Yonkers 5 Unit Purchase and Rehab – Phase I
This is a prefunded opportunity for a Multi-Family Residential property in New York. The subject property address is 97 Waverly St, Yonkers, New York.
The developer is requesting a loan of $360,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $390,000 in October of 2015. There is minor renovation needed for the underlying property, totaling $75,000. The borrower will receive 5 draw(s) totaling $360,000 over the course of the loan. The initial draw in the amount of $285,000 occurs at closing. The second draw of $15,000 will be disbursed as an initial deposit for the contractor. The third draw of $25,000 will be disbursed once the 3rd and 4th floors are completed. The fourth draw of $25,000 will be disbursed when the 1st and 2nd floors are completed. The fifth draw of $10,000 will be disbursed when the property is completed. The borrower plans to refinance in one year or under.
The initial investment needed for this property is in the amount of $285,000 to purchase the property. The combined renovation draws for this project will be raised at a later time as they are requested.
97 Waverly St.
- Purchase Price: $390,000
- Renovation: $75,000
- After-Rehab Value: $600,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $600,000 for 97 Waverly St. The ARV ratio is 60% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Yonkers is stable and supply and demand are in balance.
97 Waverly St. was built in 1891, located in the metropolitan neighborhood of Yonkers, New York. The property consists of 5 units of 1 to 3 bedrooms totaling 817,839 sq. ft. on 2,300 square foot lot. The property is near public amenities, shopping and recreation.
97 Waverly St.
Property renovations are awaiting loan to start renovation and there are minor renovations needed for the property. The following renovations are planned to be completed:
- Electrical Repairs
- Plumbing Repairs
- Paint Interior
- General Maintenance