Goad Real Estate Company is Pleased to Present This Fully Occupied Mixed Use Retail/Multi-Family Apartment Building. This Property Consists of Three (3) Brick Buildings, Four (4) Commercial Tenants and Five (5) Residential Apartments.
Gross Annual Income: $191,315.76 Annual (Actual)
Net Operating Income: $161,335.76 Annual (Actual)
Effective Net Operating Income: $155,596.29 Annual (3% V & C)
This Building was Fully Gut Renovated Back in 2015/2016. This Property Features a Newly Constructed $230,000.00 Restaurant, New Replacement Windows, New Roof w/ Silver Flashing, Masonry Brick Pointed and Therosealed (Waterproofed).
Super Efficient Steam Boiler with Oil-Gas Combo w/ New Burner Control, Two (2) 300 Gallon Above Ground Oil Tanks (Fully Enclosed), New Rheem Hot Water Heater, Back Flow Water Preventer, New Mail Boxes, New Intercom System, New (4) Camera DVR Surveillance System, New Front Entry Door, Hallways Freshly Painted, New Store Front(s) Constructed "2009" (14 W. First St.), Constructed "2014"(5 South 5th Ave), Two (2) Brand New Iron Basement Door(s) Replaced Iron Basement Doors "2017"
(14-16 W. 1st St) and Iron Basement Doors "2018" (5 South Fifth Ave).
All Expenses can be Verified with 2-3 Years of Real Estate Taxes, Water Bills, Property Insurance, and Con-Ed Utilitiy Bills for (Electric) Common Hallways, Basement, and (Gas) for Hot Water and Heat.
Property Investment/Improvement's of over $400,000.00 was Invested into This Property through out The Last 6-7 years of Ownership.
Apartment COMPS (C.M.A.)for Mount Vernon New York, 10550 (See Below).
1BR ($1,350.00-$1,450.00)
2BR ($1,600.00- $1,750.00)
100% Fully Occupied!!!!!
Heat & Hot Water Cost under $3,000.00 per year.
3 Years of Con-Ed Bill's to Verify Hot Water & Heating Cost.
This Property "Currently" Nets Over $161,335.00 Annually (Actual), evaluates
8.78% Cap Rate, when Calculating a Vacancy & Collection (V & C) of 3% ($5,739.47) This Property has an Effective N.O.I. of $155,596.29 (8.5% Cap Rate).
14 W. First Street-Matrix-Restaurant (Interior Basement)
16 W. First Street-S.K. Discount (Interior Basement)
5A-5B South 5th Ave. Ricardo Shoe-Repair/Safe Cruz (Exterior Basement)
14-16 W. First Street (Owner-Basement w/Separate Boiler Room)
There is "Nothing" Currently on the Market in Southern Westchester County that Compares to this Property, the Average Property in Southern Westchester/Mount Vernon has an Average Cap Rate of 5.5%-7.5% Cap Rate, Determining the Value with an Average of 6.5%
Cap Rate This Property would have a value of $2,480,000.00 ($2.48M)
(6.5% Cap Rate) based on 7.5% Cap Rate this Property Would have a Value of ($2.15M).
