260 Centre Ave 31 Unit Apartment Building $9,992,710 CAD ($322,345 CAD/Unit) 6.22% Cap Rate New Rochelle, NY 10805
EXECUTIVE SUMMARY
68% LTV-Assumable CMBS Loan. 260 Centre Avenue has a
$4,750,000 interest only loan at 4.23% interest which matures on
2/6/2031.
Recent 10-Year Capital Expenditures. Over the past decade, ownership
has invested nearly $400,000 in capital improvements, including
extensive renovations of the internal apartments, upgraded common
areas, a completed gas conversion, an 8-year-old boiler, one hydraulic
elevator, and a new hot water heater system. Additional improvements
feature external pointing and a fully integrated building-wide security
camera system. The building is also equipped with a Hercules-managed
laundry facility of 2 washer and dryer machines.
2017 Boiler - Major Capital Improvement. In 2017, ownership
completed an MCI and put in a brand-new boiler system.
In Demand Parking Upside. Positioned in an area with a shortage of
parking, 260 Centre Avenue comes with 41parking spots. Currently
there are only 33 rented, leaving additional upside of $27,300 for a
future buyer to capitalize on.
Additional Income. Upon unit turnover, the new tenant is eligible to
pay a portion of their utility bill through Ratio Utility Billing (RUBS).
Additionally, there is pending upside if new ownership phases in IAI’S
as well as the available storage unit per floor.
4 Unit Vacancies with Upside. 4 of the apartments are delivered vacant
and have upside from the registered maximum rents and potential IAI’s
which new ownership can phase in.
$4,750,000 interest only loan at 4.23% interest which matures on
2/6/2031.
Recent 10-Year Capital Expenditures. Over the past decade, ownership
has invested nearly $400,000 in capital improvements, including
extensive renovations of the internal apartments, upgraded common
areas, a completed gas conversion, an 8-year-old boiler, one hydraulic
elevator, and a new hot water heater system. Additional improvements
feature external pointing and a fully integrated building-wide security
camera system. The building is also equipped with a Hercules-managed
laundry facility of 2 washer and dryer machines.
2017 Boiler - Major Capital Improvement. In 2017, ownership
completed an MCI and put in a brand-new boiler system.
In Demand Parking Upside. Positioned in an area with a shortage of
parking, 260 Centre Avenue comes with 41parking spots. Currently
there are only 33 rented, leaving additional upside of $27,300 for a
future buyer to capitalize on.
Additional Income. Upon unit turnover, the new tenant is eligible to
pay a portion of their utility bill through Ratio Utility Billing (RUBS).
Additionally, there is pending upside if new ownership phases in IAI’S
as well as the available storage unit per floor.
4 Unit Vacancies with Upside. 4 of the apartments are delivered vacant
and have upside from the registered maximum rents and potential IAI’s
which new ownership can phase in.
PROPERTY FACTS
| Price | $9,992,710 CAD |
| Price Per Unit | $322,345 CAD |
| Sale Type | Investment |
| Cap Rate | 6.22% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 26,181 SF |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 2/1,000 SF |
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | - | 700 - 879 |
| 1+1 | 12 | - | 879 |
| 2+1 | 10 | - | 879 |
1 of 1
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 1000-000-002-00402-000-0031 | Improvements Assessment | $46,288 CAD |
| Land Assessment | $33,269 CAD | Total Assessment | $79,557 CAD |
