Description
Incredible investment for Sale: Mixed Use Multi Family
This Pre-War Loft Building (at 23x94) consist of 10 floors; 1 unit per floor. Here's the current Monthly Rental Income:
> 1st Floor $4,377 Commercial Store
> 2nd Floor 2,348 Rent Stabilized
> 3rd Floor 5,700 Six month lease; fair market
> 4th Floor 5,600 Six month lease; fair market
> 5th Floor 6,000 Six month lease; fair market
> 6th Floor 862 Rent Stabilized
> 7th Floor 5,500 Year lease; fair market
> 8th Floor 5,550 Six month lease; fair market
> 9th Floor 5,650 Six month lease; fair market
> 10th Floor 2,300 Six month lease; fair market
The price was $15 Million, and now it's recently reduced to $10 Million. This building is classified as a class A residential complete with a C of O. It's in the process of doing a conversion (the buyer would get this with the sale of the property)
Floors 3-10 all have 6 month leases; Condo plans have been prepared and almost ready for submission to Attorney General.
Since assuming ownership of the building, landlord has never had even a single month where a unit has been vacant. All rents have been fully paid and are up to date.
The building was converted to residential use and received a residential certificate of occupancy in April 1995. There is no super on the premises. The elevator is a manual elevator. The boiler is 9 years old and uses #2 oil. Many of the floors have had extensive renovations and most of the building fixtures and equipment are less than 10 years old.
Please note that the rent stabilized tenants have notarized agreement with the owners to vacate! Presently, the 2nd floor through the 10th are class A residential. Tenants. The store front and back are presently being used for commercial.
Gross Monthly Income:$44,137
Gross Annual Income:$ 529,644
ANNUAL EXPENSES:
Real Estate Taxes:$82,000
Water/Sewer: $5,300
Heating Oil: $18,500
Insurance:$9,000
Con Edison:$3,000
Elevator:$5,000
Cleaning:$3,600
TOTAL ANNUAL EXPENSES:$126,400
NET OPERATING INCOME:$403,244