this exclusive opportunity is brought to you...
TRANSCRIPT
This Exclusive Opportunity Is Brought To You By
The Corbin Group at Besen & Associates
Paul Nigido
Senior Financial Analyst
Direct (646) 424-5350
Cell (917) 929-9439
Aaron Kline
Associate
Direct (646) 472-8747
Cell (914) 482-4635
Fritz Richter
Associate
Direct (646) 424-5061
Cell (914) 406-9257
Miguel Jauregui
Director
Direct (212) 951-8402
Cell (818) 644-0600
Moshe Herskovich
Associate
Direct (646) 424-5315
Cell (845) 641-6783
Greg Corbin
Executive Managing Director
Direct (646) 424-5077
Cell (917) 406-0406
Leah Chen
Associate
Direct (646) 604-7020
Cell (646) 642-5650
CLAREMONT AREA OVERVIEW
Claremont is a vibrant and diverse neighborhood nestled in the South Bronx. Appreciate a low cost of living
in comparison to the rest of New York City while still being a short trip away from the heart of Manhattan.
Claremont residents can take advantage of convenient access to world-class public transportation and a
walkable neighborhood where many daily errands can be accomplished by foot. Additionally, Claremont
offers its residents many things to do in their own backyard, from large public parks, public Olympic-sized
swimming pools, major department stores and a variety of restaurants serving cuisine from all around the
globe.
Claremont residents can enjoy the expansive Claremont Park in their own backyard. The park is especially
popular during warm summer months, when the free public pool fills with locals looking to cool off.
Claremont Park caters to everybody, with dog-friendly areas, two children's playgrounds, basketball courts,
baseball fields and a gazebo. Residents can jog or walk shaded paths or enjoy a picnic on open grassy
areas and the park's rolling hills.
NEIGHBORHOOD
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The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective
purchaser of the following property: 1534 Selwyn Ave, Bronx, NY 10457 and is not to be used for any other purpose or
made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material
is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from
sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only
an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by
Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information
contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections
and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence,
including inspections.
This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all
of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to
scale and are subject to change. All financial projections are provided for general reference purposes only and are based
on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject
to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective
purchasers.
In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do
not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a
legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is
subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a
recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each
prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein.
Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of
interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice.
Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase
the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved
by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not
authorized to make any representations or agreements on behalf of Owner.
This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and
Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it
to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents
are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied
or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner.
The terms set forth above apply to this Listing in its entirety.
CONFIDENTIALITY
OFFERING SUMMARY
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Besen & Associates, as exclusive agent for ownership, is pleased to offer for
