3-BUILDING BROOKLYN PACKAGE

Transcription

1 3-BUILDING BROOKLYN PACKAGE 538 Bainbridge Street Brooklyn, NY Dekalb Avenue Brooklyn, NY MacDonough Street Brooklyn, NY Ocean Hill & Bushwick 3-Story Buildings 15,335± SF 18 Apartments For more information, contact exclusive broker: Ben Weiss, Managing Director (212)

2 3-BUILDING BROOKLYN PACKAGE Ocean Hill & Bushwick 3-Story Buildings 16,335± SF 18 Apartments Income & Expense Statement REVENUE: AMOUNT $/SF Gross Residential Income (18 occupied units) $339,360 $22.13 Net Effective Income $339,360 $22.13 ACTUAL EXPENSES: Real Estate Taxes (18/19) $17,500 $1.15 Water & Sewer $17,100 $1.10 Payroll $9,100 $0.60 Fuel $5,000 $0.35 Insurance $10,500 $0.70 Utilities $6,900 $0.45 Repairs, Maintenance & Supplies $13,500 $0.90 Total Expenses: $79,600 $5.19 Net Operating Income: $259,760 $16.94 PRICE BREAK - Asking Price: $6,375,000 Price/SF $415 Price/Unit $354,200 Cap Rate 4.1% GRM 18.8x For more information, contact exclusive broker: Ben Weiss, Managing Director (212) ben@besenassociates.com Paul J. Nigido, Senior Financial Analyst (646) pnigido@besenassociates.com Jared Rehberg, Marketing Manager (646) jared@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

3 MULTIFAMILY BUILDINGS FOR SALE 538 Bainbridge Street Brooklyn, NY Story Ocean Hill Multifamily Building 5,585± SF

4 538 Bainbridge Street, Brooklyn, NY Three-Story Multifamily Building PROPERTY OVERVIEW Neighborhood Ocean Hill, Brooklyn Block / Lot 1510 / 27 Lot & Built Size 25.5 x 100 (25.5 x 73 ) Building Sq Ft 5,585± SF Building Class Five to Six Families (C2) Tax Class 2A Besen and Associates, as exclusive agent for ownership, is pleased to offer for sale 538 Bainbridge Street, Brooklyn, NY (the Property ), a three-story residential building featuring 6 2-bedroom apartments and 5,585± SF. The property is located in the heart of Ocean Hill Brooklyn and is within walking distance of the J,Z subway train at Chauncey Street Station and the B7, B20, Q24 bus, providing direct access into midtown Manhattan. The well-maintained building and below market rents provide minimal capital improvement requirements and significant upside upon unit rollover. Asking Price: $2,125, % Cap Rate $380 PSF Stories 3-Story Multi-Family Apartments 6 Zoning R6 FAR (built / allowed) 2.19 / 2.43 Assessment / Taxes (2018/19) $47,829 / $6,100 For more information, contact exclusive brokers: Ben Weiss, Managing Director (212) ben@besenassociates.com Paul J. Nigido, Senior Financial Analyst (646) pnigido@besenassociates.com Jared Rehberg, Marketing Manager (646) jared@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

5 538 Bainbridge Street, Brooklyn, NY Three-Story Multifamily Building RENT ROLL UNIT TENANT NAME RENT / MONTH LAYOUT STATUS 1R Tenant 1 $1, Bedroom Free Market 1L Tenant 2 $1, Bedroom Free Market 2R Tenant 3 $1, Bedroom Free Market 2L Tenant 4 $1, Bedroom Free Market 3R Tenant 5 $2, Bedroom Free Market 3L Tenant 6 $1, Bedroom Free Market Monthly Total $10,852 Annual Total $130,225 INCOME & EXPENSES GROSS REVENUE $130,225 EXPENSES R.E. Taxes (2018/2019) $6,100 Asking Price: $8,750,000 ALL CASH Fuel (oil) $1,800 Electric $2,500 Water & Sewer $6,200 Insurance $3,800 Payroll $3,300 Repairs & Maintenance $4,900 TOTAL OPERATING EXPENSES $28,600 NET OPERATING INCOME $101,625

6 538 Bainbridge Street, Brooklyn, NY Three-Story Multifamily Building MAPS

7 538 Bainbridge Street, Brooklyn, NY Three-Story Multifamily Building PROPERTY PHOTOS

