3004 45 street

30-04 45th Street

30-04 45th StreetAstoria, NY 11103

Peter Vassiliou, President

(718) [email protected]

Phone: (718) 880-3980 ● Fax: (347) 642-3434 ● 30-83 31St. Street ● Astoria, NY 11102 ● www.vassgroup.com

Table of Contents

SECTION 1 - PROPERTY OVERVIEW

SECTION 2 - INVESTMENT OUTLOOK

SECTION 3 - INVESTMENT DETAILS

SECTION 4 - INVESTMENT RETURNS

Property Overview30-04 45th Street30-04 45th StreetAstoria, NY 11103

Property Description30-04 45th Street


Peter Vassiliou, President(718) 880-3980

The subject property is a three-story, six unitbuilding located at 30-04 45th Street in Astoria,and Queens (block 713, lot 86).

Built in 1928, the building contains six twobedroom apartments. The 27 foot x 68 footbuilding has 5,408 square feet of residentialspace and sits on a 2,742 square foot C1-2/R5zoned lot.

The property is located at 45th Street between30th Avenue and 30th Road. The 46th Streetand Steinway Street (R, M) subway stations areboth within walking distance. In addition 30th Avenue and Steinway Street both offer shoppingand restaurants.

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Property Photos30-04 45th Street



Subject Property Electric

Meters Boiler

Water Heaters Roof

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Investment Outlook30-04 45th Street30-04 45th StreetAstoria, NY 11103

Executive Summary30-04 45th Street



ACQUISITION COSTS

Purchase Price, Points and Closing Costs $930,000

Investment - Cash $279,000

First Loan $651,000

INVESTMENT INFORMATION

Purchase Price $930,000

Price per Unit $155,000

Price per Sq. Ft. $171.97

Income per Unit $13,073

Expenses per Unit ($5,088)

INCOME, EXPENSES & CASH FLOW

Gross Scheduled Income $78,441

Total Vacancy and Credits ($2,353)

Operating Expenses ($30,526)

Net Operating Income $45,562

Debt Service ($39,582)

Cash Flow Before Taxes $5,980

FINANCIAL INDICATORS

Cash on Cash Return Before Taxes 2.14%

Optimal Internal Rate of Return (yr 10) 4.63%

Debt Coverage Ratio 1.15

Capitalization Rate 4.90%

Gross Rent Multiplier 11.86

Gross Income / Square Feet $14.50

Gross Expenses / Square Feet ($5.64)

Operating Expense Ratio 40.12%

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Executive Summary30-04 45th Street



UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total

Asuncion G. Sanchez 1 $13,827 $13,827 $15,600 $15,600

Teressa Sanchez 1 $14,227 $14,227 $15,600 $15,600

Consuelo Pamtos 1 $12,535 $12,535 $15,600 $15,600

Norma Del Castillo 1 $9,880 $9,880 $15,600 $15,600

Segundo Aucanela 1 $13,764 $13,764 $15,600 $15,600

Anton Io Lopez 1 $14,208 $14,208 $15,600 $15,600

TOTALS 6 $78,441 $93,600

ANNUALIZED INCOMEActual Market

Gross Potential Rent $78,441 $93,600

Less: Vacancy ($2,353) ($2,808)

Effective Gross Income $76,088 $90,792

Less: Expenses ($30,526) ($31,132)

Net Operating Income $45,562 $59,660

Debt Service ($39,582) ($39,582)

Net Cash Flow after Debt Service $5,980 $20,078

Principal Reduction $10,502 $10,502

Total Return $16,482 $30,580

ANNUALIZED EXPENSES

Actual MarketProperty Management Fee $3,138 $3,744

Replacement Reserves $1,500 $1,500

Building Insurance $1,800 $1,800

Repairs & Maintenance $2,500 $2,500

Taxes - Real Estate $9,988 $9,988

Utility - Electricity $1,100 $1,100

Utility - Gas $4,500 $4,500

Water/Sewer $6,000 $6,000

Total Expenses $30,526 $31,132

Expenses Per RSF $5.64 $5.76

Expenses Per Unit $5,088 $5,189

INVESTMENT SUMMARY

Price: $930,000

Year Built: 1928

Units: 6

Price/Unit: $155,000

RSF: 5,408

Price/RSF: $171.97

Lot Size: 2,742 sf

Floors: 3

Cap Rate: 4.9%

Market Cap Rate: 6.42%

GRM: 11.9

Market GRM: 9.9

FINANCING SUMMARY

Loan Amount: $651,000

Down Payment: $279,000

Loan Type: Fixed

Interest Rate: 4.5%

Term: 30 years

Monthly Payment: $3,299

DCR: 1.15

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Sales Comparables30-04 45th Street



S 30-04 45th Street30-04 45th StreetAstoria, NY 11103

Sale Price $930,000

Units 6

Price/Unit $155,000

Price/SqFt $171.97

Cap Rate 4.9%

Year Built 1928

GRM 11.86

# Units Unit Type1 Asuncion G. Sanchez1 Teressa Sanchez1 Consuelo Pamtos1 Norma Del Castillo1 Segundo Aucanela1 Anton Io Lopez

1 30-72 44th Street30-72 44th StreetQueens, NY 11103

Sale Price $1,200,000

Units 6

Price/Unit $200,000

Price/SqFt $228.05

Cap Rate N/A

Year Built 1928Sale Date 9/12/2012

GRM N/A

# Units Unit Type



Units 6

Price/Unit $200,000

Price/SqFt $256.41

Cap Rate N/A


GRM N/A

# Units Unit Type

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Units 6

Price/Unit $216,667

Price/SqFt $454.55

Cap Rate N/A


GRM N/A

# Units Unit Type



Units 2,500

Price/Unit $540

Price/SqFt $268.66

Cap Rate N/A


GRM N/A

# Units Unit Type

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S 30-04 45th Street, Astoria, NY 11103 ($930,000)

