Exclusive Sale Offering Memorandum. 155 Grand Street Williamsburg Brooklyn

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Julie Hudson
5 years ago
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1 Exclusive Sale Offering Memorandum 155 Grand Street Williamsburg Brooklyn Christopher Cavorti Evan F. Church Marvin Chu

Purchase Price: $4,600,000 Executive Summary Prime Flagship Retail & Mixed-Use Property for Sale. Located in North Williamsburg's Highest Priced Retail and Residential Corridors.

2 Purchase Price: $4,600,000 Executive Summary Prime Flagship Retail & Mixed-Use Property for Sale. Located in North Williamsburg's Highest Priced Retail and Residential Corridors. Introducing an extraordinary opportunity for ownership of 155 Grand Street, it defines prime real estate in Williamsburg. Nestled on Grand Street between Bedford Avenue & Berry Street, this prime retail location boasts some of the highest asking retail rents in North Williamsburg and Tops Brooklyn retail charts as well. As reported in the REBNY 2017 Summer report asking rents on Grand Street Averaged $125/SF. With no significant moderations to the property, the building can project an income performance North of 6.35% CAP RATE. It can be a lucrative addition to an ideal investment portfolio or the dream home for an end-user. Existing Building & Property Features: Current Zoning is R6B, C2-4. Set on a 21' X 75' lot, the existing 3-story masonry building is ~ 4,000 SF above grade. A full-height cellar offers an additional ~ 1,575 gross SF. It currently consists of 3X incomeproducing units: The vacant ground floor retail space boasts soaring 10'+ ceiling height, HVAC and charming exposed brick. The 2nd floor unit is an oversized 2 bed/1 bath with large outdoor terrace and a loft-like layout. A spacious 3 bed/1 bath unit is set on the top floor. The triple-exposure allow for abundant natural sunlight in both full-floor apartments. Unique details include: 9'+ high ceilings, original hardwood flooring, moldings and exposed brick throughout. This stately address can be easily converted to a ~2,436 SF duplex residence with substantial commercial rental income potential. The central location is minutes away from the Bedford L and Broadway-Marcy J, M, Z subway stations and the NYC Ferry on Kent. Located in the epicenter of Williamsburg Northside. This food, tourist and shopping mecca has seen a dramatic transformation that is on par with the top destinations in New York City. The presence of major chains, national retailers, luxurious new developments and hotels have triggered the vibrant revitalization of Williamsburg, Brooklyn. ****Seller Financing Option Available****

3 Current Property Information: Address & Neighborhood: 155 Grand Street, Brooklyn, NY, Block & Lot: Neighborhood: Williamsburg Valuation & Property Taxes: Tax class: 1 Property Taxes: $ 2,054 Lot: Approximate Lot sq. ft.: +/-1,575 Approximate Lot dimensions: 21ft x 75ft ** Lot is slightly irregular Corner lot: No Buildings on lot: 1 Floor Area Ratio (FAR): Max far: 2 FAR as built: 2.43 (ESTIMATED) Max FAR depends on several factors including zoning, location and use. A Zoning Analysis by a licensed professional should be performed to verify the max far for the property is accurate. Building: Building Class: Primarily Three Family w/ 1 Store or Office (S3) Current Use: 2 Family w/ Store Building Type: Masonry Landmark: None Approximate Gross SF +/- 4,011 Building dimensions: 21 ft x 76 ft Stories: 3 Year built: 1910 (estimated) Certificate of Occupancy: No Use: Residential units: 2 Commercial units: 1 Approximate Residential SF: +/ Approximate Ground Floor SF: +/ Approximate Cellar Floor SF: +/ Zoning: District code: R6B,C2-4 Existing Income & Expenses REVENUE Notes Gross SF Monthly Rent LEASE END Yearly PPSF **Basement not Retail included 1,575 $ - VACANT $ - $ - Apartment 1 Floor Thorough 1,218 $ 3, Month to Month $ 38, $ Apartment 2 Duplex 1,218 $ 3, Month to Month $ 38, $ Total Revenue $ 6, $ 76, EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes - Currently Tax Class 1 Y $2, $ $2, Insurance Y $2, $ $2, H & HW Y $0.00 $0.00 $0.00 Electric Y $ $30.42 $ Water & Sewer Y $ $50.83 $ Total Expenses $ $ 5, NOI $ 70,971.00

4 Pro-Forma: Mixed Use Future Projected Pro-Forma Building Cost Amount Purchase Price $ 4,299,000 Estimated Construction Costs $200,000 REVENUE Notes ~ Gross SF Monthly Rent Yearly PPSF Retail Basement not included 1,575 $ 13, , $ nd Floor Apartment Outdoor 1,218 $ 5, , $ rd Floor Apartment Outdoor 1,218 $ 6, , $ Basement 1,575 ~Gross Building Size 5,586 $24, $294, EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes - Currently Tax Class 1 Y $2, $ $2, Insurance Y $3, $ $3, Gas - Heat Y $0.00 $0.00 Electric Y $ $41.67 $ Water & Sewer Y $1, $83.33 $1, Building Maintenance 2% $ $5, Management & Vacancy 3% $ $8, Total Expenses $ 1, $ 21, The Math Monthly Yearly Net Operating Income (NOI) $ 22, $ 272, Net Profit $ 22, $ 272, Cash Outlay $4,499, Cap Rate 6.34% Cash on Cash Return 6.06% GRM 15.76

5 Existing Floorplan:

6 Residential & Commercial Photos:

7 Survey:

8 Area Map:

Exclusively Marketing Through The Forray Team at The Corcoran Group Christopher Cavorti 914.804.7091 ccavorti@corcoran.

9 Exclusively Marketing Through The Forray Team at The Corcoran Group Christopher Cavorti Evan F. Church Real Estate with Results Marvin Chu

Exclusive Sale Offering Memorandum. 205 Bedford Avenue Williamsburg Brooklyn

Exclusive Sale Offering Memorandum 205 Bedford Avenue Williamsburg Brooklyn Christopher Cavorti 914.804.7091 ccavorti@corcoran.com Evan F. Church 917.684.0663 echurch@corcoran.com Marvin Chu 718.685.9430