Columbia Street Waterfront District Brooklyn, New York

Transcription

1 Columbia Street Waterfront District Brooklyn, New York This information hasmemorandum been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy Offering of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc Marcus & Millichap. All rights reserved. Activity ID: Z p. 1

2 Non-endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details. p. 2

3 Pricing and Financial Analysis - Columbia Street Waterfront District Brooklyn,New York

4 Pricing and Financial Analysis Financial Overview Value Indicators Annual Income Current Price $3,500,000 Residential Gross Potential Income $186,007 Gross Square Feet 5,700 Vacancy/Collection Loss (3%) ($5,580) Price Per SF $ Laundry Income $1,800 # Units 8 Effective Gross Income $182,227 Price Per Unit $437,500 Current Cap Rate 4.52% Annual Expenses Current Current GRM Property Taxes $740 Fuel $2,358 Water & Sewer $4,824 Insurance $3,600 Repairs & Maintenance $4,000 Common Area Electric $1,490 On Site Payroll $1,500 Management Fee (3%) $5,467 Total Expenses $23,978 Net Operating Income $158,249 Unit Mix Analysis Unit Type No. of Units Avg Rent Monthly Rent RC RS FM 1 Bedroom 4 $2, $9, Bedroom Duplex 2 $2, $4, Bedroom Railroad 2 $ $ Total 8 $15, p. 4

5 Pricing and Financial Analysis Rent Roll, Carroll Gardens, Brooklyn, NY Apartments Unit Bedrooms Approx SF Status Curent Rent Current Rent PSF Legal Rent Lease Expiration 1L One Bedroom Duplex 760 RS $2, $41.20 $2, /30/2019 1R One Bedroom Duplex 760 RS $2, $35.50 $2, /31/2018 2L Two Bedroom Railroad 600 RS $ $9.36 $ /30/2018 2R One Bedroom 600 RS $2, $47.00 $2, /30/2018 3L One Bedroom 600 RS $2, $52.00 $4, /30/2018 3R One Bedroom 600 RS $2, $42.81 $2, /28/2018 4L Two Bedroom Railroad 600 RS $ $9.69 $ /28/2018 4R One Bedroom 600 RS $2, $52.00 $2, /30/2018 Residential Monthly Income $15, Total Annual Income $186, p. 5

6 Pricing and Financial Analysis Income & Expenses Building Gross Square Footage 5,700 Number of Units 8 Approximate Available Air Rights (SF) 2,451 Current Potential Income Current Gross Potential Income $186,007 Vacancy/Collection Loss (3%) ($5,580) Laundry Income $1,800 Effective Gross Income $182,227 Total Effective Gross Income $182,227 Expenses Current %EGI Per SF Property Taxes* $ % $0.13 Fuel** $2, % $0.41 Water & Sewer $4, % $0.85 Insurance $3, % $0.63 Repairs & Maintenance $4, % $0.70 Common Area Electric $1, % $0.26 On Site Payroll $1, % $0.26 Management Fee (3%) $5, % $0.96 Total Expenses $23, % $4.21 Net Operating Income $158,249 * currently receives a J51 Propoerty Tax Exemption that expires June 30th, 2020 **Owner Provides Heat/Hot Water for units 2L, 3L, 3R, 4L ONLY p. 6

7 Property Description - Columbia Street Waterfront District Brooklyn, New York

8 Property Description Investment Overview Investment Highlights Rare Prime Columbia Street Waterfront District Apartment Building Only Two Subway Stops into Manhattan Five blocks to F and G Subway Lines There is 26.5 Feet of Frontage on Tiffany Place J51 Tax Exemption Expires June 30th, 2020 Attractive Unit Mix, Low Average Rent R6A, C2-4 Zoning and there are 2, Square Feet of Available Air Rights Building in Good Condition Is Three Blocks to Court Street Retail Corridor Is Three Blocks to Van Voorhees Park Marcus & Millichap is pleased to offer, located between Kane Street and De Graw Street in the Columbia Street Waterfront District section of Brooklyn, New York. The subject property,, is a four-story apartment building that consists of eight residential units. The property is built 26.5 feet by 50 feet on the first through fourth floors and sits on a 26.5-foot by 100-foot lot with approximately 5,700 gross square feet. The property is zoned R6A/C2-4 allowing for approximately 2, gross square feet of available air rights (Block: 319, Lot: 50) This property offers investors the rare opportunity to purchase a large eight family apartment building with 26.5 feet. of frontage on Tiffany St in the Columbia Street Waterfront District section of Brooklyn, New York. p. 8

