
461 Milford Street
Multifamily | 2 Units | $472,500/unit
Marketing description
An 18’ wide 2-unit two-story building. The property has a three-bedroom garden apartment on the first floor. To the front is a wide bedroom, the living room/dining area is to the middle of the unit. There is a bedroom to the right side and a full bathroom to the left side. The back has a master bedroom which has access to the deck and backyard.
The second floor is also a three-bedroom apartment. To the front is a wide bedroom, the living room/dining area is to the middle of the unit. There is a bedroom to the right side and a full bathroom to the left side. The back has a master bedroom, which has a view of the back yard.
There is a full basement which is open and column free. There is access to it from inside the first floor apartment and back of the building. The space has side windows and a full bathroom along with a utility room which has the two gas boilers and two water heaters. The basement has 7’ ceilings and can be duplexed with the basement.
The units have been completely renovated with nice wood floors, nicely tiled kitchen and bathrooms. The hallways and stairs is beautiful and in great condition.
The property is a prime user opportunity. A user can occupy the first floor, which would give them personal access to the basement and backyard. The can convert the basement into a home office or a gym. They can also add small kitchenette to the basement and a laundry area.
The building is also a prime investment opportunity, since each apartment has it’s own boiler and water heater, the tenants can pay their own heating. The property has one electric meter, the investor can add value by giving each unit it’s own electric meter.
There is easy access to the property via the A train to Euclid Avenue. The 2, 3, and 4 trains is on New Lots Avenue. These trains are within walking distance to the property and give easy access to Manhattan.
Investment highlights
Income:
Unit Description Unit Type Rev Projected
First Floor: 1 3 Bd Apt Free Market $850 $3,300 In court
Second Floor: 2 3 Bd Apt Free Market $2,500 $3,000
Projected Monthly Income: $3,350 $6,300
Projected Annual Income: $40,200 $75,600
Expenses:
Real Estate Taxes:
$4,502.08
Water & Sewer:
$1,800.00
Insurance:
$2,300.00
Heat (Gas):
$3,000.00
Electric: (common areas)
$2,760.00
Repairs & Maintenance:
Total Annual Expenses
$2,500.00
$16,862.08
Net Operating Income: $58,737.92 CAP RATE: 6.3%
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