Investment Brochure for a Three-Quarter House

8/2/2019 Investment Brochure for a Three-Quarter House

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670ST.ANNS AVENUE BRONX, NY 10455

NNNLEASED PROPERTY 9% CAP RATE NO MANAGEMENT REQUIRED

(STRONG CREDIT TENANT)

Address: 670 ST. ANNS AVENUE BRONX, NY 10455Between East 156th Street and Westchester Avenue (off of Rae Street)

Description: The Property is a gut renovated 5-story walkup apartment building with10 unitscurrently NNN leased by NARCO FREEDOM, a non-profit that provides housing to itssocial service clients. NNN lease expires in April 2019 plus two 5-year options.

Year Built: 1920 / 2008-9(renovated) Block & Lot: 2617/18Lot Size: 23.58 X 94.42 Bldg Size: 23.58 x 80

Square Feet: 8,775 plus basement

Layout: Total Units: 10 + supers 2-room basement unit.Four 3-bedroom & six 2-bedroom apartments.

F.A.R.: 2.93(Built) 2.43(Allowable)

Zoning: R-6 Building Class: C7

Assessment: $ 94,050 (2009/10)

Mortgage: Can be delivered free & clear or assumption ofcurrent mortgage of $1,375,000 (7.5% interest, 20-yearamortization schedule).

Income: Base Rent1

$216,000RE Tax Reimbursement $37,000Insurance Reimbursement $5,000

Total Income: $258,000Averages (Monthly)Average Base Rent/Unit = $1,800Average Base Rent/Room = $409


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Remarks: - NNN leased to strong credit tenant NARCO Freedom.- Building was gut renovated in 2008-2009.- Building requires no property management.- Building has 24/7 security.- Close proximity from several MTA bus lines including Bx4 one block away.- Three blocks from #2 and #5 MTA subway stations at Jackson Ave & 149th St.- The Property is directly across from Crotona Academy High school.

Improvements: Building was gut renovated in 2008-2009 and has all new plumbing, windows, newelectric system, modified bitumen roof, mostly new floor beams, brand new boiler, andhot water heating system. New sheetrock walls and tiling replaced throughout theunits and hallways. Units have new beautifully modern bathrooms.


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MAPS OF PROPERTY


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ABOUT TENANT NARCO FREEDOM

Narco Freedom offers a seasoned network of drug treatment and health related services. In 1971,the not-for-profit agency began providing care to chemically dependent residents of the SouthBronx area of New York City. Since its beginnings as a methadone treatment center, theorganization has expanded its scope of service to include drug free substance abuse services,alcoholism services, primary medical care, mental health services, and social services (e.g., scatteredsite housing, Early Intervention for 0-3 year olds, etc.). In 1996, Narco Freedom expanded its servicearea to include two Brooklyn sites.

Narco Freedom has cared for thousands of addicts and their families; the current census is wellover 2,000 clients in treatment for alcohol and other addictions, and more than 10,000 familymembers and community residents are served in our non-addiction services. Narco Freedom hasextensive experience dealing with government agencies around licensing, rate setting andcompliance with regulations. The program is licensed by the New York State Office of MentalHealth as Article 25 and Article 31 sites, New York State Office of Alcoholism and Substance AbuseServices to provide 1035, 1040, 1042, Outpatient Chemical Dependency for Youth, and Article 31(alcoholism out-patient) services, and by the NYS Department of Health as an Article 28 facility.The agency meets requirements for licensing by the United States Drug Enforcement Agency andFood and Drug Administration.

Narco Freedom has provided groundbreaking leadership in fulfilling its vision of quality,comprehensive "wrap-around" care. Each new service added to the system of care has been inresponse to identified community and patient need.


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Investment Brochure for a Three-Quarter House

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