99 Theodore Fremd Avenue, Rye NY

99 Theodore Fremd Avenue | Rye | NY | 10580 Back to Properties


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Overview

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Property Details

  • Price: $ 2,700,000
  • Cap Rate: 5.57%
  • Units: 6
  • Price/Unit: $ 450,000
  • Rentable SF: 5,656 SF
  • Price/Square Foot: $ 477
  • Site Size: 0.31 AC
  • Parking: Off Street
  • Year Built: 1926
  • Exterior: Shingle

Property Description

National Multifamily is pleased to have put under contract an off-market property located at 99 Theodore Fremd Avenue, Rye NY.  The property is comprised of 6-two bedroom free market units totaling 5,656 rentable SF in one-3 story building built in 1926.  Situated on a 0.31 acre site there are 6 off-street parking spaces, 4-rentable garages, and a laundry facility.  Two of the units have decks.  Landlord pays for heat and hot water through a central gas boiler and hot water heater.

The property sits just outside of Downtown Rye and is walking distance to the Rye Metro North Station with access to Grand Central Terminal in Midtown Manhattan in under 45 minutes.

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Financial Summary

99 Theodore Fremd Avenue, Rye NY

Investment Highlights

Price $ 2,700,000.00
Units 6
Year Built 1926
Parking Off Street
Heat Owner Pays
Hot Water Owner Pays
Roof Pitched - Asphalt Shingle
Exterior Shingle
Site Size 0.31

Metrics

Price / Unit $ 450,000.00
Price / SF $ 477.37
Gross Rent Multiplier 13.04

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 237,600.00 $ 207,000.00
Less: Vacancy $ 4,752.00 $ 4,140.00
Based On: 2 % est. 2 % est.
Net Rent Income $ 232,848.00 $ 202,860.00
Plus: Other Income $ 26,700.00 $ 12,900.00
Total Operating Income $ 259,548.00 $ 215,760.00

 

Expense
Potential
Current
Real Estate Taxes $ 30,782.27 $ 30,782.27
Insurance $ 8,938.00 $ 8,938.00
Heat/Hot Water $ 6,389.00 $ 6,389.00
Electric (Common) $ 2,880.00 $ 2,880.00
Water $ 2,469.00 $ 2,469.00
Management Fees (Actual) $ 4,140.00 $ 4,140.00
Off-site Supervisor $ 5,200.00 $ 5,200.00
Pest Control $ 600.00 $ 600.00
Snow Removal/Landscape $ 1,500.00 $ 1,500.00
Maintenance/Repairs (Actual) $ 2,400.00 $ 2,400.00
Total Expenses $ 65,298.27 $ 65,298.27
Net Operating Income $ 194,249.73 $ 150,461.73
Cap Rate 7.19 % est. 5.57 % 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$3,200$3,3001 Year Lease05/31/2026
1R2/1$2,700$3,3001 Year Lease08/31/2026
2L2/1$2,600$3,3001 Year Lease07/31/2026
2R2/1$2,725$3,3001 Year Lease05/31/2026
3L2/1$2,825$3,3001 Year Lease06/30/2026
3R2/1$3,200$3,3001 Year Lease09/30/2026

Totals

$ 17,250.00

$ 19,800.00

* 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.