OFF MARKET PORTFOLIOS 10 to 3,500 units, ALL 5O STATES!

FLIP ID: 5634 

New Construction
Calling All Investors,

 Developers & End-Users!!! 20,858 Sqft. 26 Unit Corner Apartment Building With Private Gated Parking For Sale!!! The Property Is Located In The Heart Of The Bronx Just Minutes From The Major Deegan Expy. Right Near Bronx Community College!!! The Property Has A Fixed Rate Assumable Mortgage With 11 Years Left!!!
The Building Features Excellent Signage, Great Exposure, Low Property Taxes, 12 Parking Spaces In Private Gated Lot, High 9’ Ceilings, R7-1 Zoning, +! Neighbors Include Toyota, YMCA, The Home Depot, Planet Fitness, Extra Space Storage, Dunkin’, Walgreens, Best Buy, Chick-fil-A, AutoZone, +++!!! This Property Offers HUGE Upside Potential!!!

 Total Rent: $591,812.28 Ann.
9 Parking Spaces: $22,800 Ann.
Community Facility (Day Care): $38,400 Ann.; 3% Ann. Inc.; Lease: Exp.: 9/1/29. 5 Year Option.
Expenses:
Electric: $9,628 Ann. (Common Area Only)
Heat/Hot Water: $18,000 Ann.
Insurance: $11,000 Ann.
Water/Sewer: $22,000 Ann.
Maintenance & Repairs: $8,800 Ann. (Building Is Only 4 Years Old)
Taxes: $391.44 Ann. (Protected Until 2055!)
Total Expenses: $69,819.44 Ann.
Pro Forma Gross Income: $653,012.28 Ann.
Pro Forma Net Operating Income (NOI): $583,192.84 Ann.
FINANCIAL SUMMARY (PRO FORMA - 2024)
ANNUAL ANNUAL PER SF
Gross Rental Income $571,793 $31.35
Other Income $62,400 $3.42
Vacancy Loss - -
Effective Gross Income $634,193 $34.77
Taxes $391 $0.02
Operating Expenses $69,428 $3.81
Total Expenses $69,819 $3.83
Net Operating Income $564,374 $30.94
PROPERTY FACTS
Price $8,400,000 Building Class B
Lot Size 0.11 AC
Sale Type Investment Building Size 18,240 SF
Cap Rate 7.11% Average Occupancy 100%
No. Units 25 No. Stories 7
Property Type Multifamily Year Built 2020
Property Subtype Apartment Parking Ratio 0.66/1,000 SF
Apartment Style Mid Rise Opportunity Zone Yes
 

SRO in New York, NY 10027
(Harlem)

Reg Sale
SRO-Brownstone
Delivered Vacant But 1*
As-Is, All-Cash
$1.5MM
Give best offer
no seller financing
11 Units Total
*1 Occ Rent Stabilized @ $479 mo.(no lease month to month)
10 vacant-w/Cert No Harassment
Good Condition
5 Baths

Lot Area: 1,943 sf
Lot Frontage: 19.25'
Lot Depth: 100.92'
Number of Floors: 4
GLA: 3,203 sf
Zoning: R7-2 

598 Portfolio asking $97 Million

Given its accretive debt and proven value-add program achieving $160 premiums on average.

New ownership can improve current renovations for up to $200+ premiums. The four deals have averaged 7%+ effective rent growth over the last year and are poised to continue the momentum.

Savannah is amid generational growth with the new 8,500 jobs by Hyundai EV which started production this past year which is expected to lead to total of ~40,000 total new jobs in the metro (20% of current work force), with 18,000 already announced. Chatham County currently has an immediate need for housing with a deficit of 10,000 units.
 

Savannah 598 Portfolio // Savannah, GA // 598 Units // Built 1968-1977 

Pricing Guidance:
Blended loan assumption pricing is $91MM ($152k/unit), which is a 5.8% cap and 13% cash-on-cash returns Day 1. This can be pushed to a 6.5% cap Year 1 with 1/3 of the projected renovations.
All four properties have very accretive debt at a 2.71% rate, 2.7 years of I/O remaining with the ability to unlock supplemental financing up to 80% LTV / 1.25x DSCR
Taxes: Each deal is under appeal to be 299c for 2024, 2025, & 2026. Ascend Midtown currently in their last year. Can send additional tax information upon receipt of buyers bio

 .Asset Highlights:
Ascend Midtown // 150 Units // Built 1968:
$24M ($160k/unit), 5.75% cap and 12.9% cash-on-cash returns Day 1
Occupancy: 92%; Avg. Rent: $1,358Ridgewood // 144 Units // Built 1977:
$22M ($153k/unit), 5.90% cap and 13.8% cash-on-cash returns Day 1
Occupancy: 97%; Avg. Rent: $1,338

Portfolio 1 // 144 Units // Built 1977:
$22M (153k/unit), 5.70% cap and 12.6% cash-on-cash returns Day 1
Occupancy: 97%; Avg. Rent: $1,339

Portfolio 2 // 160 Units // Built 1975:
$23M ($144k/unit), 5.90% cap and 14.6% cash-on-cash returns Day 1
Occupancy: 98%; Avg. Rent: $1,273

Proven value-add program with varying level of renovations achieving $160 premiums on average for ~74% of the units.
New ownership can improve current renovations for up to $200+ premiums including stainless steel appliances, granite countertops, refinished cabinets, and Washer/Dryer appliances.

