7008 Erie Rd
Derby, NY 14047
The Glen · Multifamily Property For Sale · 121 Units

Full offering memorandum and data vault available at www.highlandmariano.com. CURRENT CASH FLOW & RETURN PROJECTIONS * The property generated net operating income of approximately $700k during the trailing twelve months ending March 31, 2018. * The transaction is projected to generate an IRR in excess of 20%, and cash-on-cash returns excluding non-recurring capital events of 16%, underwritten with 3% income and expense growth over the next ten years, assuming the in-place financing. * The list price and in-place NOI indicate a capitalization rate of 7.0%. HIGHLAND GLEN APARTMENTS & OFFICE * Net rentable residential apartment area of approximately 56k SF. Gross rentable office area of approximately 27k SF. Apartment Component * Five garden style apartment buildings constructed between 1988 and 2002. Reinforced concrete foundation. Wood frame construction with vinyl siding. Pitched roofs, asphalt shingles. Central a/c and forced air heating. Interior flooring is vinyl tile, carpet and ceramic tile. Apartment & Office Component (Former Seminary Building) * Former seminary originally built in 1953 and converted into a walkup apartment building with approximately 27k SF of office space. Reinforced concrete foundation. Brick and masonry construction. Flat roof with rubber membrane. Individual gas-fired boilers in each unit for heat. Interior flooring is vinyl tile, carpet and ceramic tile. First floor sprinklered. MARIANO APARTMENTS & DEVELOPABLE LAND * Net rentable residential apartment area of approximately 44k SF. * Five garden style apartment buildings constructed between 1998 and 2002. * Reinforced concrete foundation. Wood frame construction with vinyl siding. Pitched roofs, asphalt shingles. Central a/c and forced air heating. Interior flooring carpet and ceramic tile. * Approximately 13 acres vacant land zoned MFR-4 (multifamily residential).