sale 1534 Selwyn Avenue (the “Property”), located between Mount Eden
Parkway and East 172nd Street in the Claremont section of The Bronx.
Overview
• 6-story elevator residential building
• 80,838± Square Feet
• 73 residential units plus a useable basement (only 2 of the 72 units have
been renovated)
• 200’ of frontage
• Current rents represent a 25% discount to market
• Well-maintained and 97% occupied
• Located in Claremont, one of The Bronx’s most desirable submarkets
• Situated two blocks from the Grand Concourse and around the corner from
Claremont Park
• Well served by public transportation: subway station three blocks away
with easy access to I-95 (Cross Bronx Expressway) to the north and
I-87 (Major Deegan) to the east of the Property
ASKING PRICE: $15,400,000
1534 Selwyn Ave, Bronx, NY 10457
Neighborhood Claremont
Block / Lot 2820 / 9
Lot Size/Built 197.67’ x 105’ Built: Full
Stories 6
Total Apartments &
Rooms73 & 262
Layout
1 Studio, 36 One Beds,
23 Two Beds, 12 Three
Beds + Super Unit
Zoning R7-1
FAR (Built/Allowed) 4.35 / 3.44
Real Estate Taxes
(17/18)$129,440
PROPERTY OVERVIEW
1534 Selwyn Avenue
PROPERTY PHOTOS
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1534 SELWYN AVENUE: EXTERIOR
PROPERTY PHOTOS
1534 SELWYN AVENUE: BIRD’S EYE VIEW
PROPERTY PHOTOS
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UNIT MONTHLY RENT LAYOUT LXP
1A $703.44 1-BR 11/30/2018
2A $752.86 2-BR 7/31/2018
3A $1,538.08 2-BR 11/30/2017
4A $1,717.25 2-BR 4/30/2019
5A $1,559.43 2-BR 1/31/2018
6A* $2,200.00 2-BR VACANT-RENOVATED
1B $1,485.50 1-BR 6/30/2018
2B $1,298.17 1-BR 6/30/2018
3B $974.02 1-BR 8/31/2018
4B $1,444.25 1-BR 12/31/2018
5B $1,006.45 1-BR 8/31/2018
6B $993.36 1-BR 9/30/2017
1C $1,156.11 3-BR 9/30/2017
2C $1,822.91 3-BR 5/31/2019
3C $1,662.44 3-BR 9/30/2018
4C $1,339.80 3-BR 9/30/2017
5C $1,382.48 3-BR 8/31/2018
6C $1,885.46 3-BR 1/31/2018
1D $1,228.03 1-BR 3/31/2018
2D $590.75 1-BR 7/31/2018
3D $1,043.84 1-BR 11/30/2017
4D $1,063.64 1-BR 6/30/2018
5D $957.42 1-BR 8/31/2018
6D $945.03 1-BR 11/30/2017
1E $1,663.58 2-BR 3/31/2018
2E $1,799.81 2-BR 5/31/2019
3E $819.38 2-BR 4/30/2019
4E $1,416.80 2-BR 5/31/2019
5E $1,635.80 2-BR 10/31/2018
6E $1,668.58 2-BR 4/30/2018
1F $1,215.00 1-BR 10/31/2017
2F $1,175.12 1-BR 8/31/2018
3F $1,145.25 1-BR 7/31/2019
4F $1,281.02 1-BR 5/31/2018
5F $922.48 1-BR 9/30/2018
6F $1,097.11 1-BR 3/31/2018
1G $1,745.12 2-BR 5/31/2018
1534 SELWYN AVENUE: RENT ROLL
FINANCIALS
*Renovated Unit
1534 SELWYN AVENUE: RENT ROLL CONTINUED
FINANCIALS
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UNIT MONTHLY RENT LAYOUT LXP
2G $833.01 2-BR 7/31/2018
3G $1,868.68 2-BR 6/30/2018
4G $1,566.86 2-BR 10/31/2018
5G $1,612.02 2-BR 10/31/2018
6G $1,346.52 2-BR 8/31/2018
1H $1,261.74 1-BR 2/28/2018
2H $1,348.36 1-BR 2/28/2018
3H $1,176.56 1-BR 4/30/2018
4H $1,178.47 1-BR 2/28/2018
5H $1,312.29 1-BR 3/31/2019
6H* $1,800.00 2-BR 4/30/2018
1I $1,943.95 3-BR 12/31/2017
2I $804.34 3-BR 3/31/2018
3I $2,100.00 3-BR 9/30/2017
4I $1,823.26 3-BR 12/31/2017
5I $2,796.90 3-BR 8/31/2018
6I $841.59 3-BR 7/31/2018
1J $1,348.05 1-BR 2/28/2018
2J $1,411.83 1-BR 2/28/2018
3J $917.12 1-BR 2/28/2019
4J $1,091.24 1-BR 4/30/2018
5J $1,295.22 1-BR 9/30/2018
6J $1,086.43 1-BR 5/31/2018
1K $1,028.21 1-BR 2/28/2019
2K $1,100.00 1-BR 7/31/2018
3K $1,300.00 1-BR 3/31/2018
4K $1,674.89 1-BR 8/31/2018
5K $905.73 1-BR 10/31/2017
6K $787.24 1-BR 12/31/2018
1L $1,500.00 Studio VACANT
2L $1,600.00 2-BR 12/31/2016
3L $789.72 2-BR 1/31/2018
4L $1,545.98 2-BR 3/31/2018
5L $1,473.05 2-BR 9/30/2017
6L $740.96 2-BR 4/30/2018
Superintendent - - -
Monthly Rent: $95,546
Annual Rent: $1,146,552
*Renovated Unit
1534 SELWYN AVENUE: RENT ANALYSIS
FINANCIALS
UNIT TYPE # OF UNITS UNIT %TOTAL
MONTHLY RENT
TOTAL
ANNUAL RENTRENT %
AVG
MONTHLY
RENT
Studio 1 1.4% $1,500 $18,000 1.6% $1,500
1-BR 36 50.0% $40,793 $489,519 42.7% $1,133
2-BR 23 32.0% $33,393 $404,322 35.3% $1,465
3-BR 12 16.6% $19,559 $234,711 20.5% $1,630
Totals/Avg: 72 100% $95,546 $1,146,552 100% $1,327
*Rent analysis excludes the superintendent’s unit but includes 2 vacant units (1L & 6A) projected at $1,500 and $2,200,
respectively.
