LichtensteinRE Sold a 56 Apartment Complex in Haverstraw, New York for $6,000,000
The two story 37,426+/- square foot complex is built on two acres of land, on four contiguous property lots, directly opposite the Hudson River waterfront. 20% of the units have bucolic water views. The property, built in 1970, is well maintained and 100% rented. The sale price represents a cost of $160 per square foot far below replacement cost. The purchase price represents $107,142 per apartment. Andrew Lichtenstein arranged 75% pre-approved low rate financing for the buyer.
The annual net Income of the property at closing was approximately $354,000. Average apartment rents are now only $1,080 a month, well below the rental market. Comparable current market rents in the immediate vicinity are around $1,380 a month. When the buyer realizes this increase it can enjoy a potential 28% gross rental above current rents. The new owner will have the opportunity to raise the net Income to as much as $548,000 a year.
Should the buyer wish to take advantage of maximum potential of the property, the Town has green lighted the complex to be expanded by an additional 50 apartments to a total of up to 106 apartments with the 32,000 additional buildable feet for a total of up to 67,426 total square feet upon completion.
The property is next door to “The Harbors at Haverstraw,”
Haverstraw is a town in Rockland County, on the Western border of the Hudson River. “The principal buyer is a local resident of Rockland County, conveniently located a few miles away from the property. He is in close proximity to his new purchase making management and ownership easy for him”, said Andrew Lichtenstein the Seller’s Exclusive Sales Broker for the investment.
Haverstraw Village is in the process of gentrification attracting former New York City residents. They come to the town because of its vast Hudson River shoreline, suburban life, natural amenities and easy commute to Grand Central Terminal.
LichtensteinRE specializes in the exclusive sales of commercial real estate properties in New York City’s 5 boroughs.It's is a full service Commercial Real Estate Sales and Advisory Service Boutique based in New York City, the financial capital of the world. It’s proven experience, financing ability and exclusive connections assures the best possible price when an owner wants to sell their property.
To learn more contact Andrew Lichtenstein at AL@LichtensteinRE.com