Exclusive Sale Offering Memorandum. 205 Bedford Avenue Williamsburg Brooklyn

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1 Exclusive Sale Offering Memorandum 205 Bedford Avenue Williamsburg Brooklyn Christopher Cavorti Evan F. Church Marvin Chu

2 205 Bedford Avenue Brooklyn, NY Purchase Price: $7,800,000 Executive Summary: Premium Flagship Retail & Mixed Use Property for Sale. Located in North Williamsburg s Highest Priced Retail & Residential Corridors. Introducing an extraordinary opportunity for ownership of 205 Bedford Avenue, the most prime Williamsburg real estate on the market. Located between North 5th Street & North 6th Street the area boasts 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 Bedford Avenue between N4th & North 8th Street in Williamsburg Brooklyn Averaged $393/SF. There is potential to re-position the existing building to maximize the ground floor retail or develop a full commercial building both scenarios projecting well above a 6% Cap Rate. Existing Building & Property Features: Current Zoning is R6B, C1-4. Set on a 20 X 80 lot, the existing 4- story masonry & framed building is ~ 3,200 SF above grade. A full-height cellar offers an additional ~ 728 gross SF. It currently consists of 3X income-producing units: The ground floor restaurant/retail space has soaring 10 ceilings and over 500 SF of outdoor space. The 2nd floor unit is an oversized studio with a loft-like layout, featuring triple-exposures and over 9 high ceilings. A spacious 3 bed/1 bath duplex is set on the top 2 floors. The multiple exposures allow for abundant natural sunlight in both units. Unique details include: original hardwood flooring, custom woodwork, moldings and exposed brick. This stately address can be easily converted to a ~2,167 SF triplex residence with substantial commercial rental income potential. The central location is 1.5 short blocks away from the Bedford L subway station and 4 blocks from the NYC Ferry. 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. Unquestionably, this is a not-to-be missed opportunity!

3 Current Property Information: Address & Neighborhood: 205 Bedford Avenue, Brooklyn, NY, Block & Lot: Neighborhood: Williamsburg Valuation & Property Taxes: Tax class: 1 Property Taxes: $ 5,313 Lot: Lot sq. ft.: 1,600 Lot dimensions: 20 ft x 80 ft Corner lot: No Buildings on lot: 1 Floor Area Ratio (FAR): Max far: 2 FAR as built: 2 (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 Two Family w/ 1 Store or Office (S2) Landmark: None Approximate Gross SF +/- 3,200 Building dimensions: 20 ft x 51 8 ft Stories: 4 Year built: 1899 (estimated) Certificate of Occupancy: Yes Use: Residential units: 2 Commercial units: 1 Approximate Residential SF: +/- 2,167 Approximate Ground Floor SF: +/ Approximate Cellar SF: +/- 728 Zoning: District code: R6B, C1-4 Existing Income & Expenses REVENUE Notes Gross SF Monthly Rent LEASE END Yearly PPSF Retail **Basement not included 1,033 $ 17, /1/2018 $ 210, $ Apartment 1 Floor Thorough 819 $ 2, Month to Month $ 24, $ Apartment 2 Duplex 1,348 $ 3, Month to Month $ 45, $ Total Revenue $23, $279, EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes Currently Tax Class 1 Y $5, $ $5, Insurance Y $2, $ $2, H & HW Y $1, $ $1, Electric Y $ $41.67 $ Water & Sewer Y $1, $1, $18, Total Expenses $ 2, $27, NOI $252,378.00

4 Pro-Forma Scenario 1: Mixed Use Future Projected Pro-Forma Building Cost Amount Purchase Price $ 7,800,000 Estimated Construction Costs $500,000 REVENUE Notes Gross SF Monthly Rent Yearly PPSF Retail Basement not included 1,600 $ 36, , Apartment 1 renovated 800 $ 4, , Apartment 2 renovated with roof 800 $ 4, , Total Revenue 44, $536, EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes - Currently Tax Class 1 Y $5, $ $5, Insurance Y $3, $ $3, Gas - Heat Y $0.00 $0.00 Electric Y $ $41.67 $ Water & Sewer Y $2, $ $2, Building Maintenance 2% $ $10, Management & Vacancy 6% $2, $32, Total Expenses $ 4, $ 53, The Math Monthly Yearly Net Operating Income (NOI) $ 40, $ 482, Net Profit $ 40, $ 482, Cash Outlay $8,300, Cap Rate 6.18% Cash on Cash Return 5.81% GRM 16.18

5 Pro-Forma Scenario 2: Full Commercial Future Projected Pro-Forma Building Cost Amount Purchase Price $ 7,800,000 Estimated Construction Costs $1,500,000 REVENUE Notes Gross SF Monthly Rent Yearly PPSF Retail Basement not included 1,600 $ 36, , $ Mezzanine 534 $ 4, , $ nd Floor 1,066 $ 7, , $ Total Revenue 48, $584, EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes - Triple Net Y $0.00 $0.00 Insurance Y $3, $ $3, Gas - Heat Y $0.00 $0.00 Electric Y $ $41.67 $ Water & Sewer Y $2, $ $2, Building Maintenance 2% $ $10, Management & Vacancy 6% $2, $32, Total Expenses $ 4, $ 48, The Math Monthly Yearly Net Operating Income (NOI) $ 44, $ 535, Net Profit $ 44, $ 535, Cash Outlay $9,300, Cap Rate 6.87% Cash on Cash Return 5.76% GRM 14.56

6 Bedford Avenue, Brooklyn, NY, Existing Floorplans:

7 Residential & Commercial Photos:

8 Survey:

9 Existing C of O:

10 Area Map:

11 Exclusively Marketing Through The Forray Team Christopher Cavorti Evan F. Church Marvin Chu Real Estate With Results