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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