Of the 72 apartments, 36 units (50%) are 1-bedroom, with an average monthly rent of
$1,133, which represents a 25% discount to current market rates. The remaining 36 unit
breakdown is as follows: 1 studio, 23 two-bedrooms, and 12 three-bedrooms. One
additional basement unit is occupied by the building superintendent. The 72 apartments
are renting at well below market rates with an overall average monthly rent of $1,327,
offering tremendous upside to new ownership. The Property offers an opportunity for
investors to reposition the tenancy and capture the significant upside potential.
ANNUAL INCOME & EXPENSE STATEMENT
FINANCIALS
1534 Selwyn Avenue, Bronx NY 1045773 Apartments | 80,838 SF
REVENUE AMOUNT
Actual Income (71 Occupied Units) $1,102,150
Projected Income (2 vacant units) $44,400
Gross Income: $1,146,550
ESTIMATED EXPENSES
Real Estate Taxes (17/18) $129,440
Water & Sewer $74,920
Payroll $31,200
Fuel (Oil #2) $70,000
Insurance $32,400
Utilities $10,000
Management Fee (3% of EGI) $34,400
Repairs, Maintenance & Misc. $46,800
Total Expenses: $429,160
Net Operating Income: $717,390
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Capital Improvements
Current ownership has completed significant capital improvements at the Property, including
renovation of the lobby and common corridors on all floors of the building, newly flashed and
coated roof (2012), and installation of a new 5,000 gallon boiler (2014). The Property also features
a new state-of-art camera-mounted security system with 24-hour interior and exterior building
surveillance. Major capital improvements expenditures totaled approximately $200,000.
AREA MAP
1534 Selwyn Avenue
MAPS
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AERIAL VIEW
Bronx Zoo
New York Botanical Garden
Yankee Stadium
Crotona Park
Bronx ParkBronx Community College
Monroe College
1534 Selwyn Avenue
MAPS
BUS MAP
MAPS
SUBWAY MAP
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PLOT MAP & ZONING MAP
MAPS
1534 SELWYN AVENUE: LOBBY
PROPERTY PHOTOS
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1534 SELWYN AVENUE: INTERIOR
PROPERTY PHOTOS
1534 SELWYN AVENUE: INTERIOR
PROPERTY PHOTOS
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1534 SELWYN AVENUE: INTERIOR
PROPERTY PHOTOS
1534 SELWYN AVENUE: ROOF
PROPERTY PHOTOS
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1534 SELWYN AVENUE: ROOF
PROPERTY PHOTOS
1534 SELWYN AVENUE: SECURITY & NEW CONSTRUCTION
PROPERTY PHOTOS
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1534 SELWYN AVENUE: MECHANICALS
PROPERTY PHOTOS
1534 SELWYN AVENUE: MECHANICALS
PROPERTY PHOTOS
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1534 SELWYN AVENUE: MECHANICALS
PROPERTY PHOTOS
CERTIFICATE OF OCCUPANCY
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R7 & R7-1 OVERVIEW
ZONING
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R7-1 OVERVIEW
ZONING
Greg Corbin
Executive Managing Director
Direct (646) 424-5070
Fritz Richter
Associate
Direct (646) 424-5061
Miguel Jauregui
Director
Direct (212) 951-8402
Leah Chen
Associate
Direct (646) 604-7020
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to
the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or
representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically
approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.
Aaron Kline
Associate
Direct (646) 472-8747
Moshe Herskovich
Associate
Direct (646) 424-5315
This Exclusive Opportunity Is Brought To You By
The Corbin Group at Besen & Associates