75 MacDonough Street OFFERING MEMORANDUM BROOKLYN, NY

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Basil Bell
5 years ago
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1 75 MacDonough Street OFFERING MEMORANDUM Exclusively Listed For Sale By: Derek Bestreich (718) Luke Sproviero (718) Steve Reynolds (718)

2 PRICING AND FINANCIAL ANALYSIS RENT ROLL Unit Type Actual Rent Legal/PF Rent Lease Exp. Status BR $ 1,003 $ 1,003 7/31/2015 RS BR $ 1,163 $ 1,163 8/31/2015 RS BR $ 1,234 $ 1,234 7/31/2015 RS BR $ 3,500 Vacant BR $ 2,300 $ 4,000 No Lease MTM Free Market BR $ 3,100 $ 3,500 No Lease MTM Free Market BR $ 4,000 Vacant BR $ 2,750 $ 3,500 No Lease MTM Free Market 9 Cellar (Legal per HPD) $ 3,000 Vacant Monthly: $ 11,551 $ 24,901 Annual: $ 138,607 $ 298,807 4

3 PRICING AND FINANCIAL ANALYSIS INCOME & EXPENSES Total Number of Units: 9 Total Area (Gross): 12,600 SF Income Current Per Unit Pro Forma Per Unit GROSS POTENTIAL INCOME $138,600 $15,400 $298,800 $33,200 Vacancy/Collection Allowance (GPR) 3.0% / $4,158 $ % / $8,964 $996 EFFECTIVE GROSS INCOME $134,442 $14,938 $289,836 $32,204 Expenses Real Estate Taxes $12,375 $1,375 $12,375 $1,375 Insurance $3,600 $400 $3,600 $400 Gas $8,500 $944 $8,500 $944 Water/Sewer $7,200 $800 $7,200 $800 Repairs & Maintenance $4,000 $444 $4,000 $444 Electric $2,500 $278 $2,500 $278 On-Site Payroll $2,500 $278 $2,500 $278 Management Fee 4.0% / $5,378 $ % / $11,593 $1,288 TOTAL EXPENSES $46,053 $5,117 $52,268 $5,808 Expenses per SF $3.65 $4.15 % of EGI 34.3% 18.0% NET OPERATING INCOME $88,389 $9,821 $237,568 $26,396 5

4 PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Location Brooklyn, NY Price 4,500,000 Down Payment 100% / $4,500,000 Number of Units 9 Price/Unit $500,000 Gross Square Feet 12,600 Price/SF $ CAP Rate - Current 1.96% CAP Rate- Pro Forma 5.28% GRM - Current GRM- Pro Forma Year Built 1900 Lot Size 35ft x 100ft Type of Ownership Fee Simple Annualized Operating Data Income Current Pro Forma Gross Potential Rent $138,600 $298,800 Gross Potential Income $138,600 $298,800 Less: Vacancy/Deductions (GPR) 3.0% / $4, % / $8,964 Effective Gross Income $134,442 $289,836 Less: Expenses $46,053 $52,268 Net Operating Income $88,389 $237,568 Net Cash Flow Before Debt Service $88,389 $237,568 Expenses Real Estate Taxes $12,375 12,375 Insurance $3,600 3,600 Gas $8,500 $8,500 Water/Sewer $7,200 $7,200 Repairs & Maintenance $4,000 $4,000 Electric $2,500 $2,500 On-Site Payroll $2,500 $2,500 Management Fee $5,378 $11,593 Total Expenses $46,053 $52,268 Expenses/unit $5,117 $5,808 Expenses/SF $3.65 $4.15 % of EGI 34.25% 18.03% Scheduled Income No. of Units Unit Type Approx. Square Feet Current Rents Rent/ SF Monthly Income Pro Forma Rents Monthly Income Bdr 1 Bath N/A $1,163 - $3,100 N/A 7,013 $1,163 - $3,500 11, Bdr 1 Bath N/A $1,003 - $2,300 N/A $4,537 $1,003 - $4,000 $10,237 1 Legal Cellar $4,000 $3,000 9 Total/Wtd. Avg. 12,600 $11,550 $24,900 6

INVESTMENT OVERVIEW Investment Highlights Stuyvesant Heights Historic District Architecturally Significant Brownstone Tree Lined Block Rare Corner Nine Unit Box Style Built 35 ft. x 90 ft.

5 INVESTMENT OVERVIEW Investment Highlights Stuyvesant Heights Historic District Architecturally Significant Brownstone Tree Lined Block Rare Corner Nine Unit Box Style Built 35 ft. x 90 ft. with Two Vacancies Very Close Proximity to Public Transportation Condo Conversion Opportunity (Mostly Free Market or Vacant) Building in Very Good Condition Gas Boiler Upgraded Electric Very Strong & Stable Rental Market Marcus & Millichap is pleased to present, a large 8 unit (legal 9 unit per HPD with unfinished cellar unit) property located at the corner of Tompkins Avenue, in the Stuyvesant Heights section of Brooklyn, New York. The property features four 4.5 bedroom box style apartments, four 5.5 box style apartments (above grade units have ceiling height from 10'.0" - 12'0") and a legal partially above grade cellar unit (cellar unit ceiling height 9'0" with multiple windows). Of the above grade units, five are either free market or vacant and three are rent stabilized. The mechanicals of the building are in excellent condition and several apartments have new plumbing, including an upgraded electrical system (risers & service). The property is built 35 ft. x 90 ft. and sits on a 35 ft. x 100 ft. lot. The property is zoned C2-4/R6A. Current ownership has taken steps to remove almost all HPD violations. Additionally, current ownership has commenced the Major Capital Improvement (MCI) work required in pointing the property. This property is conveniently located near the A & C Subway lines offering quick and easy access to the Manhattan. It is also near the Nostrand Avenue LIRR stop, schools and restaurants and has a very strong and stable rental market. 8

6 FLOORPLANS 10

7 PROPERTY PHOTOS 11

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9 PROPERTY PHOTOS 13

10 PROPERTY PHOTOS 14

11 PROPERTY PHOTOS Cellar space has 9'0" ceiling height 15

12 AREA MAPS Local Map Regional Map 16

13 AERIAL PHOTO 17

14 OFFERING MEMORANDUM Offices Throughout the U.S. and Canada

1013 N. Ross St SANTA ANA, CA OFFERING MEMORANDUM

1013 N. Ross St SANTA ANA, CA OFFERING MEMORANDUM OFFERING MEMORANDUM INVESTMENT OVERVIEW Investment Highlights Strong Unit Mix of 1 Bed + Den, and 2 Bed Units Great Curb Appeal & Nicely Landscaped No Owner Gas or Electric Bill! Common Area Includes Spacious