VMC Management

Protected: Ocwen Loan Servicing – 146-148 Bloomfield Ave – Unit #8

VMC — Wed, 09 Nov 2011 20:19:55 +0000

Protected: Wellwood Manor Unit Breach Sampling

VMC — Wed, 02 Nov 2011 02:24:07 +0000

INCCA Carroll Street Houses Bid Notice Due September 7, 2011 at 11:00 AM

VMC — Thu, 18 Aug 2011 03:28:57 +0000

MULTIFAMILY WEATHERIZATION ASSISTANCE PROGRAM

INCCA Carroll Street Houses

Ken Ross, LAN Associates

201-447-6400

Notice is hereby given that sealed bids will be received by INCCA Carroll Street Houses, 40 ALBERT M. TYLER PLACE, PATERSON, NJ 07501, on WEDNESDAY, SEPTEMBER 7, 2011 at 11:00AM at INCCA Carroll Street Houses, 40 Albert M. Tyler Place, Paterson, NJ 07501, prevailing time and at that time publicly opened and read for proper delivery of services in Passaic County.

The Bid Documents and Specifications are on file and may be examined and obtained at INCCA Carroll Street Houses, 40 ALBERT M TYLER PLACE, PATERSON, NJ 07501, New Jersey, Monday through Friday between 9am and 3pm. A BID WALKTHROUGH IS SCHEDULED FOR MONDAY, AUGUST 22, 2011 AT 10:00 AM. All bids shall be submitted on the bid form furnished by INCCA Carroll Street Houses.

This bid is subject to the American Recovery and Reinvestment Act of 2009, Pub. L.111-5 (“ARRA”) andU.S.Dept. Of Energy (“DOE”) regulations. Bids must reflect and all work must comply with the Davis/Bacon Act.

The Bidder assumes sole responsibility for submission of a complete bid. No special consideration will be given after bids are submitted because of a Bidder’s failure to be knowledgeable of all the requirements herein. By submitting a bid, the Bidder shall be deemed to have understood all the requirements.

The bid must be enclosed in a sealed envelope, properly endorsed with the name of the bidder, with the destination, “MULTIFAMILY WEATHERIZATION ASSISTANCE PROGRAM FOR INCCA Carroll Street Houses” and mailed or hand delivered to C/O David McCants, INCCA Carroll Street Houses c/o VMC Management, 40 Albert M. Tyler Place, Paterson, NJ 07501.

NOTE: Please contact Ken Ross at KR@lan-nj.com to ensure that you receive any updates. Any changes will be added to this posting when available.

Link Addendum (Please contact Ken Ross at KR@lan-nj.com to ensure that you receive any updates)
INCCA Carroll Street Houses Addendum #1 – 8/30/2011
INCCA Carroll Street Houses Addendum #2 – 9/2/2011

VMC Helps Client Win $440K for Weatherization Improvements

VMC — Thu, 18 Aug 2011 01:15:52 +0000

Thanks to the generous allocation of the Federal Stimulus Funding via the American Recovery and Reinvestment Act of 2009 under President Barack Obama, VMC Management was able to successfully compete and win on behalf of its client an award of $440,000 for energy efficiency improvements. Through the Multifamily Weatherization Assistance Program of the New Jersey Housing and Mortgage Finance Agency (NJHMFA) of the Department of Community Affairs (DCA) of New Jersey, VMC’s client will provide for its residents energy efficiency improvements which include complete transition to compact-fluorescent lighting, low-flow showerheads, thru-the-wall AC conditioner insulation and window replacement throughout the entire ten building complex as well as a transformation of external lighting to induction-based lighting. In summary, the energy footprint is decreased by more than fifty percent (50%) and provide more than seventeen percent (17%) in cost savings.

Protected: Wellwood Manor

VMC — Fri, 04 Feb 2011 23:06:49 +0000

Multifamily Residential Offering, 22-23 Sherman Ct., Bloomfield NJ

VMC — Wed, 26 Aug 2009 23:53:18 +0000

Property Summary

Property Specifics
Multifamily Residential

Offering Price               $325,000
County                                  Essex
Block / Lot                        105 / 47
Number of Units                         4

Square Feet 2,880.0

Investment Highlights

Bank Owned Property
Tenant Pays Own Gas/Heat
Great for Owner Occupied or Investor

Location Highlights

Strong rental base and significantly low vacancy rates
Public Transportation Access Within Blocks and Close Proximity to GSP
Minutes from Garden State Parkway

Property Highlights

Two 2-Story Duplex Side by Side Units
Building Requires Extremely Modest Repairs Since Renovation

MLS Information

Garden State MLS# 2707373

Financial Summary

Purchase Price                        $325,000
Down Payment 15.0%             $48,750
Loan Amount                        $276,250
Interest Rate @ 6.500%      for 30 Years

