**8% Cap Rate with upside potential for 12% return. Buyer is eager to sell!
This portfolio contains 3 adjacent buildings with a spacious backyard. Each building has 3 huge above-ground apartments as well as a large basement with a separate entrance to the street. Construction is relatively new from 2008, having also just been gut-renovated in Mid December with top-of-the-line granite kitchen counters/cabinets as well as high-end appliances and tile backsplash. This lot is zoned as R6, granting an additional 6000+ buildable SF.
Each of the three addresses has a large storage facility in the lower level. These spaces are nicely finished with tiles and are currently vacant. Comparable basement facilities within a few blocks are getting $1350/month per room, and we have three rooms. This can bump NOI by ~$48,600/year.
Located within a couple hundred feet from subway line 6, as well as main bus lines providing excellent transportation options. There are major shopping areas, restaurants and entertainment venues all within a few blocks.
There are several new multifamily developments currently in construction within a few blocks.
Rent Roll and T12 Pro Forma are all available upon request.
FREQUENTLY ASKED QUESTIONS
What is the lease rate for 1942-1944-1946 McGraw Avenue?
Rental asking rate at 1942-1944-1946 McGraw Avenue is 3600000 per square foot.
What is the total square footage of 1942-1944-1946 McGraw Avenue?
1942-1944-1946 McGraw Avenue totals 14,400 square feet.
When was this property built?
1942-1944-1946 McGraw Avenue was built in 2008.