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25’ WIDE SIX STORY MIXED USE ELEVATORED BUILDING FOR SALE
NEW CONSTRUCTION
EXCELLENT INVESTMENT OPPORTUNITY 2381 BELMONT AVENUE
BRONX, NEW YORK
Location: West side of Belmont Ave between East 187th and East 186th St
Block: 3074
Lot: 30
Lot Size: 25’ x 88’
Building Size: Basement: 25’ x 88’ = 2,200 sq. ft.
Store: 25’ x 88’ = 2,200 sq. ft.
2nd Floor: 25’ x 88’ = 2,200 sq. ft. includes 625 sq ft terrace
3rd Floor: 25’ x 60’ = 1,500 sq. ft. includes 250 sq ft terrace
4th Floor:
5th Floor:
6th Floor:
25’ x 50’ = 1,250 sq. ft.
25’ x 50’ = 1,250 sq. ft.
25’ x 50’ = 1,250 sq. ft. includes 625 sq ft terrace
11,850 Below Grade
9,650 Above Grade
Stories: Six (6) Plus Basement
Gross Square Feet: 9,650 (Approximately)
Zoning: (FAR)
Real Estate Taxes:
R6 (2.43) with a C2-4 Overlay (2.0)
$23,585
Description:
A 25’ wide 9 unit six (6) story mixed use elevator building. The
property has a store on the ground floor which has 11’ ceilings and
two half bathrooms. The second floor is a floor- through office,
which has a half bathroom and an outside terrace. The office also
has a small kitchen. Both the ground and second floors are
individually metered, the seven apartments above are also
individually metered they have their own water heaters and heating
units. The basement is built full it has three storage spaces and a
room for the gas and electric meters and the sprinkler system.
The property was built in 2006 everything is new and in good
condition. There is a tax abatement, which expires in 2023. The
store and office is occupied by the owner’s non for profit. The
property is being sold with the owner entering into a 5-year lease
with the new owner at closing, the rent will $5,000 per month
with an option for another five years.
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The building is a prime investment opportunity because an investor my want to
convert the second floor into two apartments after the lease expires. The store can be
duplexed with the basement, which would allow it to get more in rents. There is also
more upside with the rent stabilized units in 2023 when the tax abatement expires the
units will be at or close to being free market.
Revenue:
Unit Description Unit Type Revenue LXP
Ground Floor: Store University Of The St Commercial $2,500.00 Owner
Second Floor:
Third Floor:
Fourth Floor:
Office
3A
3B
4A
4B
University Of The St
2 Bedroom Apt
2 Bedroom Apt/terrace
2 Bedroom Apt
2 Bedroom Apt/balcony
Commercial
Rent Stabilized
Rent Stabilized
Rent Stabilized
Rent Stabilized
$2,500.00
$1,136.12
$1,144.44
$1,226.40
$1,385.16
Owner
7/31/18
8/31/18
2/28/18
6/30/18
Fifth Floor:
Sixth Floor
Monthly Inc:
Annual Inc:
5A
5B
6A
2 Bedroom Apt
2 Bedroom Apt/balcony
3 Bedroom Apt/terrace
Rent Stabilized
Rent Stabilized
Rent Stabilized
$1,337.04
$1,650.00
$1,495.97
$14,375.13
$172,501.56
8/31/18
4/30/18
10/31/19
Note: Apartments 3A and 3B get public assistance, apartments 4B, 5A and 6th floor get section 8.
Apartments 4A and 5B are cash paying tenants. Expenses:
Real Estate Taxes: $23,585
Water & Sewer: $6,565
Insurance: $4,500
Heat (Paid By The Tenants): $0.00
Electric: (common areas) $3,070.91
Repairs & Maintenance:
Elevator Service Contract:
Sprinkler System Service
Super: (Trash, cleaning & maintenance)
$3,500
$4,800
$3,200
$3,600
Management (3%): $5,175.04
Total Annual Expenses: $57,995.95
Net Operating Income: $114,505.61 CAP RATE: 4.4%
ASKING PRICE: $2,625,000
For Further Information or Inspection, Please Contact Exclusive Sales Agents:
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Harlan Simon (212) 317-7802
Kervin Vales (212) 396-8244
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HALL WAY
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FIRST FLOOR STORE
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SECOND FLOOR OFFICE
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STAIR CASE
NEW ELEVATOR
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Second floor terrace
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Third Floor Terrace
Kitchen
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Basement with 11’ ceiling
Half bathroom
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ELECTRIC METERS
GAS METERS
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SPRINKLER SYSTEM
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SIX FLOOR, FLOOR-THROUGH APARTMENT WITH TERRACE
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ROOF OF BUILDING