OFF MARKET Bronx NY, Two 4 Story Buildings, An investor dream!

[Al Schnitzer]

• Both Brick corner buildings - back to back properties.

• 1 on Marmion Ave and 1 on southern Blvd.

• Each building has 2 legal parking spots behind the building (rented out)

• Newly Built approx 2003

• BRICK

• 4 Story

• Every apt. has a porch
• The place literally only needs cosmetic. paint job and cleaning etc.

Combined total current RR = $143,443.80

RR can EASILY be up'd to $190K     ($2150 for 3br , and $1350 1br. That's what they are renting for in bronx these days. Especially these are newly built. 3brs each have 2 bathrooms and a porch)

The other benefit is that usually 4 family harder to get a commercial mortgage but these since its next to each other and done as 1 unit it can be done with a better CAP rate. Chase is ready to issue an LOI for a commercial mortgage

Asking price $1,595,000

Marmion Ave:

Apt #1, 1st floor, 1br, 1-baths - $1123.93, expired 6/30/16

Apt #2, 2nd floor, 3Brs, 2-baths, 1 porch - $1700.00, expires 8/31/16

Apt #3, 3rd floor, 3Brs, 2-baths, 1 porch - $1450, mtm

Apt #4, 4th floor, 3Brs, 2-baths, 1 porch - $1420, expires 10/15/2016

Parking 1, $100
Parking 2, $100

Total RR = 5893.93 X 12 = $70,727.16
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Southern Blvd:

Apt #1, 1st floor, 1br, 1-baths - $1195.75, expired 1/31/17

Apt #2, 2nd floor, 3Brs, 2-baths, 1 porch - $1400.00, mtm

Apt #3, 3rd floor, 3Brs, 2-baths, 1 porch - $1600, mtm

Apt #4, 4th floor, 3Brs, 2-baths, 1 porch - $1663.97, expires 10/15/2016

Parking 1, $100
Parking 2, $100

Total RR = $6059.72 X 12 = $72,716.64
____________________________________________

Combined total current RR = $143,443.80

OPPORTUNITY FOR CONDO DEVELOPERS – Skip the whole hassle of development and GO Straight to Condo Conversion ! These buildings can potentially be turned into condos. Each 3br, 2bath, 1 porch can sell for 380K EASY ! and the 2 that sell with parking spot for 400k. 1br, 1-bath walk-in apt 175K

• Total return if doing condos:
  Total = 1,350+ per building.
  Total = 2.7mil++ for both