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90-92 Vark St 19 Unit Apartment Building $3,375,000 ($177,632/Unit) 6.53% Cap Rate Yonkers, NY 10701
INVESTMENT HIGHLIGHTS
- 35% Upside Between Market Rate Rents & Preferential Rents
- Getty Square Section Of Yonkers In Proximity To Route 9, The Riverfront & Both The Yonkers & Ludlow Train Stations
- 4 Free-Market Units | PRO FORMA 10% CAP
EXECUTIVE SUMMARY
The Oak & Avery Group is pleased to present 90 Vark St, a 19-unit multifamily building located in the Getty Square neighborhood of Yonkers. The property is in proximity to Route 9, the Yonkers riverfront and both the Yonkers and Ludlow train stations.
***PRO-FORMA 10% CAP by merely capturing the preferential/legal rent delta and raising to modest rental rates on free-market units.
All units are 3-bedroom, 1-bathroom railroad layouts. Four apartments are free-market/destabilized having broke the legal rent threshold. In addition, there are 12 apartments who are currently on a preferential rent, allowing for about 35% upside between the free-market and preferential rent mix. There are no program tenants.
There is currently a live-in super who is not paying rent. The landlord pays heat and hot water via an oil boiler. Tenants are individually metered for electric. The roof and boiler are ~20 years old. Recent capex improvements include a new parapet wall (2018), building pointing (2020) and kitchens and bathrooms as
needed.
***PRO-FORMA 10% CAP by merely capturing the preferential/legal rent delta and raising to modest rental rates on free-market units.
All units are 3-bedroom, 1-bathroom railroad layouts. Four apartments are free-market/destabilized having broke the legal rent threshold. In addition, there are 12 apartments who are currently on a preferential rent, allowing for about 35% upside between the free-market and preferential rent mix. There are no program tenants.
There is currently a live-in super who is not paying rent. The landlord pays heat and hot water via an oil boiler. Tenants are individually metered for electric. The roof and boiler are ~20 years old. Recent capex improvements include a new parapet wall (2018), building pointing (2020) and kitchens and bathrooms as
needed.
PROPERTY FACTS
| Price | $3,375,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $177,632 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.53% | Building Size | 15,000 SF |
| No. Units | 19 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | ||
| Zoning | A | ||
| Price | $3,375,000 |
| Price Per Unit | $177,632 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 15,000 SF |
| No. Stories | 5 |
| Year Built | 1965 |
| Zoning | A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 19 | - | 800 |
1 1
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 1800-001-000-00178-000-0001 | Improvements Assessment | $19,600 |
| Land Assessment | $2,800 | Total Assessment | $22,400 |
PROPERTY TAXES
Parcel Number
1800-001-000-00178-000-0001
Land Assessment
$2,800
Improvements Assessment
$19,600
Total Assessment
$22,400
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90-92 Vark St
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