For a hard money or bridge lender, this is an extremely strong coverage profile: very low leverage on a 100 unit rent stabilized asset, with only four vacancies, in a submarket the appraisal describes as tight and supply constrained.
Key bullet points you can lead with:
• Collateral: Two 5 story walk up, 100 unit, all rent stabilized buildings, South Bronx/Concourse, average condition, no parking (typical for area).
• In place economics (as of 4/2025):
• Gross rent roll: 1,399,137/year; vacancies only five units at that time (now four).
• Appraiser underwritten EGI: 1,357,163 after 3% vac/collection.
• Underwritten operating expenses: 805,256, including 217,856 taxes; NOI: 551,907.
• Structure: Bank loan matured, sponsor seeking 3,000,000 refi, no cash out, just take out of existing debt.
• Support: Third party appraisal at 6.5–6.8M as of 4/29/2025, multiple recent Bronx rent stabilized walk up sales in the 65k–78k per unit range and 7.5–9.5% caps.
I have an appraisal and additional information for interested lender
