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Brookwood Apartments 650 W German St

31 Unit Block of Flats £1,995,248 (£64,363/Unit) 10.53% Net Initial Yield Herkimer, NY 13350

Investment Highlights

  • Student Housing Herkimer College
  • Restaurant on Premises Salvators

Executive Summary

The property has a total of 31 units and one restaurant. It is able to house 57 students. A complete renovation was done in 2007. Currently renovating for a new storefront to be added to existing building unused space. 315-796-4017

Financial Summary (Pro forma - 2022)

Annual Annual Per SF
Gross Rental Income £298,818 £8.19
Other Income £32,800 £0.90
Vacancy Loss £32,863 £0.90
Effective Gross Income £298,755 £8.19
Taxes £20,095 £0.55
Operating Expenses £53,333 £1.46
Total Expenses £73,428 £2.01
Net Operating Income £225,327 £6.17

Financial Summary (Pro forma - 2022)

Gross Rental Income
Annual £298,818
Annual Per SF £8.19
Other Income
Annual £32,800
Annual Per SF £0.90
Vacancy Loss
Annual £32,863
Annual Per SF £0.90
Effective Gross Income
Annual £298,755
Annual Per SF £8.19
Taxes
Annual £20,095
Annual Per SF £0.55
Operating Expenses
Annual £53,333
Annual Per SF £1.46
Total Expenses
Annual £73,428
Annual Per SF £2.01
Net Operating Income
Annual £225,327
Annual Per SF £6.17

Property Facts

Price £1,995,248 Apartment Style Low Rise
Price Per Unit £64,363 Building Class C
Sale Type Investment Lot Size 1.20 AC
Net Initial Yield 10.53% Building Size 36,500 SF
Sale Conditions 1031 Exchange Number of Floors 3
No. Units 31 Year Built/Renovated 1910/2004
Property Type Residential Parking Ratio 1.1/1,000 SF
Property Subtype
Apartment
  • Multifamily Dormitory
 Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Price £1,995,248
Price Per Unit £64,363
Sale Type Investment
Net Initial Yield 10.53%
Sale Conditions 1031 Exchange
No. Units 31
Property Type Residential
Property Subtype
Apartment
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 1.20 AC
Building Size 36,500 SF
Number of Floors 3
Year Built/Renovated 1910/2004
Parking Ratio 1.1/1,000 SF
Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Unit Amenities

  • Washer/Dryer
  • Heating
  • Eat-in Kitchen
  • Refrigerator
  • Sprinkler System
  • Range
  • Carpet
  • Wi-Fi
  • Freezer

Site Amenities

  • 24 Hour Access
  • Laundry Facilities
  • Community-Wide Wi-Fi

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 8 £495.29 625
2+1 21 £423.31 750
3+1 1 £423.31 780
4+1 1 £423.31 800

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PROPERTY TAXES

Parcel Number 213001-120-024-0002-009-000-0000 Total Assessment £312,980 (2023)
Land Assessment £64,474 (2023) Annual Taxes £20,095 (£0.55/sf)
Improvements Assessment £248,506 (2023) Tax Year 2022

PROPERTY TAXES

Parcel Number
213001-120-024-0002-009-000-0000
Land Assessment
£64,474 (2023)
Improvements Assessment
£248,506 (2023)
Total Assessment
£312,980 (2023)
Annual Taxes
£20,095 (£0.55/sf)
Tax Year
2022

zoning

Zoning Code C (commercial)
C (commercial)
(315) 796-4017

Contact

  • Listing ID: 21311013

  • Date on Market: 23/10/2020

  • Last Updated:

  • Address: 650 W German St, Herkimer, NY 13350

The Residential Property at 650 W German St, Herkimer, NY 13350 is currently available for sale. Contact Scalise LLC for more information.

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© 2024 CoStar Group

Brookwood Apartments | 650 W German St
(315) 796-4017 x

Brookwood Apartments | 650 W German St

Ronald Scalise

(315) 796-4017

(315) 796-4017

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