Discover a prime investment opportunity with this 4-UNIT property in Murray Hill, featuring three 1BR/1BA units and one 2BR/1BA unit. Unit #3 is currently being held vacant to facilitate tours. Current average rent is $948/unit. Most tenants are currently month-to-month, giving the new owner optionality upon takeover. Brand new roof (July 2024). Each unit has an off-street parking space. All utilities are separately metered and paid directly by tenants, which is a rare feature for multifamily properties in the historic districts. Your tenants will love the short 10-minute walk to the restaurants on Edgewood Ave and the quick drive to Avondale (1. 9 mi), Five Points (2. 1 mi), Downtown (4. 8 mi) and San Marco (5. 8 mi). This property provides an excellent opportunity for a variety of investor types. An owner occupant could potentially utilize Fannie Mae's 5% down program for multifamily properties and live in one unit while collecting income from the others. Alternatively, an investor could enhance revenue through furnished and short-term rentals, which are popular in the area due to local employment drivers (St Vincent's, Downtown, Brooklyn) and local points of interest (Edgewood Ave, Shoppes of Avondale, Five Points).
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William Raveis Real Estate
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RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $359,200 | $359,200 | $359,200 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 6.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.477% | 7.159% | 6.498% |
Monthly Tax Payment | $399 | $399 | $399 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $2,390 | $2,387 | $3,080 |
Total Monthly Payment | $2,864 | $2,861 | $3,554 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.