avenue

Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $45,000.00

22 Residential Apartments, 1

Community Facility (9x1 bedrooms, 2x2

bedrooms, 11 studios,

1 300sf community space) 13 23 57 4/15/2019 3/31/2049

30 Years with 3% Increases every 3 years.*Landlord shall pay all RE taxes, however

Landlord will work towards getting Tax Exemption Certificate within next 12 months. In

the event Landlord is not able to obtain said Exemption then Tenant shall be responsible for all Real Estate Taxes due from comencement

of lease until it's expiration.

$47,740.50

2132 Mapes AvenueCommunity Outreach Consulting Firm $18,540.00


(2 studio, 2x1 bedroom, 6x2

bedrooms)16 10 34 12/22/2015 12/21/2020

3% Increase year 3. Five year Renewal Option at same 3% Increase every 2 years.. $18,540/mo to

12/21/2020; $19,096.16 to 12/21/22; $19,669.08/mo to 12/21/2024; $20,259.16/mo

to 12/21/2025*IN NEGOTIATIONS-Possible New Tenant at

2020 Lease expiration with rent of $25,000/Mo=$6,460 increase in rent. $19,096.16

4 Total $113,646.00 0 62 61 179 $118,263.14

$113,646.00# of Apartments of Each

LayoutBed-

Rooms Baths RoomsTotal # of

Rooms APARTMENT LAYOUTS: $118,263.14

$1,363,752 20 0 1.00 2.0 40 Studio 1 Bathroom $1,419,158

21 1 1.00 3.0 63 1 Bedroom 1 Bathroom

Certified True and Correct to the best of my knowledge. 19 2 1.00 4.0 76 2 Bedroom 1 Bathroom

(Signature of Owner/Seller) 60 2.5 2.00 4.5 179 2 1/2 Bedroom & 2 Baths

TOTAL GROSS MONTHLY INCOME :

TOTAL ANNUAL INCOME:

of 13

APPRAISALBOV

Subject Property 1

Subject Property 2

Subject Property 3

Subject Property 4

Combined Properties

Comparable Building Sold #1





Comparable Building Sold #6Comparable Building

Sold #7Comparable Building

Sold #8

Addresses of Subject Property and Comparable Building Sales For Appraisal

2131 Mapes Avenue

2132 Mapes Avenue


1232 Fulton Avenue

Combined Package: 4 Properties: 2131 Mapes Avenue, 2132 Mapes Avenue, 596 East 170th Street and 1232 Fulton Avenue Bronx, NYC


2072 Crotona Avenue

598 East 167 Street

1468 Bryant Avenue

2376 & 2378 & 2384 & 2386 Hoffman Street

1417 Longfellow Avenue


2198 Cruger Avenue, 2197 Cruger Avenue and 2180 Bronx Park East

Borough/County Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx

City Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx

Neighborhood Belmont Belmont Morrisania Morrisania West Farms Tremont South BronxFairmont - Claremont

Village Belmont Fairmont - Claremont Village Williamsbridge Bronxdale

State New York New York New York New York New York New York New York NY NY NY NY NY NY

Zipcode 10460 10460 10456 10456 10460 10457 10456 10460 10458 10459 10467 10462Block & Lot # 3111-88 3111-39 2931-52 2612-03 3124-1 3095-20 3000-7 3065-31 & 32 & 35 & 36 2999-42 4676-3 4319-25; 4318-30; 4317-19

Building Class Over Six Families Without Stores (C1)

Over Six Families Without Stores (C1)




Apartment building elevator (D1)





Elevator Apartment - Miscellaneous (D9)


Apartment building elevator (D1)

Property Type Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily 4 x (8) family Houses Multifamily 38 Apts & 1 office Multifamily Multifamily

Date Closed FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW 10/31/2017 3/28/2018 3/28/2018 6/4/2018 7/11/2018 1/3/2018 8/14/2017 8/22/2018Distance Miles to Subject Property 0 0 0 0 0 0.3 0.3 0.5 0.8 0.8 0.9 1.43 1.5

Gross ACTUAL BUILT USABLE Square Footage 16,512 8,762 13,080 6,838 45,192 181,093 6,240 6,024 16,575 32,752 24,180 10,119 233,815

Price Sold $/PSF FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $245 $356 $369 $314 $218 $408 $330 $227

