Property details
Bronx Commercial Property Portfolio, Northeast Region
Property Description
Bronx Commercial Property Portfolio
Consists of 10 properties.
This portfolio represents a life-long accumulation of well-located properties over a good period of time.
8 commercial properties plus a few houses (one in upstate NY and one in the Hamptons!)
This is a $50 million cash cow portfolio!
These buildings make money.
The commercial properties are all 1 nd 2 story buildings
These commercial properties have today become extra valuable
All locations are where the floor area ratio is at least 3.5
Today, upside is to increased the floor areas from 3.5 to at least 7.5 and one up to 10
Today, these commercial properties are now even more attractive to builders
For builders, the major value-add comes not having to pay real estate taxes, knock down the existing retail, the build new with retail on bottom with multifamily above.
The current rents are experiencing 4%-5% increases per year
Current total number of tenants in the commercial properties are 45-50 tenants
Current NOI is $1,000,000 per year representing a 2.00% cap rate return that bare land is unable to produce
Images
Highlights
- Status:
- Available
- Price:
- $50,000,000
- Cap Rate:
- 2.00%
- Annual Rent:
- $1,000,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 10
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
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.