Over $4.6M has been infused into the portfolio by current ownership including new roofing, gutters office upgrades, landscaping, amenity enhancements, and interior renovations.

Submarket Highlights:
Sweet location providing easy access to all jobs/entertainment, Medical District, and near the only Whole Foods in Savannah.
Generational growth with the 8,500 from the job that will lead to total of 40,000 total new jobs in the metro (20% of current work force), with 18,000 already announced.
Savannah ranks #1 in the Southeast for 5 year rent growth projections as it outpaces primary markets like Atlanta, Charlotte, Nashville and Charleston.CFO: Wednesday, Feb 26th 

Guidance for this asset is $23.5M 

Free & Clear
We’re looking to a stable and half-renovated 10% cap rate.
Property conservatively needs $4M in capex ($2M for deferred and $2M for 50% interior renovations).
This brings your all in basis to ~$75K/unit. Stable value pegged at $110K+/door.
The immediate comp set is occupied at ~95%. Vacancy here is driven by lack of cash flows to turn units.
The true comps support $1,000/unit blended rents$900 for 1x1, $1,000 for 2x1, $1,100 for 2x1.5, $1,150 for 3x1, and $1,200 for 3x2)   

ID: 5596

52 PROPERTY MEMPHIS PORTFOLIO

Asking : $4.3 MIL

They can submit terms for seller finance but no Cherry picking unless they are buying a large amount it might be possible but they want to sell all of them at once

any of these section 8 rentals? No

2. Are any of these tenants delinquent or in the eviction process? No

3. any major capex expenditures with noting here across the portfolio? No there’s no major Capex

 full rent rolls/ledger would be provided prior to being accepted written offer?

Are all of them occupied at the rental rates shown in the spreadsheet? Yes
no major rehabs needed

What type of heating/cooling? Central

 Assets are free and clear & we have rent rolls for the past 12

This is a turnkey deal with great value when fully occupied and well operated. This property was recently acquired by an older gentleman who has been rehabbing his whole life and paid cash for the property and is ready to let it go. It's cheaper now because we caught him as he's getting tenants in but he did say he wasn't planning on selling it at the moment but it is only 1/3 occupied and it'd take about 6-12 months to get it fully occupied especially as he self manages the property.

Properties have been fully rehabbed (with the exception of 4 occupied units) and rents are about $25 - $75 below market. Not a heavy value add deal although with some good marketing to get it fully occupied, well run operations, some water and sewer RUBS, this could be a huge money maker and be sold for around $5.3 to $6.0 million in about 2-4 years. (with NOI at $430k to $470k)

There isn't a OM on this property. But these are the numbers that we have from seller:

Property taxes: $49,024 for 2024. 

Insurance: He said $14-18/unit although we'd underwrite it at $25/door to be safe

Utilities: Trash is $360/month. Water is about $35/unit/month. Electrical is only for the perimeter and indoor lights which is around $100/month

Prop Mgmt. He self manages but once can underwrite and find a good prop mgmt company at 10%.

Property is comprised of:

1st building: 20 units. All 1 bd/1bath. Fully vacant in St. Louis)

2nd building: 66 units. 18x 2bd/1bath. Rest are 1 bd/bath. 28/66 occupied. also in St. Louis. (Located Across the Street)

New windows, new doors, new kitchen, new bath, new everything on the 20 unit building. They've never been lived in, and everything is brand new.

Same goes for the 66 unit one with 45 new furnaces, new condensers, new water heaters. Just as needed by unit. 

The roofs are older, but they're not leaking and parking lot could use resurfacing but it's not bad. 

Each tenant has their own electricity and both properties is all electric, no gas. 

Our underwriting shows a 1.60 DSCR with NOI of $430k once it's occupied with 5% vacancy and 10% prop mgmt with 8% maintenance reserves. In 2 years we project NOI to be at $470k if RUBS is fully implemented with natural rent hikes. It could be sold then easily for $5.5 million or more so easily a $1million profit for any cash buyer. 

Price is $4.3 million or $50,000/door. Because of the low occupancy, I'd suggest the seller have in a mind a holding cost of about $50,000 to $100,000 till they can break even but it will be a cash cow once that's done and once NOI is at 

So essentially we are talking about a property that's fully rehabbed, rents below market, and it's 9.30% CAP rate ProForma. Just needs to get it occupied with some good prop mgmt. Attaching existing rent roll and some pictures for reference.