Sagtikos Gardens

Sagtikos Gardens is an open market, two story multifamily community comprised of 54 one bedroom units sited on +/-3.16 level acres; the property has ample surface parking. The property is very well located at 1737 North Gardiner Drive directly off of the Sagtikos Parkway, affording easy and direct access to the Long Island Expressway, Northern and Southern State Parkways. Bus, rail, local and regional shopping, significant employment drivers, schools, parks and shore beaches are all in close proximity to the property. Established area demographics and convenient location have enabled the property to maintain a consistently strong occupancy history.

The two buildings were originally constructed in 1966 and have received capital improvements throughout the years; ownership has invested approximately $562,000 since 2006 in new roofs, updated/new kitchens and baths, windows and siding, new boilers, etc. (details enclosed).

The asking price of $6,500,000 equates to a below replacement cost value of $120,370. The current income stream is the result of significantly below market rent base . The current NOI is $362,233 and the projected NOI is $454,523 based upon new ownership bringing average rents to $1,250. per month (highest current rent is $1,225. p/m). The property will be delivered free and clear of existing financing and the purchaser’s placement of new debt should provide a return on equity  between 5.6% to 11.3% (based upon the above assumptions). Additional ownership revenue may be possible through the addition of an on-site laundry facility.

Please contact John Thomas  to discuss this opportunity in greater detail.


Additional Information

Units: 54

Lot Size: 3.16

More information on this property is available but only to verified users. Please complete the registration form here and then complete and email us the confidentiality agreement which can be downloaded here.

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