Current Properties

31 East 1st Street

East 23rd
Property 31 East 1st Street, located in Lower Manhattan.
Description Five story walkup with 21 apartments.
Date Purchased May 1995
Purchase Amount $415,000
Condition at time of Purchase Property was maintained with a few vacancies.
Repositioning Vacated illegal tenants, initiated tenant buyouts, etc. Units were subsequently renovated and re-rented for much higher amounts. Increased existing rent roll from $92,000 to approximately $400,000 (an increase of 335%).
Date Sold N/A – Still Owned
Estimated F.M.V $5,000,000.
Cash Distributions Since acquisition, 63% of the investor's original capital investment has been returned. For the past 14 years, Investors have consistently received, on a monthly basis, a 30% annual cash-on-cash return on their remaining capital investment.
Other Financial Benefits Any net mortgage refinance proceeds, as well as their share of the property’s substantial appreciation when the property is sold.

This property contained inherent value that was overlooked by the prior owner. The legal rents for many of the apartments were much higher than the rents that were being charged to the existing tenants. As a result, as many leases expired and the market improved the apartments were re-rented at much higher rents.

Contact Info

Rolling Cash Equity Group
1430 Broadway - 14th floor
New York, N.Y. 10018
Tel: 646-519-8490
Fax: 646-519-8494