Investor's Special! 92 Newport was built in 1930 and still maintains a solid infrastructure. It underwent TOTAL renovation in 2016 including all appliances, common areas, boilers, electric, and roof. The building has a fairly large backyard with entry through the basement as well as a courtyard patio with second basement entry. The huge and clean basement can be used for anything. It homes 2 brand new boilers and the electric meters.
There are 4 tenants with a rent roll of $6950 monthly with leases until next Spring. Each tenant has their own meter in basement for electric. Taxes are $6K annual (just raised from $5K,) which it has been for years. Insurance is $3500 a year and an optional $1M umbrella policy can be added for $1500. National Grid fluctuates from $100 a month to $400 a month depending on season. Water and sewer is $3000 annually and Con Ed for common area is about $40 a month.
Capitialization Rate - 14%
The area is up and coming with new stores and restaurants. It's also 5 blocks from the 3 train and close to the B8, B15 and B35 buses. The tenants cannot be disturbed, no showings, drive by only. This is a fantastic investment with great returns for a Brooklyn visionary. Pictures are from one of the four units. Call or email for more details!