HIGHLIGHTS
- 2021 NEW BUILD: Cash-flowing new construction with little to no maintenance, priced below replacement cost.
- SUBSTANTIAL CASHFLOW WITH UPSIDE: The property is currently grossing $1,380,000+ / year, with additional upside via rising rents, or via city, state.
- 421-A TAX ABATEMENT: Real estate taxes are minimal and will remain so for the next 30+ years (abatement through 2058), helping ensure long-term.
- MAJORITY FREE MARKET: 68% of the residential units are free market, with the remaining 32% subject to rent stabilization via 421-a abatement.
- PATH TO FULLY FREE MARKET: Rent stabilized units can be converted to free market with turnover following 421-a expiration.
FOR SALE DETAILS
PRICE
$17,000,000 USD
PRICE/SF
$804 USD /SF
# OF UNITS
38
PRICE/UNIT
$447,368
CAP RATE
Request Cap Rate
% LEASED
-
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Mid-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
-
STORIES
7
YEAR BUILT
2021
PARKING SPACES
-
LAND DETAILS
LAND ACRES
0.17 AC
LAND SF
7,492 SF
ZONING
R7-1
APN/PARCEL ID
02745-0033
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914-584-7422
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914-584-7422
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