Opportunity knocks! This semi-detached 3 family is being sold at a 6.4% Cap Rate, with $68,000+ in annual net income. 596 East 164th Street will be sold with the ground floor 2 bedroom/ 2 bath unit and the basement vacant and recently renovated from the studs in. The top floor was renovated a few years ago, and both the second and third floors are filled with solid tenants who have a history of paying on time every month. Both the second and third floors are rented to CityFHeps candidates, where the city pays their rent, including all their utilities. With the continued appreciation of the South Bronx along with the standing cap rate, the future owner can expect at least a 13% return on their investment. Upsides include adding coin operated laundry and or storage in the basement, and increasing the rent (current 3 bedroom CityFheps programs are renting for $3,000+). For an end user, this is a great opportunity to purchase a large three family home, where the current tenants will pay your monthly mortgage. Don't wait, contact AJF Real Estate Investments for a private showing. Monthly Expenses: Taxes: $663 Water: $500 (owner just did some plumbing work to hopefully bring down the water expenses) Insurance: $225 PLP: $100 Monthly Income: Unit 1 (2 bed/ 2 bath): $2,450 (estimated) Unit 2 (3 bed/ 2 bath): $2,395 Unit 3 (3 bed/ 2 bath): $2,375 Annual Expenses: $17,860 Annual Income: $86,640 Net Income: $68,780 Cap Rate: 6.4% *please note the property will be sold with all renovations of basement and first floor finished, including the addition of a fridge and stove in Apartment 1.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
