132 Macon St. - egcnyc.com … · SOFT COST Expediter 1 $5,000 $5,000 HPD/DOB Violation Corrections...
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132 Macon St. 132 Macon Street is a 4-story building with 6 residential units. This sprawling 3,844 square foot building is 20 feet wide and 47 feet deep and sits on a lot measuring 20 feet wide and 100 feet deep. Additionally, the building is located on the famous Macon Street. Perfectly located in the heart of Bedford-Stuyvesant, the property is surrounded by great restaurants, vibrant entertainment, and exciting nightlight. 132 Macon Street sits only 2 blocks from the commercial corridor of Fulton Avenue and 4 blocks away from the renowned Atlantic Avenue. The property is also conveniently situated 2 blocks from the A/C subway trains which will have you in Manhattan in 15 minutes. East Group Capital, along with its partners, will: • Purchase the property vacant at a price of $1,575,000 with an additional $213,686 in transaction costs • Invest a further $330,200 in high-end renovation and construction • Renovation will take place on all 6 existing apartments, common areas, basement, and roof • Estimated time to completion is 18 months. Once the property is transformed into a high-end residential building, premium rental rates will: • Increase the current potential income of $3,600 per month to $14,800 per month • Will be sold at a target price of $2,700,000 • Give the building a cap rate of 6.5% • Generate a projected return on investment of 29.93% ( annual return of 19.95%) ABOUT EAST GROUP CAPITAL Brooklyn, NY 11216 1 18 E 41 St. New York, NY 10017 www.EGCNYC.com 212-213-9105 offi[email protected] Disclaimer: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Transcript of 132 Macon St. - egcnyc.com … · SOFT COST Expediter 1 $5,000 $5,000 HPD/DOB Violation Corrections...
132 Macon St.
132 Macon Street is a 4-story building with 6 residential units. This sprawling 3,844 square foot building is 20 feet wide and 47 feet deep and sits on a lot measuring 20 feet wide and 100 feet deep.
Additionally, the building is located on the famous Macon Street. Perfectly located in the heart of Bedford-Stuyvesant, the property is surrounded by great restaurants, vibrant entertainment, and exciting nightlight.
132 Macon Street sits only 2 blocks from the commercial corridor of Fulton Avenue and 4 blocks away from the renowned Atlantic Avenue. The property is also conveniently situated 2 blocks from the A/C subway trains which will have you in Manhattan in 15 minutes.
East Group Capital, along with its partners, will:• Purchase the property vacant at a price of $1,575,000 with an additional $213,686 in transaction costs• Invest a further $330,200 in high-end renovation and construction• Renovation will take place on all 6 existing apartments, common areas, basement, and roof• Estimated time to completion is 18 months.
Once the property is transformed into a high-end residential building, premium rental rates will:• Increase the current potential income of $3,600 per month to $14,800 per month• Will be sold at a target price of $2,700,000• Give the building a cap rate of 6.5%• Generate a projected return on investment of 29.93% ( annual return of 19.95%)
ABOUT EAST GROUP CAPITAL
Brooklyn, NY 11216
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18 E 41 St. New York, NY 10017 www.EGCNYC.com 212-213-9105 [email protected] Disclaimer: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
HARD COST AMOUNT COST PER UNIT Managment and Administrative Costs 1 $60,000 $60,000
2BR Apts Renovation 2 $49,200 $98,400
1BR Apts Renovation 4 $34,200 $136,800
Basement 1 $8,500 $8,500
Common Area 1 $22,500 $22,500 Facade & Front Area 1 $7,000 $7,000
Backyard 1 $10,000 $10,000
Misc 1 $10,000 $10,000
Total Hard Cost $353,200
SOFT COST Expediter 1 $5,000 $5,000
HPD/DOB Violation Corrections 1 $5,000 $5,000
Architect 1 $0 $0
Engineer 1 $0 $0
Permits 1 $0 $0
Total Soft Costs $10,000
Grand Total Costs $2.310,033
CARRYING COST Real Estate Taxes 1 $5,000 $5,000 Utilities 1 $5,000 $5,000 Insurance 1 $15,000 $15,000
Interest Reserve 0.75 $178,070 $133,553
Total Carrying Costs $158,553
FINANCE Purchase Loan 90% $1,417,500
Contruction Loan 100% $363,200
Total Loan $1,780,700
Equity $529,333
PURCHASE PRICE Holding Period 18 Months
Date of Purchase November 5, 2019 Sale Date June 1, 2021
CLOSING COSTS ASSUMPTIONS Purchase Price $1,575,000 Closing Attorney $7,000 Israeli Attorney $3,000 Mortgage Recording Tax $49,860 Syndication Fee (Approx) $9,000 Broker’s Fee $70,000
Mortgage Broker’s Fee $17,807
Lender’s Underwriting Fee $2,000 Lender’s Attorney Fee $4,000 Organization Fee $35,614
Settlement/ Title Charges $5,000
Survey $5,000 Misc $5,000 Total Closing Costs $213,281 Total Acquisition Costs $1,788,281
The Financials
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Disclaimer: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
18 E 41 St. New York, NY 10017 www.EGCNYC.com 212-213-9105 [email protected]
APT# SIZE PROJECTED RENT
#1 2/1 $2,800
#2 2/1 $2,650
3F 1/1 $2,400
3R 1/1 $2,400
4F 1/1 $2,350
4R 1/1 $2,350
Total $14,950
Annual Rent $179,400
ROI TARGET CAP
Investors Return (60%) $158,411 29.93%
General Partner Return (40%) $105,607
EXIT
Sale Price $2,709,527
Closing Cost $135,476
Post Closing Proceeds $2,574,051
Debt Payoff $1,780,700
Investors’ Equity $529,333
Net Income $264,018
NET OPERATING INCOME $149,024
NEW CAP RATE 6.45%
YEAR 2 PROJECTION
ANNUAL INCOME ANNUAL EXPENSES
EXPENSE AMOUNT
Real Estate Taxes $5,000
Water & Sewer $5,000
Insurance $4,000
Heat $500
Electric $1,500
Payroll $3,600
Repairs $3,600
Management $7,176
Total $30,376
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18 E 41 St. New York, NY 10017 www.EGCNYC.com 212-213-9105 [email protected]
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Disclaimer: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
The Financials Continued
EGC is a New York based boutique real estate investment and development firm, speacializing in high-end real estate investments in New York City. EGC was formed by Itay Gamlieli and Ofir Badash who together hold more than 22 years of experience in the American real estate market. EGC has a professional team of real estate experts and is driven by an uncompromised professionalism, integrity and transparency throughout every project while dealing with its various investors.
Itay Gamlieli With tweleve years of experience in the American real estate market, and owner of a brokerage firm that is ranked amoung the top 50 agencies in Manhattan, Itay is considered an expert in the purchase, management and operation of multi-family properties, including commercial areas and improving properties in New York City
email: [email protected]
Ofir Badash For the past ten years, Ofir has been involved in the American real estate market and owns 101 Capital Company as well as property management companies (private and commercial). Ofir specializes in profitable commercial properties in Florida, New York, and Ohio. Ofir holds a Bachelor of Laws degree and an MBA.
email: [email protected]
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Disclaimer: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is
submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
18 E 41 St. New York, NY 10017 www.EGCNYC.com 212-213-9105 [email protected]
Introducing the Management Team
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