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Rye Village Apartments 180 Theodore Fremd Ave 104 Unit Apartment Building $37,345,001 CAD ($359,087 CAD/Unit) 6.58% Cap Rate Rye, NY 10580
Investment Highlights
- Prime location. Tons of Upside Potential. Possibility to negotiate a new 99 year lease.
Executive Summary
Click Here for the OM: https://docsend.com/view/s/2ge9e5jcr2j7m7fy
Rye Village - Executive Summary
•Milton Point is pleased to present for sale the Leasehold Interest in Rye Village, a meticulously maintained brick garden style complex located at 150 Theodore Fremd Ave., 160 Theodore Fremd Ave., and 125 Central Ave. in Rye, NY.
•The property is comprised of eight buildings containing 104 units (1 studio, 38-one bedrooms, 17-two bedroom/one baths, 20-two bedroom/two baths, 19-three bedroom duplexes, 7-four bedroom duplexes, and 2 offices) totaling 135,325 square feet.
•The complex was built between 1957 and 1962. Situated on two parcels separated by Central Ave., the site is a total of 6.51 acres. There are 141 surface parking spaces, 41 rentable garages, 43 rentable climate controlled self-storage units, off-street parking, two playgrounds, and laundry facilities in each building under a lease with Hercules.
•The lease is a triple net lease. There are 40 years remaining on it with an expiration date of September 30, 2065. Fee ownership of the property has been in the same family for over 50 years.
Rye Village - Executive Summary
•Milton Point is pleased to present for sale the Leasehold Interest in Rye Village, a meticulously maintained brick garden style complex located at 150 Theodore Fremd Ave., 160 Theodore Fremd Ave., and 125 Central Ave. in Rye, NY.
•The property is comprised of eight buildings containing 104 units (1 studio, 38-one bedrooms, 17-two bedroom/one baths, 20-two bedroom/two baths, 19-three bedroom duplexes, 7-four bedroom duplexes, and 2 offices) totaling 135,325 square feet.
•The complex was built between 1957 and 1962. Situated on two parcels separated by Central Ave., the site is a total of 6.51 acres. There are 141 surface parking spaces, 41 rentable garages, 43 rentable climate controlled self-storage units, off-street parking, two playgrounds, and laundry facilities in each building under a lease with Hercules.
•The lease is a triple net lease. There are 40 years remaining on it with an expiration date of September 30, 2065. Fee ownership of the property has been in the same family for over 50 years.
Property Facts
| Price | $37,345,001 CAD | Property Subtype | Apartment |
| Price Per Unit | $359,087 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.58% | Lot Size | 2.94 AC |
| Sale Condition | Ground Lease (Leasehold) | Building Size | 135,325 SF |
| Gross Rent Multiplier | 6.11 | Average Occupancy | 97% |
| No. Units | 104 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Price | $37,345,001 CAD |
| Price Per Unit | $359,087 CAD |
| Sale Type | Investment |
| Cap Rate | 6.58% |
| Sale Condition | Ground Lease (Leasehold) |
| Gross Rent Multiplier | 6.11 |
| No. Units | 104 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.94 AC |
| Building Size | 135,325 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1958 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Detector
Fairly walkable
40/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 1400-146-010-00001-000-0071 | Improvements Assessment | $106,076 CAD |
| Land Assessment | $95,338 CAD | Total Assessment | $201,414 CAD |
Property Taxes
Parcel Number
1400-146-010-00001-000-0071
Land Assessment
$95,338 CAD
Improvements Assessment
$106,076 CAD
Total Assessment
$201,414 CAD
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Rye Village Apartments | 180 Theodore Fremd Ave
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