Property details
Partnership Liquidation | NY Commercial / Multifamily Building, Northeast Region
Property Description
Partnership Liquidation | NY New Commercial / Multifamily Building
Location: Brooklyn/Queens borders, New York
Ground floor commercial with multifamily above.
Very minimal annual expenses
The Building consist of 41 Units in total 40 Residential and one Commercial however the commercial space was sub divided into 6 spaces generating an income of $218k Annually.
6 Stories
Built in 2019
Elevator
421 tax abatement in place.
True off-market, confidential opportunity to purchase this and potentially more partnership assets.
General partner recently passed away.
The General partner handled all of the partnership assets.
The remaining partners prefer to sell.
Price: $16,500,000
Current NOI: $1m
Cap Rate: 6.06%
There is an assumable loan in place play here with a 3.25% fixed interest rate.
Current loan balance is in the $8-$9 mil range
There is ~12 years remaining on this loan
Images
Highlights
- Status:
- Available
- Price:
- $16,500,000
- Cap Rate:
- 6.06%
- Annual Rent:
- $1,000,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 41
- 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.