855-859 Crane St. Schenectady, NY 12303 Mixed Use, 6-Unit For Sale DESCRIPTON SUMMARY 6 Units: Gross Floor Area: Basement footage: Lot footage: Total Size: Stories: Parcel ID: Vacancy Rate: Year Built: Gross Scheduled Income: Effective Gross Income: Property Taxes: Total Operating Expense: Net Operating Income: 2017 Market Value: List Price: Cap Rate: Last Sale Date: Last Sold Price: Listing Broker: Listing Agent: New York State MLS: Brokers Protected: 4 apts + 2 stores 5,880 SF 2,940 SF 4,102 SF 35.89 x 114.25 2 49.47-3-43 0% 1950 $45,000 $45,000 $9,800 $9,110 $26,090 $163,400 $160,000 16.3% 11/8/2002 $120,000 Atmack, LLC Rowen Giles 10440260 2% See Page 2 for Certified Rent Roll This fully occupied 6-unit consists of two 2-bedroom apartments and two 1-bedroom apartments on the second floor, each with 1 bathroom. On the ground floor are 2 retail spaces, each with a half-bathroom. The roof is made of rubber and was renovated 3 years ago, and the forced air heating system and mechanicals are in good condition. The building has normal wear and tear, but no code nor structural issues and no immediate repair needs. Tenants have lived here for years which has led to consistent returns and highlights the strength of the investment - perfect for a solo 401(k) or self-directed IRA. If you're satisfied with a turnkey cap rate of 16.3% and annual cash flows of $26,000, then what are you waiting for? Act now and make this value-added opportunity a part of your portfolio for only 160K Page 1 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
DocuSign Envelope ID: BE2C727D-A0B6-4197-8308-FA39B0874E01 ATMACK CERTIFIED RENT ROLL Tenant Beds/Bath Rent Deposit Square Feet Lease Term Lease Start Lease End Residnetial Tenant 1 2BD/1BA $650 $650 944 SF month-to-month Residnetial Tenant 2 2BD/1BA $650 944 SF month-to-month Residnetial Tenant 3 1BD/1BA $550 $550 744 SF month-to-month Residnetial Tenant 4 1BD/1BA $500 * 744 SF month-to-month Bottle Redemption Center - $700 $700 1100 SF 5 yr w/ renewal Jan-18 Dec-22 Grocery Store - $700-1100 SF month-to-month Total Monthly Rent: $3,750 Total Yearly Rent: $45,000 * This tenant has been here for 3 years for $500/mo, so rent can be raised. ALL FIGURES ARE ANNUAL COMMENTS 2018 EFFECTIVE GROSS INCOME: $45,000 Property is fully occupied EXPENSES Real Estate Taxes: Water & Sewer: Property Insurance: Management & Maintenance: (Gas) Heat: Electric: Accounting: Legal: Advertising: Supplies: Trash: Landscaping: Snow Removal: Pest Control: Miscellaneous: TOTAL OPERATING EXPENSE: $9,800 County, city and school tax $2,000 Seller pays for water $550 $5,000 Tenants pay for heat and electric $360 $30/month for hallway light $1200 $18,910 NET OPERATING INCOME: Less Debt Service: Less Funded Reserves: Less Capital Improvements: CASH FLOW: $26,090 $26,090 There's no mortgage on the property I certify under penalties of perjury that the above information is true and accurate to the best of my knowledge. Seller's signature: Date: January 17, 2018
RENTAL COMPS ENTIRE ZIP - 12303 1 4 Bed Summary 1 bed 2 bed 3 bed 4 bed Average Rent $785 $1,100 $1,271 $1,667 ±15% ±5% ±6% ±35% Median Rent $840 $1,150 $1,300 $1,350 80% Rent Range 60% Rent Range $350 1,275 $850 1,375 $825 1,750 $850 2,800 $450 875 $925 1,200 $875 1,650 $850 2,800 Standard Deviation $307 $249 $352 $1,013 Sample Size 7 22 19 3 1mi Mapbox OpenStreetMap Page 3 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
