140 W 238th St, Bronx, NY 10463

Webb Developement services is pleased to present 140 West 238th Street. Originally built as a hotel, this 5-story walkup building is constructed around a central courtyard/large garden and is divided into 4 separate sections (A, B, C and D lines). There are 44 residential units plus 1 basement Super’s unit (on the C of O). Of the 45 total units, 29 have been gut renovated and feature: new sheetrock, new doors, better appliances, original wood floors/trim and upgraded electric and plumbing. There are heavy duty aluminum windows throughout and a relatively new front locking security door and voice intercom. The unit mix is comprised of 12 one-bedrooms, 26 two-bedrooms, 6 three-bedroom apartments, and a basement Super's unit (2-bedroom under renovation). About 60% of the units are Free Market (FM), there are only 4 Rent-Controlled (RC) units (2 of which are vacant), and no program tenants. There are currently 10 vacant units (includes site-office and Super’s unit) due to management’s desire to carefully select tenants and achieve higher all-cash rents. 5 of the vacant units are renovated and “turn-key” with the remainder being delivered in “as-is” condition. Average monthly rents are $1,289 and the potential gross annual revenue is about $681k. The buildings are well managed as evidenced by the very low number of DOB/ECB and HPD Violations. Located at the corner of Bailey Avenue and West 238th Street, the property is steps from shopping along the Broadway commercial corridor and the soon to be re-developed former Stella D’oro Bakery which will be anchored by a wholesale club and new retail. The MTA #1 subway line along Broadway and MTA #3 ,9, 10, and BxM bus lines are steps away. This building is perfect for a local operator or someone looking to enter the rapidly improving Kingsbridge market Overview Building Type: Apartment Buildings Block/Lot: 3270/113 Lot Dimensions: 90' x 106' Lot Sq Ft: 8,770 Available Air Rights: None Stories: 5 Units: 45 Residential Units: 45 Zoning: R6 FAR: 2.43 Year Built: 1921 Assessment Value: $481,950 (12/13) Taxes: $64,740 (12/13) Building Sq Ft: 42,525 Building Dimensions: 81' x 105' Expenses Total Annual Expenses: $282,129 Investment Information Gross Monthly Income: $56,938 Gross Annual Income: $683,252 Less Total Expenses: $282,129 Net Operating Income: $353,295 Summary Price Per Sq Ft: $98 Capitalization Rate: 8.50% Gross Rent Multiple: 6.10 Documents Overview Building Type: Apartment Buildings Block/Lot: 5042/25 Lot Dimensions: 55.33' x 105' Lot Sq Ft: 5,810 Stories: 4 Units: 22 Zoning: R5 w/R5A secondary FAR: 1.25 Year Built: 1924 Building Sq Ft: 17,952 Building Dimensions: 55' x 90' Expenses Total Annual Expenses: $124,785 Investment Information Gross Monthly Income: $21,474 Gross Annual Income: $257,687 Less Total Expenses: $124,785 Net Operating Income: $117,441 Summary Price Per Sq Ft: $106 Capitalization Rate: 6.20% Gross Rent Multiple: 7.40