WYCKOFF AVENUE. Bushwick. Exclusive 1 Offering Memorandum

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1 198 WYCKOFF AVENUE Bushwick Exclusive 1 Offering Memorandum

2 TerraCRG has been retained to exclusively represent ownership in the sale of 198 Wyckoff Avenue a mixed-use building located in Bushwick. For more information, please contact exclusive agents: Matthew Cosentino Partner mcosentino@terracrg.com Eric Satanovsky Senior Associate esatanovsky@terracrg.com Fred Bijou Senior Associate fbijou@terracrg.com terracrg.com Asking Price: $2,550,000 The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination. 2

3 The Offering TerraCRG has been retained to exclusively represent ownership in the sale of the free market mixed-use building located at 198 Wyckoff Avenue in the Bushwick neighborhood of Brooklyn. The building is located directly on Wyckoff Avenue, one of the best and most dynamic retail strips in Brooklyn. It is also just 4 blocks from both the DeKalb Avenue L Station and the Myrtle- Wyckoff M & L trains. The property offers the rare opportunity to own a free market building with retail frontage on the most prime section of Wyckoff Avenue. The three story brick building is 25 ft x 60 ft and consists of 6 total units (5 free market residential apartments along with a ground floor commercial space). The retail space is owner occupied and will be delivered vacant. After renovation the property can generate approx. $207K/year in gross income. The property is ideally located in one of the most desirable locations in Bushwick on Wyckoff Avenue in very close proximity to both the M and L trains. The retail development in this location has exploded with some of the best restaurants, bars and cafes opening in the immediate vicinity, including: Sally Roots, Hanna Natural Organic Market and Wine Shop, Starbucks, Planet Fitness, Artichoke Pizza, Sea Wolf, Heavy Woods, The Cobra Club, Left Hand Path, Fair Weather Bushwick, Old Stanley s, GoodYoga, Variety Coffee Shop and Wyckoff Starr Coffee Shop to name a few. 3

4 822 Broadway Opportunity Highlights Proj. Gross Annual Income Proj. AnnualExpenses Proj. Net Operating Income Total Units Price/SF $207,000 $28,870 $178,130 6 $566 4

5 Area Map 198 Wyckoff Avenue 5

6 Bushwick Retail Map MetroRock Climbing Union Pizza Works Rookery Montana s Trail House Idlewind Pearl s Social Lot 45 Barcey s Faro AP Cafe Sally Roots Old Stanley s Bar Artichoke Pizza The Cobra Club The Johnson s Sea Wolf House of Yes The Bushwick Starr Hana Natural Market Greenstreets Salads Starr Bar Wyckoff Starr Coffee Shop Left Hand Path Hi Hello Heavy Woods Lucha Lucha Variety Coffee Ops Pizza Boobie Trap Milk & Pull Pizza Party Starbucks L imprimerie Color Me Greens Lucy s Kitchen Bonus Room Industry 1332 The Three Diamond Door Mad Tropical Mominette Bistro Supercrown Coffee 101 Wilson Bar Punch Bowl Social Dweebs Molasses Books Forrest Point Yours Sincerely Clara s Brooklyn Kava The Wheelhouse Father Knows Best Routine Bushwick 95 Evergreen Central Station Central Cafe Maite Bossa Nova Le Garage Brooklyn Public House Petra The Evergreen Precious Metal BKLYN House Little Skips Juno Walgreens Rheingold Brewery Dillinger s Bizarre Gallery Bar Whiskers Santa Pizza Hearts Coffee Cup Of Brooklyn Salud Bar & Grill Planet Fitness Starbucks Skytown Little Mo The Living Gallery 6

7 7 198 Wyckoff Avenue Bushwick

8 198 Wyckoff Avenue Property Information Address: 198 Wyckoff Avenue Neighborhood: Bushwick Cross Streets: Greene Ave & Bleecker St Block: 3301 Lot: 38 Lot Size: 25 x 100 Building Information Building Size: 25 x 60 Zoning: R6 FAR: 1.4 Stories: 3 Residential Units: 5 Commercial Units: 1 Total Units 6 Building SF: 4,500 Taxes (18/19): $8,525 8

