107 Lincoln Avenue, New Rochelle, NY 10801

Property Description

9 Unit Brick and Stucco building in the heart of New Rochelle. This building offers eight, 4-room apartments and one, two-bedroom apartment. This is a rent stabilized building and you are bound by the increases by New York State for Westchester County. This year's increase is 3.5% for a one-year lease and 4.5% for a two-year lease. NOI $139,000 per year. 6.6% CAP Rate. Expenses include Gas Heating (This is a dual fuel system which can be converted back to oil), Electricity for hallway and basement apartment (Can be separated), water, insurance, taxes, garbage and hallway maintenance as well as and property management fee. One unit intentionally vacant for easy access during the showing process but will be rented once contracts are signed for approximately $1,950 per month already included in the total rent. There are four to five parking spaces in the rear of the building, 4 are currently rented. There is also a driveway access with the owner of the garage on the left. The right 3 feet of the driveway from the street belongs to this building.