114 FIELD PLACE BRONX, NY - 27 UNITS| 22,368 SF - LoopNet
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114 FIELD PLACE BRONX, NY 27 UNITS| 22,368 SF
TRANSACTION OVERVIEW 114 FIELD PLACE
BRONX, NY
Address: 114 FIELD PLACE
BRONX, NY 10468
LOCATION: BETWEEN CRESTON AVENUE & MORRIS AVENUE
T his exclusive offering presents the opportunity to acquire 114 Field Place, a five-story walk-up apartment
building comprised of twenty-seven units, located in the Fordham section of the Bronx. The asset was
constructed in 1916 and totals 22,368 square-feet. The building has approximately 15,561 square-feet of air
rights available.
The apartments are configured as three (1)-bedroom units, sixteen (2)-bedroom units, four (3)-bedroom units and four
(4)-bedroom units.
The property is situated in proximity to the Webster Avenue commercial corridor, the Grand Concourse, Bronx Community
College, Fordham University, the Bronx Zoo and Bronx Park. The building is within blocks for the 4-B-D subway lines.
Layout 3/3; 16/4; 4/5; 4/6 = 117 Total Rooms
Block/Lot 3172-22
Assessment: $453,510
Year Built 1916
Lot Size 63 x 100 (approx. 6,300 sf)
Built 62.42 x 88 (approx. 22,368 sf)
Zoning R8
FAR 6.02 (Facility FAR 6.5)
FAR as Built 3.55
Unused FAR 15,561 SF
Mortgage $3.1MM Assumable Mtg with Customers Bank
Interest Rate 2017-2022 is 3.8%
Interest Rate 2022-2027 (Maturity Date) is the Greater of
3.875% or Pittsburgh Federal Home Loan (5)-Year Rate
Plus 240 Basis Points
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
Page 2 |transaction overview 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
tax lot map 114 FIELD PLACE
BRONX, NY
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
Page 3 |transaction overview 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
AERIAL 114 FIELD PLACE
BRONX, NY
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
Page 4 |transaction overview 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
4
FINANCIALS - INCOME & EXPENSE 114 FIELD PLACE
BRONX, NY
income & Expenses
Income
Apartments $ 437,088
Vacancy (3%) ($ 13,112)
Effective Gross Income $ 423,976
Estimated Expenses
Real Estate Taxes (20/21) $ 56,566
Water/Sewer $ 27,000
Fuel $ 32,700
Electric $ 2,340
Insurance $ 16,200
Payroll $ 11,475
Repairs, Maintenance & Misc. $ 13,500
Management (3%) $ 12,719
Total Expenses $ 172,500
\
NOI $ 251,476
Asking Price: $ 4,175,000
Apartments: 27
Rooms: 117
Avg. Rent Per Apt. $ 1,349
Avg. Rent Per Room $ 311
Price Per Unit: $ 154,630
Price Per SF: $ 187
GRM: 9.6 x RR
CAP Rate: 6.0%
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
Page 5 |financial summary 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
5
FINANCIALS - RENT ROLL 114 FIELD PLACE
BRONX, NY
UNIT RENT SIZE STATUS LEASE START LEASE END
APT # 1 $1,670.00 6 12/1/2018 11/30/2020
APT # 2 $1,039.39 4 SEC 8 5/1/2020 4/30/2022
APT # 3 $1,149.17 3 DRIE 8/1/2020 7/31/2022
APT # 4 $1,582.10 4 SEC 8 7/1/2019 6/30/2021
APT # 5 $1,084.98 5 SEC8 8/1/2019 7/31/2021
APT # 21 $1,702.95 6 8/1/2019 7/31/2021
APT # 22 $1,255.85 4 2/1/2020 1/31/2022
APT # 23 $1,549.36 3 12/1/2016 11/30/2017
APT # 24 $1,483.95 4 SEC 8 3/1/2019 2/28/2021
APT # 25 $1,733.10 5 SEC 8 3/1/2018 2/28/2020
APT # 31 $1,690.22 6 2/1/2020 1/31/1922
APT # 32 $1,140.63 4 4/1/2020 3/30/2022
APT # 33 $1,225.00 3 11/1/19 10/1/2020
APT # 34 $1,100.22 4 SEC 8 7/112019 6/30/2021
APT # 35 $1,600.00 5 10/1/2019 9/30/2020
APT # 41 $1,787.89 6 10/01/2019 9/30/2021
APT # 42 $1,558.84 4 4/1/2020 3/31/2022
APT # 43 $1,153.12 4 12/1/2019 11/30/2021
APT # 44 $1,578.34 4 SEC 8 1/1/2020 12/31/2021
APT # 45 $1,151.34 5 6/1/2019 5/31/2021
APT # 51 $1,305.99 4 3/12020 2/28/2021
APT # 52 $1,291.63 4 7/1/2020 6/30/2022
APT # 53 $1,192.63 4 1/31/2021
APT # 54 $849.69 4 10.//2020 9/30/2021
APT # 55 $1,206.12 4 12/1/2019 11/30/2020
APT # 56 $1,175.00 4 3/1/2019 2/28/2021
BSMNT $1,166.48 4 3/01/2020 2/28/2022
TOTAL MONTHLY INCOME $36,423.99
TOTAL ANNUAL INCOME $437,087.88
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
Page 6 |financial summary 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
MARKETPLACE OVERVIEW 114 FIELD PLACE
BRONX, NY
Fordham is a neighborhood located in the western
in the center of the neighborhood. It is one of
Bronx, New York City. Fordham is roughly bordered
the largest “green” campuses in New York City,
by East 196th Street to the north, Webster Avenue to
and its traditional collegiate gothic architecture
the east, Burnside Avenue to the south, and Jerome
often serves as a backdrop for television and film
Avenue to the west. The neighborhood’s primary
productions.