8 538 Bainbridge Street, Brooklyn, NY Three-Story Multifamily Building Ocean Hill Ocean Hill is a subsection of Bedford-Stuyvesant in the New York City borough of Brooklyn. Founded in 1890, the neighborhood is part of Brooklyn Community Board 16. The ZIP code for the neighborhood is The neighborhood has a diverse community with a large number of African Americans, and a small number of Caribbean and Latin Americans. Ocean Hill's boundaries start from Broadway (Bushwick) in the north, Saratoga Avenue (Bedford-Stuyvesant) to the west, East New York Avenue (Crown Heights and Brownsville) in the south, and Van Sinderen Avenue (Cypress Hills) to the east. Ocean Hill received its name in 1890 for being slightly hilly. Hence it was subdivided from the larger community of Stuyvesant Heights. From the beginning of the 20th century to the 1960s Ocean Hill was an Italian enclave. By the late 1960s Ocean Hill and Bedford-Stuyvesant proper together formed the largest African American community in the United States. In 1968, the Ocean Hill-Brownsville school district experienced a major teachers' strike. At that time, the New York City Board of Education controlled the entire school system. In response to complaints from parents in poor minority neighborhoods that schools were failing their students, the Ford Foundation helped fund an experimental program in the district that gave control to local educators and families. The program started off smoothly, but it ended as a fiery chapter in city history. Charging that Board of Education employees were seeking to sabotage the decentralization effort, black district leaders exiled 13 teachers and six administrators most of them Jewish to other districts. As the United Federation of Teachers protested the transfers, the two sides traded harsh accusations of racism and anti-semitism. Teachers declared a months' long strike that shuttered most of the city s schools. The conflict finally ended when the Board of Education agreed to set up local school boards throughout the city. In 1977, a major blackout devastated New York City. The neighborhood experienced arson and ransacking. Many apartment buildings were badly burned and abandoned for many years like the ones in the South Bronx. Finally in the 1990s Ocean Hill experienced a revitalization as many abandoned buildings and lots were renovated.

9 MULTIFAMILY BUILDING FOR SALE 743 MacDonough Street Brooklyn, NY Story Ocean Hill Multifamily Building 5,400± SF

10 743 MacDonough Street, Brooklyn, NY Three-Story Multifamily Building PROPERTY OVERVIEW Neighborhood Ocean Hill, Brooklyn Block / Lot 1498 / 65 Lot & Built Size 25 x 100 & 25 x 72 Building Sq Ft 5,400± SF Building Class Over Six Families without Stores (C1) Tax Class 2B Besen and Associates, as exclusive agent for ownership, is pleased to offer for sale 743 MacDonough Street, Brooklyn, NY (the Property ), a three-story residential building featuring 6 2-bedroom apartments and 5,400± SF. The property is located in the heart of Ocean Hill Brooklyn and is within walking distance of the J subway train at Halsey Street Station and the B7, Q24 bus, providing direct access into midtown Manhattan. The well-maintained building and below market rents provide minimal capital improvement requirements and significant upside upon unit rollover. Asking Price: $2,125,000 $394 PSF Stories 3-Story Multi-Family Apartments 6 Zoning R6 FAR (built / allowed) 2.16 / 2.43 Assessment / Taxes (2018/19) $47,455 / $6,000 For more information, contact exclusive broker: Ben Weiss, Managing Director (212) ben@besenassociates.com Paul J. Nigido, Senior Financial Analyst (646) pnigido@besenassociates.com Jared Rehberg, Marketing Manager (646) jared@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

11 743 MacDonough Street, Brooklyn, NY Three-Story Multifamily Building RENT ROLL UNIT TENANT NAME RENT / MONTH LAYOUT STATUS 1R Tenant 1 $1, Bedroom Free Market 1L Tenant 2 $1, Bedroom Free Market 2R Tenant 3 $1, Bedroom Free Market 2L Tenant 4 $1, Bedroom Free Market 3R Tenant 5 $1, Bedroom Free Market 3L Tenant 6 $1, Bedroom Free Market Monthly Total $8,380 Annual Total $100,560 INCOME & EXPENSES GROSS REVENUE $100,560 EXPENSES R.E. Taxes (2018/2019) $6,000 Asking Price: $8,750,000 ALL CASH Fuel (oil) $1,800 Electric $2,400 Water & Sewer $6,000 Insurance $3,700 Payroll $3,200 Repairs & Maintenance $4,800 TOTAL OPERATING EXPENSES $27,900 NET OPERATING INCOME $72,660

