15 Davidson Court

Description

Located in the borough of Staten Island, this 38-unit multifamily apartment complex presents a rare opportunity to acquire a fully occupied, income-producing asset situated on over 1.25 acres. Property Overview The offering consists of four separate buildings, each independently metered with: Separate water meters Separate electric meters Separate gas meters Individual hot water heaters This setup enhances operational efficiency and simplifies expense allocation. Unit Mix (Total: 38 Units) 17 One-Bedroom Apartments Living Room, Kitchen, and Full Bathroom 17 Two-Bedroom Apartments Living Room, Kitchen, and Full Bathroom 4 Studio Apartments Kitchen and Full Bathroom All 38 units are fully occupied, providing immediate, stabilized income. Financial Highlights Gross Monthly Income: Approximately $66,000 Gross Annual Income: Approximately $792,000 Occupancy: 100% Estimated Cap Rate: ~8.5% The property is being offered at a valuation that supports a roughly 8.5% capitalization rate, presenting an attractive return profile for investors seeking stable cash flow in a strong New York City submarket. Value Add: -Room to add another 5-6 units or a laundry center for convenience (Must hire engineer & architect) -Owner is currently not charging for parking -The property typically sees one to two units per year convert to free-market rents, creating ongoing upside potential through natural tenant turnover