4002 MORTIMER AVENUE
About This Property
Previously operated as an assisted living facility, this spacious property offers excellent potential for a variety of residential, care-related, or community-based uses, subject to applicable approvals. The home features 5 bedrooms, 2 full bathrooms, a finished basement with ample storage space, a large fenced rear yard, rear deck, and a side-access ramp for handicap accessibility. Additional features include lighted exit signs and a history of inspections conducted during prior operation.
Ideally situated along a bus route and conveniently located near shopping, dining, and everyday amenities, this property is well-positioned to serve the needs of the surrounding community. With strong demand for assisted living and other supportive housing programs throughout the city and county, this property presents a valuable opportunity for investors, operators, and nonprofit organizations alike.
Property is being sold strictly AS IS. Seller makes no representations regarding future use or occupancy. Buyers are strongly encouraged to conduct their own due diligence with the appropriate local authorities to verify zoning, licensing, occupancy requirements, and intended use. Minimal improvements may be needed to prepare the property for future operation.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017