12 743 MacDonough Street, Brooklyn, NY Three-Story Multifamily Building MAPS

13 743 MacDonough Street, Brooklyn, NY Three-Story Multifamily Building Ocean Hill Ocean Hill is a subsection of Bedford-Stuyvesant in the New York City borough of Brooklyn. Founded in 1890, the neighborhood is part of Brooklyn Community Board 16. The ZIP code for the neighborhood is The neighborhood has a diverse community with a large number of African Americans, and a small number of Caribbean and Latin Americans. Ocean Hill's boundaries start from Broadway (Bushwick) in the north, Saratoga Avenue (Bedford-Stuyvesant) to the west, East New York Avenue (Crown Heights and Brownsville) in the south, and Van Sinderen Avenue (Cypress Hills) to the east. Ocean Hill received its name in 1890 for being slightly hilly. Hence it was subdivided from the larger community of Stuyvesant Heights. From the beginning of the 20th century to the 1960s Ocean Hill was an Italian enclave. By the late 1960s Ocean Hill and Bedford-Stuyvesant proper together formed the largest African American community in the United States. In 1968, the Ocean Hill-Brownsville school district experienced a major teachers' strike. At that time, the New York City Board of Education controlled the entire school system. In response to complaints from parents in poor minority neighborhoods that schools were failing their students, the Ford Foundation helped fund an experimental program in the district that gave control to local educators and families. The program started off smoothly, but it ended as a fiery chapter in city history. Charging that Board of Education employees were seeking to sabotage the decentralization effort, black district leaders exiled 13 teachers and six administrators most of them Jewish to other districts. As the United Federation of Teachers protested the transfers, the two sides traded harsh accusations of racism and anti-semitism. Teachers declared a months' long strike that shuttered most of the city s schools. The conflict finally ended when the Board of Education agreed to set up local school boards throughout the city. In 1977, a major blackout devastated New York City. The neighborhood experienced arson and ransacking. Many apartment buildings were badly burned and abandoned for many years like the ones in the South Bronx. Finally in the 1990s Ocean Hill experienced a revitalization as many abandoned buildings and lots were renovated.

14 MULTIFAMILY BUILDING FOR SALE 1430 Dekalb Avenue Brooklyn, NY Story Bushwick Multifamily Building 5,350± SF

15 1430 Dekalb Avenue, Brooklyn, NY Three-Story Multi-Family Building PROPERTY OVERVIEW Neighborhood Bushwick, Brooklyn Block / Lot 3246 / 19 Lot & Built Size 25 x 100 & 25 x 58 Building Sq Ft 4,350± SF Building Class Five to Six Families (C2) Besen and Associates, as exclusive agent for ownership, is pleased to offer for sale 1430 Dekalb Avenue, Brooklyn, NY (the Property ), a threestory residential building featuring 6 2-bedroom and 4,350± SF. Tax Class Stories 2A 3-Story Multi-Family The property is located in the heart of Bushwick Brooklyn and is within walking distance of the M subway train at Knickerbocker Avenue Station and the B38, B60 bus, providing direct access into midtown Manhattan. The well-maintained building and below market rents provide minimal capital improvement requirements and significant upside upon unit rollover. Asking Price: $2,125, % Cap Rate Apartments 6 Zoning FAR (built / allowed) 1.74 / 2.43 Assessment / Taxes (2018/19) R6 $42,183 / $5,400 For more information, contact exclusive broker: Ben Weiss, Managing Director (212) ben@besenassociates.com Paul J. Nigido, Senior Financial Analyst (646) pnigido@besenassociates.com Jared Rehberg, Marketing Manager (646) jared@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

16 1430 Dekalb Avenue, Brooklyn, NY Three-Story Multi-Family Building RENT ROLL UNIT TENANT NAME RENT / MONTH LAYOUT STATUS 1 Tenant 1 $1, Bedroom Free Market 2 Tenant 2 $1, Bedroom Free Market 3 Tenant 3 $1, Bedroom Free Market 4 Tenant 4 $1, Bedroom Free Market 5 Tenant 5 $1, Bedroom Free Market 6 Tenant 6 $1, Bedroom Free Market Monthly Total $9,048 Annual Total $108,575 INCOME & EXPENSES GROSS REVENUE $108,575 EXPENSES R.E. Taxes (2018/2019) $5,400 Asking Price: $8,750,000 ALL CASH Fuel (oil) $1,400 Electric $2,000 Water & Sewer $4,900 Insurance $3,000 Payroll $2,600 Repairs & Maintenance $3,800 TOTAL OPERATING EXPENSES $23,100 NET OPERATING INCOME $85,475

17 1430 Dekalb Avenue, Brooklyn, NY Three-Story Multi-Family Building MAPS

18 1430 Dekalb Avenue, Brooklyn, NY Three-Story Multi-Family Building PROPERTY PHOTOS

19 1430 Dekalb Avenue, Brooklyn, NY Three-Story Multi-Family Building Bushwick Bushwick is a working-class neighborhood in the northern part of the New York City borough of Brooklyn. The town was first founded by Europeans during the Dutch colonization of the Americas in the 17th century. In the 19th century, the neighborhood became a community of Germanic immigrants and their descendants; by the late 20th century, it became predominantly Hispanic as another wave of immigrants arrived. Formerly Brooklyn's 18th Ward, the neighborhood is now part of Brooklyn Community Board 4. It is policed by the NYPD's 83rd Precinct and is represented in the New York City Council as part of Districts 34 and 37. Bushwick shares a border with Ridgewood, Queens, to the northeast, and is bounded by the Brooklyn neighborhoods of Williamsburg to the northwest; East New York and the cemeteries of Highland Park to the southeast; Brownsville to the south; and Bedford-Stuyvesant to the southwest.[6] It is served by ZIP codes 11206, 11207, 11221, and Bushwick was once an independent town and has undergone various territorial changes throughout its history.