1 30-72 44th Street, Queens, NY 11103 ($1,200,000)




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Unit Mix Report30-04 45th Street



UNIT MIXES

Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly1 Asuncion G. 0 $1,152 $1,152 $1,300 $1,3001 Teressa Sanchez 0 $1,186 $1,186 $1,300 $1,3001 Consuelo Pamtos 0 $1,045 $1,045 $1,300 $1,3001 Norma Del Castillo 0 $823 $823 $1,300 $1,3001 Segundo Aucanela 0 $1,147 $1,147 $1,300 $1,3001 Anton Io Lopez 0 $1,184 $1,184 $1,300 $1,3006 0 $6,537 $7,800

UNIT MIX UNIT MIX SQUARE FEET

● Asuncion G. Sanchez

● Teressa Sanchez

● Consuelo Pamtos

● Norma Del Castillo

● Segundo Aucanela

● Anton Io Lopez


● Teressa Sanchez

● Consuelo Pamtos



● Anton Io Lopez

UNIT MIX INCOME UNIT MIX MARKET INCOME


● Teressa Sanchez

● Consuelo Pamtos



● Anton Io Lopez


● Teressa Sanchez

● Consuelo Pamtos



● Anton Io Lopez

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Investment Details30-04 45th Street30-04 45th StreetAstoria, NY 11103

Annual Property Operating Data30-04 45th Street



Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Rental Income $78,441 $80,794 $83,218 $85,714 $88,286 $90,934 $93,662 $96,472 $99,366 $102,347

GROSS SCHEDULED INCOME $78,441 $80,794 $83,218 $85,714 $88,286 $90,934 $93,662 $96,472 $99,366 $102,347

Turnover Vacancy ($2,353) ($2,424) ($2,497) ($2,571) ($2,649) ($2,728) ($2,810) ($2,894) ($2,981) ($3,070)

General Vacancy $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

GROSS OPERATING INCOME $76,088 $78,370 $80,721 $83,143 $85,637 $88,206 $90,852 $93,578 $96,385 $99,277

Expenses

Property Management Fee ($3,138) ($3,232) ($3,329) ($3,429) ($3,531) ($3,637) ($3,746) ($3,859) ($3,975) ($4,094)

Replacement Reserves ($1,500) ($1,500) ($1,500) ($1,500) ($1,500) ($1,500) ($1,500) ($1,500) ($1,500) ($1,500)

Building Insurance ($1,800) ($1,800) ($1,800) ($1,800) ($1,800) ($1,800) ($1,800) ($1,800) ($1,800) ($1,800)

Repairs & Maintenance ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500)

Taxes - Real Estate ($9,988) ($10,288) ($10,596) ($10,914) ($11,242) ($11,579) ($11,926) ($12,284) ($12,652) ($13,032)

Utility - Electricity ($1,100) ($1,133) ($1,167) ($1,202) ($1,238) ($1,275) ($1,313) ($1,353) ($1,393) ($1,435)

Utility - Gas ($4,500) ($4,635) ($4,774) ($4,917) ($5,065) ($5,217) ($5,373) ($5,534) ($5,700) ($5,871)

Water/Sewer ($6,000) ($6,180) ($6,365) ($6,556) ($6,753) ($6,956) ($7,164) ($7,379) ($7,601) ($7,829)

TOTAL OPERATING EXPENSES ($30,526) ($31,267) ($32,031) ($32,818) ($33,629) ($34,464) ($35,324) ($36,209) ($37,122) ($38,061)

NET OPERATING INCOME $45,562 $47,103 $48,690 $50,325 $52,008 $53,743 $55,529 $57,369 $59,264 $61,216

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Investment Returns30-04 45th Street30-04 45th StreetAstoria, NY 11103

Investment Return Analysis30-04 45th Street



Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Cash Flow - To Date $5,980 $13,500 $22,608 $33,350 $45,776 $59,936 $75,883 $93,669 $113,351 $134,984

Net Resale Proceeds $211,002 $223,487 $231,468 $236,531 $242,147 $248,340 $255,136 $262,565 $270,654 $279,788

Invested Capital ($279,000) ($279,000) ($279,000) ($279,000) ($279,000) ($279,000) ($279,000) ($279,000) ($279,000) ($279,000)

Net Return on Investment ($62,018) ($42,013) ($24,924) ($9,118) $8,923 $29,276 $52,019 $77,234 $105,005 $135,772

Internal Rate of Return N/A N/A N/A N/A 0.67% 1.80% 2.70% 3.44% 4.07% 4.63%

Modified IRR -22.23% -7.74% -2.87% -0.50% 1.08% 2.25% 3.18% 3.93% 4.57% 5.12%

NPV (cash flow + reversion) ($78,091) ($75,412) ($76,039) ($78,032) ($78,632) ($78,013) ($76,335) ($73,740) ($70,355) ($66,134)

PV (NOI + reversion) $829,224 $811,308 $795,979 $782,987 $772,103 $763,119 $755,842 $750,098 $745,728 $742,585

Footnotes: a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating IncomeReversion = Amount received from the resale; Net Return on Investment = Cash Flow (a/t To Date) + Net Proceeds from Resale - Invested Capital.

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3004 45 street