56-58 Oak Street, Port Chester NY

56-58 Oak Street | Port Chester | NY | 10573 Back to Properties


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Overview

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Property Details

  • Price: $ 750,000
  • Cap Rate: 6.49%
  • Units: 6
  • Price/Unit: $ 125,000
  • Rentable SF: 4,212 SF
  • Price/Square Foot: $ 178
  • Site Size: 0.12 AC
  • Parking: None
  • Year Built: 1900
  • Exterior: Stucco

Property Description

National Multifamily is pleased to present 56-58 Oak Street, a 6-unit multifamily property located in Port Chester, NY.  This is the first time the property has been offered for sale in 44 years.  The sale represents a great value-add deal located just outside of Downtown Port Chester that is undergoing a residential development boom.  The building is not subject to any current rent regulations in New York.

The property is comprised of 6 two-bedroom units in one 3-story, stucco walk-up totaling 4,212 rentable square feet and estimated to have been built in 1900 via city records.  The property sits on a 0.12-acre lot and has a backyard that is not accessible from the street.  There is no off-street parking at the building.  There is an empty walk-in attic as the roof is primarily a pitched asphalt shingle with a small flat section at the center of the property. The tenants pay for heat and hot water through individual gas systems in the basement.  The landlord is only responsible the common electric and the water for utilities.

Each two bedroom is designed with a kitchen and a small bathroom in the center of the unit, two small bedrooms in the rear of the building, and a family room in front of the building.

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Financial Summary

56-58 Oak Street, Port Chester NY

Investment Highlights

Price $ 750,000.00
Units 6
Year Built 1900
Parking None
Heat Gas - Tenant Paid
Hot Water Gas - Tenant Paid
Roof Pitched & Flat
Exterior Stucco
Site Size 0.12 Acres

Metrics

Price / Unit $ 125,000.00
Price / SF $ 178.06
Gross Rent Multiplier 7.34

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 122,400.00 $ 102,156.00
Less: Vacancy $ 2,448.00 $ 2,043.12
Based On: 2 % est. 2 % est.
Net Rent Income $ 119,952.00 $ 100,112.88
Total Operating Income $ 119,952.00 $ 100,112.88

 

Expense
Potential
Current
Real Estate Taxes $ 23,537.06 $ 23,537.06
Insurance $ 7,666.49 $ 7,666.49
Electric (Common) $ 648.92 $ 648.92
Water $ 3,806.40 $ 3,806.40
Sewer $ 999.26 $ 999.26
Management Fees $ 5,997.60 $ 5,005.64
Based On: 5% est. 5% est.
Off-site Supervisor $ 3,600.00 $ 3,600.00
Pest Control $ 1,200.00 $ 1,200.00
Maintenance/Repairs $ 5,997.60 $ 5,005.64
Based On: 5% est. 5% est.
Total Expenses $ 53,453.33 $ 51,469.42
Net Operating Income $ 66,498.67 $ 48,643.46
Cap Rate 8.87 % est. 6.49 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
1L2/1$1,214$1,700MTM
1R2/1$1,460$1,7001 Year Lease7/31/25
2L2/1$1,550$1,700MTM
2R2/1$1,578$1,7001 Year Lease7/31/25
3L2/1$1,310$1,700MTM
3R2/1$1,401$1,7001 Year Lease7/31/25

Totals

$ 8,513.00

$ 10,200.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.