Monday, August 1, 2011

BoogieDowner Real Estate Watch: 1972 Mapes Avenue -Three family home with parking and yard asking $380,000

For those keeping track of real estate trends in the Bronx, here is another probate sale I recently listed. It will probably be in contract within the next week or two, mainly due to the rental income vs. the asking of $380,000. The house is an attached three family consisting of one 3 bedroom 2 bath duplex, one 2 bedroom 1 bath and one studio unit. It also includes a backyard and a deeded parking space in a near by parking lot dedicated to the homes in the development. The home is located in the East Tremont section of the Bronx.

Interest rates are still in the mid 4 percent range. At full asking with 10% down, which is $38,000, the mortgage amount will be $342,000. The monthly mortgage on a 30 year fixed at 4.5% is approximately $1,733 per month. Real estate taxes without any exemption are $4,148 annually or $345 per month. In addition, each unit has its own gas heating system and electric meter. Not calculating maintenance the home owners expenses will be about $2,100 per month.

On the income side this three families has the following rent potential. I based the rent numbers on the NYC Department of Housing Preservation and Development standard rent chart dated October 1st 2010 for apartments where tenants pay for cooking gas, electricity, heat and hot water.

Two bedroom one bath: $ 1,384
Three bedroom two bath: $ 1,713
studio: $ 1,162

Total Gross Potential Rent = $ 4,259

As shown above the next homeowner can live in any of the above units “rent free” if both of the other units are rented for the standard NYC HPD standard rent figure. Please note some work and cleaning is needed to the interior of the house. If interested in the above or other properties please do reach out to me. My contact information can be found below.

Additional Data on the House:
Year Built: 1995
Building Size: 19.6 x 42
# of Stories: 3
Building Square Feet: 2470
FAR/MAX FAR: 3.440
Lot Size / Shape: 19.67 x 92.59 / Regular
Lot Square Feet: 1832
Zoning: R7-1

Gregory Tsougranis
NYS Licensed Associate Broker
Century 21 Metro-Star
2017 Williamsbridge Road
Bronx, NY 10461

Office # (718) 794-2327
Cell # (845) 304-5745

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