260 Mott Avenue 260 Mott Ave 4 Unit Apartment Building $1,850,000 ($462,500/Unit) 3.68% Cap Rate Lawrence, NY 11559
INVESTMENT HIGHLIGHTS
- Potential to build 2 more units on the property.
EXECUTIVE SUMMARY
Tenants are paying way under market rents. Upside potential is tremendous. Rent roll should be $10,000-$11,000 per month. Buildable lot in front of property .
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$104,700
|
$26.18
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$104,700
|
$26.18
|
| Taxes |
$21,000
|
$5.25
|
| Operating Expenses |
$2,000
|
$0.50
|
| Total Expenses |
$23,000
|
$5.75
|
| Net Operating Income |
$81,700
|
$20.43
|
PROPERTY FACTS
| Price | $1,850,000 |
| Price Per Unit | $462,500 |
| Sale Type | Investment |
| Cap Rate | 3.68% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.76 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1900/1990 |
| Parking Ratio | 3.5/1,000 SF |
SITE AMENITIES
- Trash Pickup - Curbside
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 2 | - | - |
| 2+1 | 2 | - | - |
1 of 1
Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 2089-40-034-00-0072-0 | Total Assessment | $18 (2024) |
| Land Assessment | $18 (2024) | Annual Taxes | $21,000 ($5.25/SF) |
| Improvements Assessment | $0 (2024) | Tax Year | 2023 |
ZONING
| Zoning Code | 280 (Zoned 280. Multiple Dwellings on property.) |
