Listed by Brown Harris Stevens
$1,800,000
952 Utica Avenue
Details
Property Type Mixed Use, Multifamily
Sub Type 5 family mixed-use Building
Square Footage 3,810
Net Rentable (SqFt) 3,810
Units 5
Cap Rate 6.63%
NOI $119,296
Occupancy 100%
Pro-Forma Cap Rate 7.86%
Pro-Forma NOI $141,496
Price per SqFt $472
Class B
Year Built 1931
Year Renovated 3
Buildings 1
Stories 3
Lot Size (SqFt) 2,000
Zoning R5 (1.25) with a C2-2 Overlay (1.0)
Investment Type Value Add
Tenant Credit No Credit Rating
Occupancy Date 01/23/2023
Ownership Local
Mixed Use | 6.63% CAP | 3,810 SF
Marketing description
A 20’ wide five-unit three story mixed-use building. The property has a store on the ground floor, which is occupied by a café. To the back of the store is a studio apartment converted from a commercial event space. The studio unit is big enough to be converted into a two-bedroom apartment or connected to the store. The store can be delivered vacant.
The second floor has a two-bedroom apartment located to the front, to the back is also a two-bedroom apartment. The third floor has a two-bedroom apartment at the front, and a two-bedroom apartment to the back. The units have a full kitchen and full bathroom along with a living/dining area. The units have hard wood floors, 10’ ceilings with kitchens that have stainless steel appliances.
The gas & electric meters are in the basement along with the gas boiler and gas water heater. The store and studio unit have a HVAC system which is connected to the buildings boiler. The units above have radiators.
The property has a finished basement which has access to the backyard and court yard.
Investment highlights
The property is a prime investment opportunity, since the units are free market an investor can add value by updating the apartments and giving each unit their own boiler and water heaters. The rents are under market in an area where two-bedroom apartments are renting for $2,500.
The first floor studio can be converted into a two-bedroom duplex garden apartment and rent for $3,500 per month. The basement can be rented for storage space or have a laundry for the tenants.
The building is also a great user opportunity, a user can have a business on the ground floor and create a floor-through unit on the second floor. The third floor can be used for rental income.
The property is located on a busy block with lots of foot traffic, there are nice retail stores, super markets and restaurants in the area. The B46 bus stops Utica & Tilden Avenue, and stop on Utica & Eastern Parkway for access to the 3, 4 and 5 trains.
Listing Contacts
Listed by Brown Harris Stevens
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$119,296.00
$9,941.33/mo
Valuation Metrics
0
DSCR
6.63%
Cap Rate
6.63%
ROI
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