Investment Snapshot

• Asking Price: $1,000,000
• Units: 6 residential apartments
• Occupancy: 3 occupied stabilized + 3 represented as vacant/delivered vacant
• Base Gross Potential Rent: approximately $120,662/year
• 2025 Seller-Reported Expenses: $47,304.73
• Seller-Schedule NOI: approximately $73,358
• Headline Cap at Asking: approximately 7.3%
• Conservatively Underwritten NOI: approximately $57,973 before currently unknown insurance expense
• Indicative Investor Bid Range: $900,000–$950,000

Our underwriting deliberately does not assume aggressive rents.

The stabilized vacant apartment is maintained at $1,881.26/month, while the two units represented as exempt are modeled at only $2,000/month each in the base case. The attached analysis also shows the effect of higher rents separately rather than incorporating them into the base return.

At a $900,000 acquisition price, the seller-schedule NOI implies an approximately 8.2% going-in cap. At $950,000, it is approximately 7.7%. We believe that range provides a more appropriate cushion for normalized expenses and remaining diligence than simply underwriting to the $1MM asking price. These scenarios are detailed in the attachment.

There may also be additional value associated with the garage and basement, but we have assigned zero income to either until their legal use and rentability are verified.

We have obtained the August 2026 DHCR registration history and are continuing diligence regarding exemption status, leases, arrears/Housing Court matters, insurance, legal rents, violations and utility/fuel history.

I’m determining which investors should receive the complete diligence package and an opportunity to participate in the acquisition process.

If a $900K–$1MM New York City multifamily acquisition fits your current investment mandate, reply “Interested”, and I will provide the supporting materials and discuss potential acquisition terms.

If this transaction is below your preferred allocation size but you advise or co-invest with a principal seeking smaller U.S. income-producing real estate opportunities, I would also welcome that conversation.

Best regards,

Oliver Michael
Jules REIC
Debt Solutions & Property Resolution
347.564.9822