Active

29 Avon Place

Staten Island NY, 10301

$2,400,000


$266.67 per sqft

Active

17 Beds

17 Baths

9,000 sqft

Residential

Built in 1926

Discover an outstanding investment opportunity with this four-story walk-up apartment building, spanning 9,000 square feet and offering an impressive cap rate of 8.33%. This well-maintained property, featuring 17 one-bedroom units and a dedicated laundry room that generates additional monthly income, provides immediate cash flow from day one. Situated in a thriving rental market, this building is in excellent condition, making it a prime choice for investors seeking stability and growth potential. The property demonstrates solid financial performance with a gross monthly income of $25,811.87 and a gross annual income of $309,742.44. Well-managed expenses, including real estate taxes ($49,227), water and sewer costs ($16,150), fuel ($15,300), electric ($1,700), insurance ($14,450), payroll ($5,950), and repairs/maintenance ($7,140), bring the total annual expenses to $109,917. As a result, the building generates a solid net operating income (NOI) of $199,825, making it a lucrative asset with a robust 8.33% cap rate based on the asking price of $2,400,000. Further enhancing the appeal of this investment, the property comes with an assumable loan of $1,700,000 at an interest rate of 6.75%, offering favorable financing terms for potential buyers. With its immediate cash flow, well-managed operations, and excellent condition, this building is a rare opportunity in the rental market. Don't miss your chance to invest in a property that combines financial stability with long-term growth prospects.

2405973

MLS ID

November 18, 2024

Listed

November 18, 2024

Updated

Map

29 Avon Place
Staten Island NY, 10301

Interior Features

Total Stories

4


Bedrooms

17


Total Bathrooms

17


Full Bathrooms

17


Fireplace

No


Cooling

Yes


Heating

Yes


Heating Description

Hot Water, Natural Gas

Exterior/Building Features

Lot Size

0.17 Acres


Sewer

City

Other Property Details

Area Name

Ward Hill


Taxes

$49,227


Tax Frequency

Annually


Garage

No


Parking

On Street


View

No


County

Richmond


Pool

No


Zoning

-

Listing History

Date

Event

Price

11/18/2024

Active

11/11/2024

Under contract

 

Courtesy of Amerihomes Realty of NY, Inc.

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