Listed by Brown Harris Stevens
$1,250,000
910 Home Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,903
Units 5
Cap Rate 6.33%
NOI $79,121
Occupancy 100%
Pro-Forma Cap Rate 10.94%
Pro-Forma NOI $136,769
Price per SqFt $320
Class C
Year Built 1910
Year Renovated 5
Buildings 1
Stories 3
Lot Size (SqFt) 1,554
Zoning R7-1
Investment Type Value Add
Ownership Local
Multifamily | 5 Units | $250,000/unit
Marketing description
A 21’ wide five-unit three story apartment building. The first floor front apartment is a three-bedroom unit. The back unit is a two-bedroom apartment. The second floor is a floor-through four-bedroom apartment. The third floor has a front one-bedroom apartment and a back two-bedroom apartment. The units have a full kitchen and bathroom along with a living/dining area.
Investment highlights
The property is a prime investment opportunity because all the units are free market and the rents are low. The units can be renovated to command market rents. There is the potential to give each unit their own boiler and water heater. The basement has 8’ ceilings and two means of egress, it can be duplexed with the first floor. The air rights can be used to add another floor. The first floor and the third floor can be converted into floor-through units. The basement can also be used for a laundry or extra storage space for the tenants.
The property is also a great user opportunity, a user can occupy the first floor front unit and rent out the other apartments for income.
The building is individually metered for gas and electric, the meters are located in the basement. There is an oil boiler along with two oil tanks. The C of O is for a four family and a store. The fifth apartment is linked to the common area gas and electric meters. A corner store would be great for the property and the area.
The property is located on a nice residential area which is three blocks from the 2 & 5 trains which gives easy access into Manhattan and Brooklyn. The building is close to Southern Blvd and Freeman Street which has great retail stores, restaurants and clothing stores.
Listing Contacts
Listed by Brown Harris Stevens
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$79,121.00
$6,593.42/mo
Valuation Metrics
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DSCR
6.33%
Cap Rate
6.33%
ROI
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