9 Property Description Property Summary The Offering Property Address Brooklyn, NY Accessor s Parcel Number Zoning R6A/C2-4 Site Description Number of Units Number of Buildings Number of Stories Year Built Gross Square Feet Lot Size Type of Ownership , ft x 97.5 ft Fee Simple p. 9

10 Property Description Maps p. 10

11 Property Description Aerial View p. 11

12 Property Description Neighborhood Overview The Columbia Street Waterfront District is a neighborhood in Brooklyn, New York, on the Upper New York Bay waterfront between Cobble Hill and Red Hook. Consisting of roughly 22 blocks, it is located on the western side of the Brooklyn-Queens Expressway (BQE) and is sometimes described as part of Carroll Gardens or Cobble Hill. Columbia Street Water Front District is one of the smallest neighborhoods in all of Brooklyn. After decades of long construction efforts to develop the area, the Waterfront District is finally on its way to becoming the next Brooklyn hotspot with new restaurants and residential developments being built every year. The neighborhood was formed in 1957 when the newly built BQE divided Columbia Street off from Carroll Gardens and Cobble Hill. Columbia Street features a mix of mostly low-rise housing and cozy local restaurants. In the past decade, the neighborhood has seen both new developments and conversions of former factories and industrial buildings. p. 12

13 Property Description Surrounding Developments 5 River Park The final tower for the River Park project will be 15 stories and contain 91,000 square feet of space. The project will be fully residential, offering 30 condominiums. The ground floor will be used for parking facilities, as well as lobby space and an outdoor swimming pool. Amenities will include: a roof terrace, a play area, a gym, and a lounge. Romines Architecture PLLC is the architect behind the design, and Fortis Property Group is responsible for the development. 135 Montague Street Marin Architects designed a vertical expansion for 135 Montague Street. The expansion would increase the structural height from two to four floors, accommodating for 7,472 square feet of new condominiums. The proposed ground floor retail area will span 3,187 square feet and will reportedly contain a new City MD urgent care facility. Eli M. Dweck of 135 Montague Street Associates is listed as the developer for the project. 70 Schermerhorn Street Lonicera Partners and Orange Management are developing a twelve-story condominium project in Brooklyn Heights on Schermerhorn Street. The project will yield 86,000 square feet, with 68,640 square feet dedicated to residential use. There will be 59 units, averaging 1,163 square feet. There will also be 3,000 square feet on the ground floor for retail uses. Eugene Colberg is responsible for the design. 325 Henry Street After initial plans for the site were rejected, the Landmarks Preservation Commission have now approved the four-story, eight-unit mixed-use building at 325 Henry Street, in Cobble Hill. The latest filings describe a 25,244-square foot structure boasting 6,000 square feet of ground-floor retail space. The condominium units begin on the second floor and average around 2,200 square feet apiece, included will be an eight-car parking garage, and six bike storage spaces. p. 13

14 Offering Memorandum - Columbia Street Waterfront District, Brooklyn Presented by: Matthew Fotis Licensed Associate Real Estate Broker National Multi Housing Group Manhattan Office Office: (212) Cell: (917) License: NY: Matthew.Fotis@marcusmillichap.com Matthew Shapiro Licensed Real Estate Salesperson National Multi Housing Group Manhattan Office Office: (212) Cell: (913) License: NY: Matthew.Shapiro@marcusmillichap.com Sebastian Altilio Licensed Real Estate Salesperson National Multi Housing Group Manhattan Office Office: (646) Cell: (646) License: NY: Sebastian.Altilio@marcusmillichap.com Offices Throughout the U.S. and Canada