Description
Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120 AMI* of the area (moderate income), which allows the building to run tax free for 35 years. Annual Net Income is roughly 260,000+, giving the properties a 5 cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser.Brokers collect your commission from your buyer.*Due to the current market of the Hunts Point area, 120 AMI is slightly above market rate. According to the NYC HPD website, 120 AMI allows for studios to be rented for 1,866 and 1 beds for 2,342, which is above the current Hunts Point Market.
