LichtensteinRE.com Sold a Multifamily Property in Yonkers for $750,000
This beautiful three-unit walk-up building was fully renovated in 2018.
The property is a beautiful three-story fully renovated walk-up apartment building with two (4) bedroom and one (3) bedroom Residential Apartments with a Gross total floor area of 3,468 Square feet.
The Gross Annual Rental Income now at closing is $83,604, almost 9 times gross rent multiplier GRM. The Long Term Gross Annual Rental is projected to go up to $90,000 = 8.3 GRM. According to the seller, the buyer could achieve a long-term projected future cap rate as high as 8.7%.
The property was built in 1898 but totally renovated in 2018. All apartments have brand new beautiful kitchens with natural wood cabinets, granite countertops, and recent appliances. They also have completely gut renovated 3-piece bathrooms including new tiled floors and walls. Each apartment has its own balcony.
The building has 3 separate natural gas-fired hot waters heaters and water storage tanks. Each apartment has its own gas meter.
Andrew Lichtenstein, the property seller's exclusive broker explains that "the buyer will escape the rent-stabilized rent apocalypse because this property is unaffected by many of the new NYS tenant rental laws."
The property is in the Nodine Hills section of Yonkers in desirable Westchester County. Yonkers has been attracting newly working young tenants from New York City because it is located only 25 minutes of Midtown Manhattan by train and tenants enjoy larger apartments for their rent expense. This building is only one mile away from the Yonkers Metro-North Station.
The property was marketed exclusively by Andrew Lichtenstein, Inc., DBA LichtensteinRE.com which has been actively selling multifamily and commercial real estate for its clients in and around New York, including a recent $6,000,000 sale of a multifamily property in nearby Haverstraw, NY, and the sale of four buildings in Mount Vernon, Westchester for $3,650,000 as well as a shopping center in Congers NY for $4,000,000.
"Even in this "tough" new real estate market, we are not only still doing business, but we are closing deals. We just master leased and got five buildings in the Bronx into contract and we have multiple properties with contracts out for signature, and closings coming up. I look forward to representing other owners and buyers in this challenging time and in the future when we return to normalcy," says Andrew Lichtenstein.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed-use commercial real estate properties in New York City's 5 boroughs. LichtensteinRE is a full-service Commercial Real Estate Sales, Financing, and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE's proven experience, track record, financing ability, exclusive buyers, and connections with tens of thousands of property owners assure their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE's financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage, and return on investment possible.
LichtensteinRE's greatest ability is creativity and problem-solving. After selling the owner's property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax-deferred exchanges and in some cases has more than doubled the seller's net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com