Price Sold $/Unit FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $226,403 $278,000 $278,000 $208,000 $222,656 $259,868 $256,923 $240,909PRICE SOLD FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $44,375,000 $2,224,000 $2,224,000 $5,200,000 $7,125,000 $9,875,000 $3,340,000 $53,000,000

Year Built

2018 2013 2014 2015 1979 2014 2013 1931 2006 2017 2015 1930

Age

-1 4 3 2 39 4 5 87 12 1 3 88Building Built Feet Deep Depth 72 66 75 64 277 65 55 66.31Building Dimensions 33 ft x 72 ft 33 ft x 66 ft 56 ft x 75 ft 27 ft x 64 ft 24 ft x 65 ft 24 ft x 65 ft 26.79 ft x 55 ft 41 ft x 66.31 ftBuilding Built Feet Wide Width Frontage 33 33 56 27 149 24 26.79 41Lot Size Land Area Square Footage 4,800 4,797 6,926 2,637 19,160 76,858 2,400 2,478 5,000 7,500 5,713 54,955

Lot Depth Feet145.27 145.18 119.25 99 508.7 100 92.5 114.25

Lot Dimensions33.04 ft x 145.27 ft 33.04 ft x 145.18 ft 56.81 ft x 119.25 ft 27 ft x 99 ft 24 ft x 100 ft 24 ft x 100 ft 26.79 ft x 92.5 ft 50 ft x 114.25 ft

Lot Wide Width Frontage Feet33.04 33.04 58.8 27 151.88 24 26.79 50

Zoning R7-1 R7-1 R5A R6 R7-1 R5A R6 R7-1 R5D R7-1

Market Value $941,400 $1,176,000 $914,000 $668,000 $3,699,400 $364,000 $501,220

Current Tax Bill $38,315 $8,841 $196 $0 $47,352 $143 $41,722 $19,496

Photos

Residential Units 22 10 20 8 60 196 8 8 25 32 38 13 220

# of Stories 7 4 4 4 4 5 4 4 5 4 4 6

Cap Rate FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW 4.40% 6.1% 7.7% 2.5% 5.2% 4.08%GRM Gross Rent Multiplier FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW 15.50 15.44 12.36 21.76 13.71 14.57

(A) Gross Income $540,000 $216,000 $414,000 $187,272 $1,357,272 $2,862,903 $144,000 $180,000 $238,970 $519,694 $3,637,612

(C) Operating Expenses ($6,000) ($18,841) ($64,000) ($38,374) ($127,215) ($910,403) ($9,150) ($9,000) ($110,072) ($146,694) ($1,475,212)A-B-C =(D)

Net Income$534,000 $197,159 $350,000 $148,898 $1,230,057 $1,952,500 $134,850 $171,000 $128,898 $373,000 $2,162,400

Transaction Notes Marcus & Millichap

Costar & Andrew Lichtenstein, Inc. Actual Seller's Exclusive

Sales Broker

Costar & Andrew Lichtenstein, Inc. Actual Seller's Exclusive

Sales Broker NYC DOF RPIE

Cushman Wakefield 3rd Quarter Bronx & No Manh 2018

Report & Loopnet Property Shark Property SharkCushman Wakefield 3rd

Quarter Bronx & No Manh 2018 Report

Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for of 13





Comparable Building Sold #13 13

2547 Cruger Avenue


1249 Webster Avenue

3174 Riverdale Avenue

4566 Richardson Avenue

TOTAL of ALL These SOLD BUILDING Comparables

AVERAGE of ALL These SOLD BUILDING Comparables

Bronx Bronx Bronx Bronx Bronx

Bronx Bronx Bronx Bronx Bronx

Allerton Mott Haven Concourse Village Kingsbridge Wakefield

NY NY NY NY Bronx

10467 10454 10456 10463 Bronx

4433-43 2275-35 2427-40 5715-180 5081 & 0046


Over Six Families without Stores (C1)

Over Six Families without Stores (C1)

Elevator Apartment - Semi-Fireproof with Stores (D7)


Multifamily Multifamily Multifamily9 Apartments and 3

offices Multifamily

3/23/2017 10/11/2018 8/8/2018 3/28/2016 8/15/2018

2 2.3 2.6 3.1 4.6

12,000 2,544 6,799 12,143 3,200547,484 42,114

$342 $519 $338 $432 $359 $258$273,333 $188,571 $287,500 $437,500 $191,667 $240,617$4,100,000 $1,320,000 $2,300,000 $5,250,000 $1,150,000 $141,483,000 $10,883,308

