Very serious buying opportunity for a conservative buyer/investor who is ready to sign a contract and pay all cash for this massive 4,120 SQFT. 8 Family Townhouse with a nice piece of land/backyard attached. This a home run deal for a conservative investor looking for a steady and safe return. There will always be a market for affordable apartments in NYC. Therefore, you will keep seeing a positive return and appreciation year after year with basically little to zero downside risk. There is also an additional 1750+ SQFT. unused FAR. The purchaser can also create an ultra luxury private extra large 2000+ Square Foot duplex apartment with an attached greenhouse + backyard to live in or rent out! Current Set Up is a as follows: First Floor the two studio units already have been combined creating a large 1000 SQFT. 1 Bedroom/ 2 bath with a large private back yard attached. It is currently an unregulated apartment. The unit has been kept empty the past three years. Last Tenant was paying $3300.00 per month . With cosmetic upgrades to of kitchen and bathrooms this would conservatively rent for at least $4000.00 per month with an annual income of $48,000. This is because of the large private backyard attached to the unit. There is also an option to combine the first floor with the unused basement space to create an extra large private luxury duplex. In addition, build out an attached 250 square foot greenhouse and attach it to the first floor unit as well. This would create a huge 2,000+ SQFT ultra luxury duplex unit with a unique private greenhouse. By doing this you can increase the rent and make it an ultra luxury unit commanding at least $6900.00 per month with an annual rent of $82,800. Second Floor rent stabilized large 500 Sqft. units are paying : Unit 3) $1,193.34 with a legal rent of $1,193.34 with a annual rent $14,320. Unit 4) $1,438.51 with a legal rent $2152.30 with a current annual rent of $17,262.12 with the potential to increase the rent to the legal annual rent of $25,827.60. Third Floor large 500 Sqft. Studio units are paying : 5) Currently paying $1800.00 with a legal rent of $1800.00 the annual rent is $21,600. 6) Unit 6 is a rent controlled tenant paying $1306.30 with an annual rent of $16,675.60. Current rent control laws allow for a up to a 7.5 percent increase every 2 years. Fourth Floor Unit 7) is vacant Fourth Floor Unit 8) is vacant You can combine both units to make a 2 bedroom/2 bath apartment 1000 SQFT. Unit with any rent you want. Conservatively it would rent for at least $4000.00 per month with an annual rent of $48,000 per year. You can also use the unused 1500 SQFT far and make a massive 2500+ SQFT 4 Bedroom Ultra Luxury Duplex which you could conservatively rent for $6900.00 with an annual income of $82,800. Conservative Gross Operating Estimated Annual Income with all rented apartments out and minor cosmetic renovations to the first floor unit and apartments on the top floor is $165,857. Conservative Gross Operating Estimated Annual Income with all rented apartments with first floor and basement level combined to create a 2000+ SQFT duplex with greenhouse and attached back yard. In addition, creating a 2500+ SQFT. top floor 4 bedroom duplex is $235,457. There are no other houses/buildings below 34th Street this large with a nice piece of land attached for $3,500,000 or under. SAFE INVESTMENT, STEADY INCOME and SAFE RETURN. Easy refi with around $1 million in instant appreciation after minor cosmetic renovations. Here to Help!
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