Property details

New York Class C Multifamily For Sale, Northeast Region

Additional Loan Info

Annual Debt Service is $275,520 for the next 2 yrs. Then fully amortizing 30 yr loan thereafter.

Property Description

New York Class C Multifamily For Sale

Garden Style Apartments.

Large 140 Unit Off-Market Multifamily.

Located in Upstate New York MSA (downtown urban infill location).

Cash on Cash Return: 11.03%!

100% occupancy now with a waiting list - averages 96% - 99% occupancy.

Owner has raised rents every year and will do so again.

Class C - 25-35% subsidized (not tax credit or subsidized building).

Unit Mix:
60 1 bdrms.
72 2 bdrms.
8 3bdrms.
140 units total Rents vary by bdrm and unit sized $600 - $1,000.

Recently refinanced with a new, non-recourse, ASSUMABLE Freddie Mac loan.

This property is on track to generate aprox $1.2M Gross, $500k costs and $700k NOI.

The property accepts section 8 and all other forms of public assistance.

Avg about 95-96% Occupancy.

This is a very clean property.

The owners had an appraisal done last yr at 7% Cap Rate so they feel this is a more than fare valuation given:

- market in this NY city is stable with rises in rents

- values are trading at below replacement cost

- Property has Existing New Debt of $6.15M with Freddie Mac must be assumed (we just placed new debt on the asset last yr). Non-Recourse, 7 yrs fixed at 4.48%, with 2 yrs Interest only then 30 yr amortization which is the best debt out there.

- there is value add for installing additional energy efficiencies ie solar which if the owner does not get prompt offers they will be undertaking themselves that can increase NOI another $50- $75k/yr on top of rent growth and LL pays all utilities.

Borrower must assume debt from Freddie, so if they don't have a track record and are well capitalized this likely wouldn't work.






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Highlights

Status:
Available
Price:
$10,000,000
Cap Rate:
7.00%
Annual Rent:
$700,000
 

Property Information

Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
140
Purchase Tenure:
Fee Simple
 

Existing financing information

Original loan amount:
$6,150,000
Interest rate:
4.48%
Amortized over:
30 years
Due in:
7 years
Annual Debt Service Pmts:
$275,520
Annual Cash Flow:
$424,480
Cash on Cash Return:
11.03%

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.