629 Faile Street
629 Faile Street
$5,250,000
16
16
12,172
12,172
$431
Permanently Off Market
Description
Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years.
Annual Net Income is roughly $260,000+, giving the properties a...Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years.
Annual Net Income is roughly $260,000+, giving the properties a 5% cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser.
Brokers collect your commission from your buyer.
*Due to the current market of the Hunts Point area, 120% AMI is slightly above market rate. According to the NYC HPD website, 120% AMI allows for studios to be rented for $1,866 and 1 beds for $2,342, which is above the current Hunts Point Market.
Annual Net Income is roughly $260,000+, giving the properties a...Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years.
Annual Net Income is roughly $260,000+, giving the properties a 5% cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser.
Brokers collect your commission from your buyer.
*Due to the current market of the Hunts Point area, 120% AMI is slightly above market rate. According to the NYC HPD website, 120% AMI allows for studios to be rented for $1,866 and 1 beds for $2,342, which is above the current Hunts Point Market.
Listing Agent
Amenities
- Walk Up
Location
LISTING UPDATED: 08/19/2020 11:17 AM
Property Details for 629 Faile Street
Status | Permanently Off Market |
---|---|
Days on Market | 52 |
Taxes | - |
Maintenance | - |
Min. Down Pymt | - |
Total Rooms | 28.0 |
Compass Type | Multi Family |
MLS Type | - |
Year Built | 2020 |
Lot Size | - |
County | Bronx County |
Location
Building Information for 629 Faile Street
Stories4Residences16Year Built2020Building Size-Lot Size-Building Age-Building Type-Senior Community-
Payment Calculator
$29,235 per month
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Property History for 629 Faile Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 629 Faile Street
Taxable ValueLand$57,150Additions-Total$57,150
Tax Record2021$7,011 ($584 / month) Tax Class2BTax Rate12.267%
Home Facts
Total Finished SqFt6,086 SqFtLot Size2,500 SqFtYear Built2019ZoningR6APN2027660022
Schools near 629 Faile Street
This home is within New York City Geographic District # 8.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
P.S. 48 Joseph R Drake PublicPK to 5 | ||
The Hunts Point School Public6 to 8 | ||
Bronx Arena High School Public9 to 12 | ||
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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