9 198 Wyckoff Avenue Projected Revenue After Renovation Unit Approx. Unit SF Status Monthly Rent Monthly Market Annual Market Lease Expiration Rent Rent Store 750 Vacant $ 3,500 $ 42, Free Market $800 $ 2,750 $ 33,000 month to month * 2R 750 Free Market $1,800 $ 2,750 $ 33,000 $ 43,615 2L 750 Free Market $1,800 $ 2,750 $ 33,000 $ 43,615 3R 750 Free Market $1,800 $ 2,750 $ 33,000 $ 43,495 3L 750 Free Market $1,600 $ 2,750 $ 33,000 $ 43,495 Total 4,500 $ 17,250 $ 207,000 *Private Backyard/Projected as a Duplex Unit 9

10 198 Wyckoff Avenue Projected Revenue After Renovation REVENUE: (Projected) Gross Monthly Income $ 17,250 Gross Annual Income $ 207,000 EXPENSES: (Estimated) Real Estate Taxes $ 8,525 Heat (Tenants) Electric (common areas) $ 675 Insurance $ 3,000 Water/Sewer $ 4,250 Maintenance 3% $ 6,210 Management/Vacancy 3% $ 6,210 Total: $ 28,870 Gross Annual Income: $ 207,000 Less Expenses: $ 28,870 Net Operating Income: $ 178,130 10

11 Brooklyn With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. It is the second most densely populated county in the U.S., after New York County (Manhattan). The borough is situated at the southwestern end of Long Island and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Upper New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in The borough s 36 neighborhoods continue to maintain a distinct culture, independent art scene and unique architectural heritage. 11

12 Bushwick Home to Brooklyn's nascent creative arts class, Bushwick is generating the kind of buzz and attention its neighbor Williamsburg to the west has recently experienced. Bushwick has emerged as a desirable focus of developers capitalizing on the many former factories and industrial buildings which are being restored and re-positioned as for office, residential and cultural uses. With a vibrant street-art scene and dozen's of galleries and pop-ups, Bushwick is being brought to life along with a continual restoration of signature lofts and multi-colored brownstones throughout the neighborhood. With the well-known Williamsburg bordering Bushwick on the west, it s no surprise that new retail and critically-acclaimed restaurants have begun quickly migrating and finding space on Bushwick s main thoroughfares. Area Transportation Bushwick Collective Highest Volume of Brooklyn Multifamily Sales in With over 50 gallery spaces, Bushwick has one of the fastest growing art scenes in the country. Maria Hernandez Park 12 The Myrtle (J/M/Z) subway station in Bushwick had an annual ridership of 3,764,562 in 2016 Roberta s

13 Bushwick VOGUE Mapping Out the 15 Coolest Neighborhoods in the World Sources: Brownstoner Laura Leebove 8/26/

14 NEIGHBORHOOD ATTRACTIONS: ENTERTAINMENT HOUSE OF YES ROBERTA S THE WICK / THE WELL BROOKLYN STEEL House Of Yes is a funky venue showcasing dance, circus, theater & cabaret performances in a former ice warehouse. Roberta s became an international brand, as evidenced by the frozen pizzas it sells at Whole Foods and the crowds who line up at the restaurant daily. The Wick and the Well are sprawling joints that are open for music performances, with pub grub, tons of beer and a huge patio. Brooklyn Steel, which opened in April 2017, is an 1,800 capacity music club located at 319 Frost Street in East Williamsburg. 14

15 NEIGHBORHOOD ATTRACTIONS: CULTURE THE BUSHWICK COLLECTIVE THE BOGART THE PAPER BOX LOFTOPERA The Bushwick Collective is completely covered in amazing street art and murals by some of the best national and international street artists, muralists & graffiti artists. The BogArt was converted to an artist production studio space in 2005 and has become the artist center of Bushwick. The Paper Box is a multi-use complex with performance space, a rehearsal/recording studio, bar/lounges & an outdoor patio. LoftOpera is opera for the 21st Century, packing the house with hip young crowds with a formula that includes artisanal beer and highly talented performers. 15

16 198 Wyckoff Avenue Bushwick 16