GREAT INVESTMENT AT 4.7% CAP! Even more - PERFECT 1031 EXCHANGE OPPORTUNITY. The subject property (230 East 53rd St.) is a 5-story mixed use floor. The retail portion of the building is occupied by an adult video store. THE STORE HAS BEEN IN OPERATION SINCE 1999. The location is key to the store's operation; THE CITY GRANTED THE STORE A SPECIAL LICENSE TO OPERATE in the area, which OTHERWISE BANS SIMILAR USES. The lease expires in 2/17. The tenant requested to renew the lease for additional 5-10 years. The second floor is occupied by a martial art school - Epic Hybrid Training (www.epichybridtraining.com). The school has been leasing the space in the building since 2003. The lease is expiring in 12/17. Both commercial units PAY 20% OF INCREASE IN REAL ESTATE TAXES. On the third floor, there is one (1) FM three-bedroom apartment. On the fourth and fifth floors, there is one (1) FM four-bedroom duplex apartment with access to two (2) private terraces. The building also benefits from a RECENTLY REPAIRED ROOF, a NEW CURBSIDE VALVE AND PIPING, and SEPARATE METERS. INCOME: GROUND FLOOR - Adult Video Store - $19,500.00 per month and $19,800 the following year (lease expires on 2/17) plus 20% RE taxes with the base year of 2002-2003 ($48,854). Current annual tax payment is $9,469. Tenant requested landlord to renew the lease for additional 5-10 years. SECOND FLOOR - Martial Art School -$5,788.12 (lease expires on 12/17) plus 20% RE taxes with the base year of 2011-2012 ($88,820.54) - currently annual payment of $1,476.00. The rent increases to $6,077.53 in 12/15 and to $6,381.40 in 12/16. THIRD FLOOR - residential - $3,500.00 (month to month) FOURTH FLOOR DUPLEX - residential - $5,100.00 (month to month) Total Monthly Income: $34,800.12 (rent RE taxes) TOTAL ANNUAL INCOME: $417,601.44 2014 EXPENSES (ACTUAL): Real Estate Taxes: $96,200.00 Insurance: $7,500.00 Water & Sewer: $1,200.00 Heat: $4,150.00 Electricity: $750.00 Super-$350/Mo $6,600.00 Maintenance: $3,500.00 TOTAL EXPENSES : $119,900.00
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