SAMPLE OF RENTAL COMPS USED IN ANALYSIS Bldg Type Address Price Size Beds Baths Last List Date 1 Bedroom House Crane St & 8th Ave, Schenectady, NY 12303 $450 1 bed 2.0ba Jul 2017 Apartment 104 Birchwood Dr, Schenectady, NY 12303 $875 1,000 ft² 1 bed 1.0ba Jul 2017 Apartment E Old State Rd & New York State Bicycle Rte 5 & W Old State Rd, Schenectady, NY 12303 $825 1 bed 1.0ba Jun 2017 Apartment NY 146 & Sunset Ln, Schenectady, NY 12303 $840 800 ft² 1 bed 1.0ba Apr 2017 Apartment Kings Rd & Morris Rd, Schenectady, NY 12303 $875 1 bed 1.0ba Mar 2017 2 Bedroom House 1705 Altamont Ave, Schenectady, NY 12303 $1,200 2 bed 2.0ba Dec 2017 Duplex 5942 Curry Rd Ext, Schenectady, NY 12303 $1,200 2 bed 1.5ba Sep 2017 Apartment 1727 Tower St, Schenectady, NY 12303 $1,150 2 bed 1.0ba Jun 2017 Apartment 3577 Carmen Rd, Schenectady, NY 12303 $1,150 2 bed 1.0ba Feb 2017 Condo 3002 Sunset Ln, Schenectady, NY 12303 $1,000 2 bed 1.0ba Dec 2016 3 Bedroom House 1126 Cutler St, Schenectady, NY 12303 $1,095 3 bed 2.0ba Dec 2017 House 1609 Flower Rd, Schenectady, NY 12303 $1,250 1,450 ft² 3 bed 2.0ba Aug 2017 Duplex 2028 Debutante Manor, Schenectady, NY 12303 $1,400 1,280 ft² 3 bed 1.5ba Aug 2017 House 2088 Caldicott Rd, Schenectady, NY 12303 $1,450 1,200 ft² 3 bed 1.0ba May 2017 Duplex 102 Douglas, CT, Schenectady, NY 12303 $1,400 3 bed 1.0ba Feb 2017 4 Bedroom Apartment 574 Crane St, Schenectady, NY 12303 $850 4 bed 1.0ba Oct 2017 House Congress St & Bailey St, Schenectady, NY 12303 $1,350 4 bed 1.5ba Jun 2017 House Stephens Pl & Greenthorne Blvd, Schenectady, $2,800 4 bed 2.5ba Feb 2017 NY 12303
ABOUT THE NEIGHBORHOOD The subject property is located in an urban neighboorhood called Mount Pleasant which is located in Schenectady, New York. * * Mount Pleasant real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Mount Pleasant neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. Notable & Unique Neighborhood Characteristics This particular neighborhood has some outstanding things about the way it looks and its way of life that are worth highlighting. Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Mount Pleasant neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 68.0% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.5% of America's neighborhoods. The subject property which consists of 6 units is one of the larger properties in the neighborhood. In addition, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 72.7% of the residential real estate in the Mount Pleasant neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.5% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special. Neighborhood statistics are provided by Neighborhoodscout.com, a leading provider of housing market data for every neighborhood in the United States. Page 5 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
NEIGHBORHOOD DEMOGRAPHICS Population Demographics Economic / Employment Total Population 29,906 Average household income $79,498 Female Population 52.6% White collar 85.3% Male Population 47.4% Blue collar 14.7% Median age 40 Male median age 39 Housing Female median age 40 Family households 65.0% Households with kids 30.1% Race & Ethnicity Housing units 12,988 White 78.8% Occupied housing units 11,184 Black 10.1% Owner occupied units 73.7% Latino 5.1% Average number of people per household 2.67 Asian 0.7% Houses with mortgages 63.8% Other 5.3% Citizenship Education Citizens 97.7% Bachelor s degree 17.2% Citizens born in U.S. 90.2% Some college 56.9% English speakers 98.5% No high school 2.9% Demographic data shown above was gathered from the 2014 American Community Survey and refers to zip code 12303 where the subject property is located. Page 6 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
Pictures Mechanicals Water Heaters Gas Meters Water Meter Heating Ducts Forced Air Heating System Page 7 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
Pictures (cont) Interior Downstairs Hallway Basement Another view of the Basement Stairway Leading to the 2nd Floor Page 8 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com
Pictures (cont) Apartments Bedroom Kitchen Bathroom Living Room Kitchen Another view of the living room Page 9 of 9 Rowen Giles. Licensed Real Estate Salesperson with ATMACK. (855) ATMACK1 x333. rowen@atmack.com