168 21st Street. Greenwood Heights Brooklyn, New York. Offering Memorandum

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1 Greenwood Heights Brooklyn, New York Offering Memorandum expressed or implied, as to the accuracy 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 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 - Greenwood Heights Brooklyn, New York

4 Pricing and Financial Analysis Financial Overview Value Indicators Annual Income Current Price $5,600,000 Residential Gross Potential Income $323,472 Gross Square Feet 9,800 Vacancy/Collection Loss (3%) ($9,704) Price Per SF $ Other Income $0 # Units 16 Effective Gross Income $313,768 Price Per Unit $350,000 Current Cap Rate 3.99% Annual Expenses Current Current GRM Property Taxes $50,459 Fuel $6,800 Water & Sewer $5,600 Insurance $5,300 Repairs & Maintenance $8,000 Common Area Electric $1,200 On Site Payroll $3,000 Management Fee (3%) $9,720 Total Expenses $90,079 Net Operating Income $223,689 Unit Mix Analysis Unit Type No. of Units Avg Rent Monthly Rent PR RS FM Studio 1 $1, $1, Bedroom 15 $1, $25, Total 16 $26, p. 4

5 Pricing and Financial Analysis Rent Roll, Greenwood Heights, Brooklyn, NY Front Building Unit Bedrooms Status Current Rent Legal Rent Lease Expiration 1A Studio RS $1, $2, Jul-18 1B 1 RS $1, $2, Oct-18 2A 1 RS $ $ SUPER - 12/19/2019 2B 1 RS $1, $2, Aug-18 3A 1 RS $1, $1, Jun-18 3B 1 FM $1, Feb-19 4A 1 RS $1, $3, Mar-19 4B 1 RS $1, $3, Dec-18 Residential Monthly Income $12, Rear Building Unit Bedrooms Status Current Rent Legal Rent Lease Expiration 1C 1 RS $1, $3, Mar-19 1D 1 RS $1, $3, Nov-18 2C 1 RS $1, $3, Apr-19 2D 1 RS $1, $2, Aug-18 3C 1 RS $1, $2, Mar-19 3D 1 FM $1, Jul-18 4C 1 RS $1, $2, Apr-19 4D 1 FM $1, Aug-18 Residential Monthly Income $14, Total Annual Income $323, p. 5

6 Pricing and Financial Analysis Income & Expenses Building Gross Square Footage 9,800 Number of Units 16 Approximate Available Air Rights (SF) 0 Current Potential Income Current Gross Potential Income $323,472 Vacancy/Collection Loss (3%) ($9,704) Other Income $0 Effective Gross Income $313,768 Total Effective Gross Income $313,768 Expenses Current %EGI Per SF Property Taxes $50, % $5.15 Fuel $6, % $0.69 Water & Sewer $5, % $0.57 Insurance $5, % $0.54 Repairs & Maintenance $8, % $0.82 Common Area Electric $1, % $0.12 On Site Payroll $3, % $0.31 Management Fee (3%) $9, % $0.99 Total Expenses $90, % $9.19 Net Operating Income $223,689 p. 6

7 Property Description - Greenwood Brooklyn, New York

8 Property Description Investment Overview Investment Highlights Rare Greenwood Heights Sixteen Unit Front & Rear Apartment Buildings Short Subway Ride Into Manhattan Four Blocks to the R Train Short walk to Shopping & Restaurants on 4th & 5th Avenues New Boiler & Electric Buildings in Good Condition Marcus & Millichap is pleased to offer, located between 4th and 3rd Avenues in the Greenwood Heights section of Brooklyn. The subject property consists of two four-story residential buildings, front and rear, with 16 one bedroom apartments. Each building is built 24.5 ft x ft and sit on a 24.5 ft x ft lot with approximately 9,800 gross square feet. The property is zoned M1-2D (Block: 642, Lot: 33) This property offers investors the rare opportunity to purchase a sixteen unit apartment building with recently updated building systems in the Greenwood Heights section of Brooklyn, New York. p. 8

9 Property Description Property Summary The Offering Property Address Brooklyn, NY Accessor s Parcel Number Zoning M1-2DS Site Description Number of Units Number of Buildings Number of Stories Year Built Gross Square Feet Lot Size Type of Ownership , ft x ft Fee Simple p. 9

10 Property Description Greenwood Heights - Neighborhood Overview Greenwood Heights is a neighborhood in the New York City borough of Brooklyn that takes part of its name from the neighborhood proximity to the Green-Wood Cemetery. Greenwood Heights is a part of Brooklyn Community Board 7 along with Windsor Terrace, Sunset Park and South Park Slope. The much-debated borders are, roughly, the Prospect Expressway to the north, Gowanus Canal to the west, Eighth Avenue to the east, and 39th Street to the south (southern boundary of the Green-Wood Cemetery and northern boundary of the 36th-38th Street Yard and South Brooklyn Railway). Over the recent years, Greenwood Heights has dramatically changed into a family oriented community that has become a hotspot in Brooklyn. Many hip restaurants and bars have recently opened on 5th & 7th Avenue retails corridors. Greenwood Heights continues to gentrify and become a hotspot due to the easy access to Manhattan. The neighborhood is served by the 36th Street, 25th Street, and Prospect Avenue stations on the New York City Subway s Brooklyn-Manhattan Transit Corporation (BMT) Fourth Avenue Line, served by the D N R W trains. After rezoning the area in November 2005 recent new development has brought an influx of luxury condominium apartments. Most notable developments came to the waterfront of Greenwood Heights which has changed the neighborhood dramatically. p. 10

11 Property Description Surrounding Developments Permits have been filed for an eight-story residential development at 875 Fourth Avenue. It will yield 144,730 square feet, with 102,070 square feet dedicated to residential use. Fischer + Makooi Architect will be responsible for designing the 86-foot tall structure, creating 150 apartments averaging 680 square feet apiece, indicating rentals. The 50-foot-tall building located at 695 6th Avenue will host 36 condos, divided across 33,990 square feet of residential space. The first floor will have 10 units, followed by 14 units on the second floor, ten duplexes and two single-floor units on the top story. The building is also set to include a 10-car garage on the ground floor and surface parking for another eight cars. Brooklyn developer, Adam America, revealed an 11-story condo building a short distance from Green-Wood Cemetery. Designed by Isaac & Stern Architects, it will feature 73 apartments that will range from studios through three-bedrooms, with interiors by Paris Forino. Ofer Prager is developing the seven- story building that will have 13 apartments spread across 13,900 square feet. An 1,100-square-foot retail space will fill the ground floor. Robert Bianchini s ARC Architecture and Design is responsible for this rendering. p. 11

12 Property Description Maps p. 12

13 Property Description Aerial View p. 13

14 Offering Memorandum - Greenwood Heights Brooklyn, New York Presented by: Matthew Fotis Senior Managing Director Senior Director, National Multi Housing Group Manhattan Office Office: (212) Cell: (917) License: NY: Matthew.Fotis@marcusmillichap.com Sebastian Altilio Licensed Real Estate Salesperson National Multi Housing Group Manhattan Office Office: (646) Cell: (212) License: NY: Sebastian.Altilio@marcusmillichap.com Offices Throughout the U.S. and Canada