This Multifamily Property is Off-Market.

3660 Waldo Avenue
Riverdale, NY 10463 ·

87 Units · Multifamily For Sale

N/A

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"Majestic" Exclusive Riverdale 409% Profit Proj.

Price N/A Cap Rate 5.20%
No. Units 87 Gross Rent Multiplier 12
Building Size 72,000 SF No. Stories 6
Property Type Multifamily Year Built 1940
Property Sub-type Mid/High-Rise Lot Size 20,300 SF
Property Use Type Investment APN / Parcel ID 5769-32
Commission Split 0.25%
Listing ID: 17956119 Date Created: 12/20/2012 Last Updated: 12/31/2013

Description

"The Majestic" is a solid Brick 1940 construction 6 Story Two Elevators apartment building, containing 87 Large Apartments plus basement storage.spaces in rear. Not included in income or in unit count there is a magnificent, huge additional duplex apartment the size of a large home with many bedrooms, tremendous living room, eat in kitchen that can be used by a buyer, manager, but this unit is not currently rented and is not part of the certificate of occupancy. There are also numerous other rooms and areas that can be utilized creatively. There is a superintendent's office that can be used as a management office with street access to Waldo Avenue.
* This could be an ideal cooperative or condominium conversion in the future.

Total NOW Projected: Net Income: $942,562 Cap Rate: 5.2% GRM: 12.21

Proj. 100% Market: Proj. Net Income: $2,117,538 Cap Rate: 12.1% GRM: 6.6 Proj. Value: $47,056,408 Proj. Resale Profit: $29,556,408 Proj. ROE: 448%

Proj.Convert to Student Housing: $3,347,529 Cap Rate:18.9% GRM:4.51 Proj.Value:$73,605,533 Proj.Resale Profit:$56,105,533 Proj. ROE: 850%

- Located in Riverdale New York conveniently located atop the staircase leading to Kingsbridge and the 1 & 9 Subway.
- One block to Manhattan College. This building can be converted to student housing renting to 320 beds versus 86 apartments for huge profit potential.

Highlights

  • Proj.Convert to Student Housing: Proj.Net: $3,347,529 Cap Rate:18.9% GRM:4.51 Proj.Value:$73,605,533 Proj.Resale Profit:$56,105,533 Proj. ROE: 850%
  • BEAUTIFUL PREWAR FINE ELEVATOR APARTMENT BUILDING OPPORTUNITY
  • Total NOW Projected: Net Income: $942,562 Cap Rate: 5.2% GRM: 12.21
  • Proj. 100% Market: Proj. Net Income: $2,117,538 Cap Rate: 12.1% GRM: 6.6 Proj. Value: $47,056,408 Proj. Resale Profit: $29,556,408 Proj. ROE: 448%
  • * Build your prosperity by maximizing the value of this mismanaged gem. * Ideal for Condo/Coop Conversion.
  • 1 block from college; can be converted to student housing to collect 312 monthly student checks versus 87 rental checks now for maximum income.

Research

3660 Waldo Avenue, Riverdale, NY 10463 (Bronx County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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