Loan Payment $1,746.09

Operating Proforma

Gross Potential Income           $42,600
Less Vacancy 5.0%                    $2,130
Eff. Gross Income                  $40,470

Expenses

Real Estate Taxes                     $10,788
Insurance                                  $1,600
Utilities                                     $1,800
Sewer & Water                          $1,500
Maintenance                                $750
Superintendent                          $1,800

Total Expenses (45.07%) of EGI $18,238

Net Operating Income $22,232

Click Here for Property Brochure

Multifamily Residential Offering, 304 Ege Ave, Jersey City NJ

VMC — Fri, 14 Aug 2009 22:36:35 +0000

Property Summary

Multifamily Residential
Offering Price               $350,000
County                              Hudson
Block / Lot                  1765 / 32.A
Number of Units                         5

Investment Highlights

Excellent Cash Flow
Tenant Pays Own Gas/Heat
Significant Value-Add Opportunities

Location Highlights

Public and Light Rail Access Within Blocks
24-Hour PATH Train and Hudson-Bergen Light Rail Systems Provide Newark to NYC, Secaucus to Bayonne Transportation
Journal Square Redevelopment Initiative Significant Impact on Occupancy Levels and Rents
Dense population, strong rental base and significantly low vacancy rates

Property Highlights

3 Story Building
5 Box Style Units
1st Level Wraparound Unit
Building Requires Moderate Work

Financial Summary

Purchase Price                        $350,000
Down Payment 15.0%              $52,500
Loan Amount                        $297,500
Interest Rate @ 6.350%      for 30 Years

Operating Proforma

Gross Potential Income           $42,240
Less Vacancy 5.0%                    $2,112
Eff. Gross Income                  $40,128

Expenses
Real Estate Taxes                       $7,201
Insurance                                  $2,000
Utilities                                        $500
Sewer & Water                          $1,625
Maintenance                                $955
Superintendent                                 $-

Total Expenses (30.61%) of EGI $12,281

Net Operating Income $27,847

Financial Ratios

Capitalization Rate                       7.96%
Cash-on-Cash Return (%)          10.73%
Debt Service Coverage Ratio        1.25 x

Click Here for Property Brochure

Pleasantville, NJ – Seventeen Affordable Homes $75K-$185K

VMC — Mon, 29 Jun 2009 02:35:59 +0000

Call Us Today!

Highland Pines at Megan’s Landing in Pleasantville, NJ Currently Underway!

Don’t Miss This Opportunity of Purchasing a $300K Custom Built Home for Less Than $190K Due To Our State and Federal Partnerships.

Due to the Daphne Associates partnership with the New Jersey Housing and Mortgage Finance Agency and HUD, has enabled us to build luxury homes that would otherwise be unaffordable, especially in today’s market. Please speak with us! The Highland Pines at Ash Community in Pleasantville NJ is a once in a lifetime opportunity for those who never dreamed of owning a home! How do we know this? Well, Daphne Associates is also selling three (3) of these homes targeted especially to those who want to realize the American Dream of Home Ownership. Daphne is selling these very same homes from $80K – $150K to those with incomes ranging from $30K – $70K!

Please contact us anytime! We look forward to hearing from you.

22-23 Sherman Court – Bloomfield, NJ

VMC — Mon, 29 Jun 2009 00:41:55 +0000

22-23 Sherman Ct. Bloomfield, NJ

How To Compute Cap Rate

VMC — Thu, 25 Jun 2009 19:38:00 +0000

In technical terms, Capitalization rate (or cap rate) is the rate of return used in real estate to determine the present value of a real estate investment based upon its future income generating benefits. Real estate agents, appraisers, investors, property tax assessors, and others that evaluate real estate investment properties analyze cap rates in one form or the other. Improper use or calculation, however, can prove costly. Cap rate should never alone be used to evaluate a property. However, it does provide a quick first-glance look at a property’s ability to product income.

The capitalization rate for an asset is the ratio of the net operating income produced by the asset and its capital cost (the price paid for the asset) or, alternatively, its current market value.

For example, if a building is purchased for a $1,000,000 sale price and it produces $100,000 in positive net operating income (the amount left over after fixed costs and variable costs are subtracted from gross lease income) during one year, then:

$100,000 / $1,000,000 = 0.10 = 10%

Therefore, the asset’s capitalization rate is ten percent.

Essentially, the capitalization rate can be transposed for in several formulas:

Cap Rate = Net Operating Income (NOI) / Property Value
Property Value = Net Operating Income / Cap Rate
Net Operating Income = Property Value x Cap Rate

As mentioned earlier, improper use can prove costly. For example, most sellers always include expenses such as real estate taxes, common utilities, water and sewer charges, vacancy loss. However, don’t forget to include other factors such as maintenance expenses, and reserves and future expenses when ultimately evaluating the asset.