Explore an enticing investment prospect in the vibrant and highly sought-after Ridgewood area with this strategically located building. Nestled in the heart of Ridgewood, just three blocks away from the M train, the property is surrounded by an array of amenities, including gift shops, bookstores, fine dining, bars, cafes, and bakeries. All units are presently occupied, underscoring the property's immediate revenue-generating potential.
This real estate gem not offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113, 148, with expenses standing at $38, 552, results in a substantial net income of $74, 596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2, 150/month, Apt 2L at $875/month, Apt 2R at $1, 200/month, Apt 3L at $2, 062/month, and Apt 3R at $2, 200/month.
Associated costs for the property include taxes at $15, 692, extermination fees of $1, 650, insurance costs totaling $4, 400, water sewer expenses of $6, 987, heating costs at $6, 204, maintenance/repairs at $3, 000, and electric costs of $619. The calculated cap rate based on the asking price is 6. 34, showcasing a solid return on investment. The building encompasses 5, 600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
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William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $920,000 | $920,000 | $920,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.750% | 6.625% | 6.125% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.004% | 6.738% | 6.307% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $5,369 | $5,891 | $7,826 |
Total Monthly Payment | $5,494 | $6,016 | $7,951 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.