*****The Best 1031 Exchange Property currently, in all of Queens, New York 72-52 METROPOLITAN AVENUE, MIDDLE VILLAGE, NY 11379
With this new price reduction and potential selling price, somebody will ponce on this 1031 exchange very soon! So many positive factors to consider. Commercial Condo with a school as a tenant. Not 20-35 tenants living in a building.
Asking price $3.4 million-ONE ANCHOR TENANT-No headaches
Built in 1987 versus buildings built in 1945(newer construction, not old plumbing, with current code of wheelchair accessibility, almost double the square footage of a six family or 15 unit building. (13,100 sq.ft. 6 parking spots)
Expenses about $80,000 dollars where here at this building, the tenant pays half the yearly expenses. ($40,000 dollars given to Landlord every year)
Current monthly Income $17,000 dollars or $204,000 yearly $40,000 toward expenses. Total Income $244,000 dollars.
*Note-If letter of intent to purchase is received by Broker from 1031 exchange buyer offering $3,175,000 dollars, an all cash deal, and willing to close in 45 days after contract, owner will strongly accept this at this time.
Paying 13x’s Income, receive a 7.5% Cap, and with two more increases within the next 5 years you will be way ahead of the game. But that is not all. This anchor tenant has stated they would be happy to sign a new 20 year lease in 5 years. The projected minimum start rent will be $20,000 dollars monthly.(using current market value rents in the area.)
New projected yearly rent $240,000 $40,000 dollars toward expenses, brings you to $280,000 dollars per year income in 2023. And your Market Value of this Property in 5 years will have gone up to approximately $3.6 million dollars.
Ask any accountant, any attorney, any experienced investor, how this Commercial Parcel, based on square footage, the fact that it is one tenant, how the tenant pays half the expenses, the Cap rate, and when it was built versus the 80 year old buildings out there on the market today, and most importantly the Income, makes this the final Best Property 1031 Exchange of 2018. In order to please the owner and the new buyer, there is a very low commission being charged, and therefore this property is not on Multiple Listing to save everyone money.
JIM TURANO/BROKER-DIVERSE REAL ESTATE 1-347-837-9206 *** E MAIL firstname.lastname@example.org
*Based upon 40 years in the business, and a reputation I personally built upon every year.*