thoroughfares are Fordham Road and Grand
Concourse.
The Fordham Road Business Improvement
District operates on the northern border of the
Fordham is dominated by 5- and 6-story apartment
neighborhood. This retail district is the longest in the
buildings, often set flush to the sidewalk. Many of
Bronx.
the apartments on the Grand Concourse are taller.
Fordham is located within Bronx Community Board
The New York Botanical Garden and the Wildlife
5 and Bronx Community Board 7, and its ZIP Codes
Conservation Society’s Bronx Zoo, both inside Bronx
include 10453, 10457, 10458 and 10468. Its main
Park, collectively occupy dozens of acres of land
subway line is the IND Concourse Line (B and D
within the neighborhood.
trains), operating under the Grand Concourse, with
the IRT Jerome Avenue Line (4 train) on its western
Fordham University maintains its historic original
border.
campus on much of the former Rose Hill Manor
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
Page 7 |marketplace overview 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
7
TRANSIT MAP 114 FIELD PLACE
BRONX, NY
The subject property is in proximity
in the 4, B & D subway lines.
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
Page 8 |marketplace overview 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
zoning overview 114 FIELD PLACE
BRONX, NY
A partment buildings in R8 districts can range from mid-rise,
eight- to ten-story buildings to much taller, narrower build-
ings set back from the street on large zoning lots. New buildings
in R8 districts may be developed under either height factor
regulations or the optional Quality Housing regulations that
reflect the traditional neighborhood streetscape.
Height Factor Regulations: The floor area ratio for height factor
development in R8 districts ranges from 0.94 to 6.02; the open
space ratio ranges from 5.9 to 11.9. A taller building may
be obtained by providing more open space. For a 17-story
building, 64% of the zoning lot is required to be open space
(6.02 FAR and 10.7 OSR). Thus, the maximum FAR is achievable
only where the zoning lot is large enough to accommodate
a practical building footprint as well as the required amount
of open space. The building must be set within a sky exposure
plane which, in R8 districts, begins at a height of 85 feet or
nine stories, whichever is less, above the front lot line and then
slopes inward over the zoning lot.
Parking is required for only 40% of dwelling units since these
districts are easily accessed by mass transit. It can be waived
if 15 or fewer spaces are required or if the zoning lot is 10,000
square feet or less.
Quality Housing Option: The optional Quality Housing regula-
tions in R8 districts produce lower, high lot coverage buildings
set at or near the street line. With floor area ratios equal to or
greater than can be achieved using R8 height factor regula-
tions, the optional Quality Housing regulations produce new
buildings in keeping with many of the city’s established neigh-
borhoods.
The maximum FAR is 6.02, and the base height before setback
is 60 to 80 feet with a maximum building height of 105 feet. On
wide streets outside the Manhattan Core, the FAR can rise to
7.2, and the base height before setback is 60 to 85 feet with
a maximum building height of 120 feet. Parking requirements
are the same as for height factor buildings: 40% of the dwell-
ing units, or waived if 15 or fewer spaces are required, or if the
zoning lot is 10,000 square feet or less.
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
Page 9 |marketplace overview 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
PROPERTY MAP 114 FIELD PLACE
BRONX, NY
114 FIELD PLACE
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
Page 10 |marketplace overview 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
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