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.

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:

Harlan Simon (212) 317-7802

Kervin Vales (212) 396-8244

HALL WAY

FIRST FLOOR STORE

SECOND FLOOR OFFICE

STAIR CASE

NEW ELEVATOR

Second floor terrace

Third Floor Terrace

Kitchen

Basement with 11’ ceiling

Half bathroom

ELECTRIC METERS

GAS METERS

SPRINKLER SYSTEM

SIX FLOOR, FLOOR-THROUGH APARTMENT WITH TERRACE

ROOF OF BUILDING