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90-92 Vark St 19 Unit Apartment Building $4,304,841 CAD ($226,571 CAD/Unit) 7.45% Cap Rate Yonkers, NY 10701
Investment Highlights
- 35% Upside Between Market Rate Rents & Preferential Rents
- Getty Square Section Of Yonkers In Proximity To Route 9, The Riverfront & Both The Yonkers & Ludlow Train Stations
- 4 Free-Market Units | PRO FORMA 10% CAP
Executive Summary
The Oak & Avery Group is pleased to present 90 Vark St, a 19-unit multifamily building located in the Getty Square neighborhood of Yonkers. The property is in proximity to Route 9, the Yonkers riverfront and both the Yonkers and Ludlow train stations.
***PRO-FORMA 10% CAP by merely capturing the preferential/legal rent delta and raising to modest rental rates on free-market units.
All units are 3-bedroom, 1-bathroom railroad layouts. Four apartments are free-market/destabilized having broke the legal rent threshold. In addition, there are 12 apartments who are currently on a preferential rent, allowing for about 35% upside between the free-market and preferential rent mix. There are no program tenants.
There is currently a live-in super who is not paying rent. The landlord pays heat and hot water via an oil boiler. Tenants are individually metered for electric. The roof and boiler are ~20 years old. Recent capex improvements include a new parapet wall (2018), building pointing (2020) and kitchens and bathrooms as
needed.
***PRO-FORMA 10% CAP by merely capturing the preferential/legal rent delta and raising to modest rental rates on free-market units.
All units are 3-bedroom, 1-bathroom railroad layouts. Four apartments are free-market/destabilized having broke the legal rent threshold. In addition, there are 12 apartments who are currently on a preferential rent, allowing for about 35% upside between the free-market and preferential rent mix. There are no program tenants.
There is currently a live-in super who is not paying rent. The landlord pays heat and hot water via an oil boiler. Tenants are individually metered for electric. The roof and boiler are ~20 years old. Recent capex improvements include a new parapet wall (2018), building pointing (2020) and kitchens and bathrooms as
needed.
Property Facts
| Price | $4,304,841 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $226,571 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.45% | Building Size | 15,000 SF |
| No. Units | 19 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | ||
| Zoning | A | ||
| Price | $4,304,841 CAD |
| Price Per Unit | $226,571 CAD |
| Sale Type | Investment |
| Cap Rate | 7.45% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 15,000 SF |
| No. Stories | 5 |
| Year Built | 1965 |
| Zoning | A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 19 | - | 800 |
1 1
Walk Score®
Walker's Paradise (92)
Property Taxes
| Parcel Number | 1800-001-000-00178-000-0001 | Improvements Assessment | $26,726 CAD |
| Land Assessment | $3,818 CAD | Total Assessment | $30,544 CAD |
Property Taxes
Parcel Number
1800-001-000-00178-000-0001
Land Assessment
$3,818 CAD
Improvements Assessment
$26,726 CAD
Total Assessment
$30,544 CAD
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90-92 Vark St
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