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7008 Erie Rd
Derby, NY 14047
The Glen · Multifamily Property For Sale
·
121 Units
PROPERTY FACTS
| No. Units | 121 | Lot Size | 29.71 AC |
| Property Type | Multifamily | Building Size | 126,868 SF |
| Property Subtype | Apartment | Average Occupancy | 88% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1988/2005 |
| Zoning | MFR-4 | ||
| No. Units | 121 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 29.71 AC |
| Building Size | 126,868 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1988/2005 |
| Zoning | MFR-4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Yard
- Family Room
- Garden
- Lawn
- Patio
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Playground
- Grill
- Pet Play Area
ABOUT 7008 ERIE RD , DERBY, NY 14047
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).
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 55 | - | - |
| 2+1 | 64 | - | - |
| 3+2 | 2 | - | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,251,600 | |
| Land Assessment | $499,400 | Total Assessment | $4,751,000 |
PROPERTY TAXES