2016 1915 1929 and 2003 2013 1927

Average $PSF taking average of each

building comparable $PSF

$343

2 103 89 years & 5 years 5 91

Average $/Unit taking average of each

building comparable $/Unit

$257,641

50 63.5

ft x ft 16.67 ft x 50 ft 31 ft x 63.5 ft

16.67 31

5,000 1,667 3,100 3,120 8,410 176,201 13,554

100 100 100

50 ft x 100 ft 16.67 ft x 100 ft 31 ft x 100 ft

50 16.67 31

R6 R6, C1-4 R7-1, C2-4

$1,008,000 $341,000 $913,000

$49,828 $6,139 $0

15 7 8 12 6 588 45

4 3 4

4.99%

15.56

Property Shark Property Shark Property Shark Property Shark

r sale. of 13

10 A1 A2 B B1 C C1 C2 D D1 D1 = =

VALUATION METHODOLOGIES:

CONCLUSION: Value of Subject Property Based On Average of the All These Valuation Methodologies A B C & D:

Seller's Required Minimum Not Negotiable

Gross ACTUAL BUILT USABLE Square Footage: 45,192 45,192

# of Apartments # of Units

60 64Subject Property Lot Size Land Area Square Footage:

Gross Income of Combined Subject Properties : $1,357,272 $1,357,272 $1,357,272

Net Income Subject Property:

$1,230,057 $1,230,057 $1,230,057

Comparable Market Value Indexes: A:$ Per Existing Sq.Ft.; B:$ Per Unit; C:GRM Gross Rent Multiplier; D:Cap Rate

$258 $343 $240,617 $257,641 15.56 12.08 14.42 4.99% 5.54% 4.67%

Subject Property Appraisal BOV Valuations:

$11,678,697 $15,495,970 $14,437,041 $16,489,016 $21,114,640 $16,395,846 $19,571,862 $24,645,384 $22,203,195 $26,339,550 $18,837,120 $17,573,000Price Per Unit at Valuation Conclusion: $313,952 $292,883

Price Per GRM at Valuation Conclusion: 13.88 12.95

Price Per Cap Rate at Valuation Conclusion: 6.53% 7.00%

Price Per Square Foot at Valuation Conclusion: $417 $389

Capitalization Rate on

N.O.I. SOLD: CAP RATE Valuation Based On

Comparable Sold data in this report

Value of Subject Property Based on the Average Price

per Unit Sold data in this report:Average

$/Unit taking average of each

building comparable $/Unit

Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for sale.

Combined Package: 4 Properties: 2131 Mapes

Avenue, 2132 Mapes

Avenue, 596 East 170th Street and

1232 Fulton Avenue

Bronx, NYC

$PSF Valuation of Subject

Property: Price Per Existing

Usable Square Foot Built Now

Based on Actual Recent

Comparable Buildings SOLD

Data In This Report:

Value of Subject Property Based on

the Average Price per Unit Sold

data in this report:

Capitalization Rate on N.O.I.: CAP RATE Valuation Based On

Comparable Cushman Wakefield Market Survey 3rd Quarter 2018 All

Bronx Areas WALK UPS

Capitalization Rate on N.O.I.: CAP RATE Valuation Based On

Comparable Cushman Wakefield Market Survey 3rd Quarter 2018 All

Bronx Areas ELEVATOR

Apartment Buildings

Value of Subject Property Based

On GRM of Comparable

Buildings Sold from Valuation

Comparable Cushman Wakefield

Market Survey Elevator

Apartment Buildings Bronx 3rd Quarter 2018




Comparable Cushman Wakefield

Market Survey 7 WALKUPS sold with GRM data

3rd Quarter 2018 Bronx

$PSF Valuation of Subject Property: Price

Per Existing Usable Square Foot Built Now

Based on Actual Recent Comparable Buildings

SOLD Data In This Report: Average $PSF taking average of each building's comparable

$PSF




Comparable Sold Properties Data in This Report

of 13

64 Units 45,209 SqFt › d2 › lthOAnKSQ34I9ZY51hmW_GJkPk… · 6.92% CAP RATE “NET LEASED ”...

Documents

Transcript of 64 Units 45,209 SqFt › d2 › lthOAnKSQ34I9ZY51hmW_GJkPk… · 6.92% CAP RATE “NET LEASED ”...