Exclusive Offering Prime Bedford-Stuyvesant

Transcription

1 Exclusive Offering Prime Bedford-Stuyvesant 884 Jefferson Avenue Brooklyn, NY 140 Broadway New York, NY it s who you know

2

3 Property Overview Property Description GFI Realty Services, LLC is pleased to offer the exclusive opportunity to purchase 884 Jefferson Avenue, a fully gut renovated (3)-story walk-up apartment building located on a tree-lined block in the Bedford-Stuyvesant section of Brooklyn. This pre-war multifamily asset is comprised of six large apartments, two of which are ground floor duplexes with the basement, and a laundry room. The apartments are configured as two (3)-bedroom units and four (4)-bedroom units. The property was constructed in 1905 and totals approximately 6,500 sf. All of the tenants are responsible for their own heat and hot water expenses. Each unit features a modern layout with exposed brick walls, two bathrooms, high ceilings, a fully equipped kitchen with stainless steel appliances, a brand new A/C system, spacious rooms and an abundance of natural light. Residents benefit from the accessibility of the various amenities that are located within walking distance of the property. Broadway is a major thoroughfare lined with a multitude of mom-and-pop shops, as well as national tenants including Key Food, Western Union, Domino s, Rite Aid and more. The area is served by the J, M and Z trains which offer commuters a short 17-minute ride to Manhattan. Bedford-Stuyvesant s surge in development over the years will continue to attract new residents and investors. The market is mostly comprised of historic brick rowhouses and brownstones from the late 1800 s. However, the real estate inventory has grown and many streets are now lined with large apartment complexes and former warehouses that were converted into chic residential and mixed-use buildings. Layout: Block/Lot: Year Built: Lot Size: Built Size: Built SF: FAR: As Built: Assessment: Tax Class: Zoning: Mortgage: 2/5; 4/6 = 34 Total Rooms 1487/ x x 65 6,500 sf (Including Duplex Units) $55,958 2A R6B Delivered free and clear. Asking Price: $4,350,000 3

4 Income & Expenses Effective Gross Income Apartments Laundry Total 136th St 137th St Expenses 138th St 78th Rd 78th Dr Main Street Real Estate Taxes (18/19) Water & Sewer Fuel Electricity Insurance Payroll Repairs, Maintenance & Misc. Total 141st St 72nd Rd 72nd Dr 73rd Ave 75th Ave 75th Rd Main Street 76th Ave 76th Rd KEW GARDENS HILLS 150th St 77th Ave 77th Rd 78th Ave 78th Rd 79th Ave $248,400 $600 $249,000 $7,608 $4,000 Tenants Pay $1,200 $4,500 $1,200 $3, th St $22,008 Parsons Blvd Union Tpke NOI ASKING PRICE Union Tpke $226,992 Village Rd $4,350,000 Grand Central Pkwy Avg Rent Per Apt Avg Rent Per Room 82nd Ave CAP Rate GRM Price Per Square Foot Price Per Unit 138th St 82nd Dr Main Street $3,450 $609 Hoover Ave 5.2% 17.5 x RR $670 $725, th St 84th Ave 4

5 Rent Roll Unit Monthly Rent Size Apt 1L- Duplex $3, BR Bath Apt 1R- Duplex $3, BR + 2 Bath Apt 2L $3, BR + 2 Bath Apt 2R $3, BR + 2 Bath Apt 3L $3, BR + 2 Bath Apt 3R $3, BR + 2 Bath Laundry $50.00 Total Monthly Income $20, Total Annual Income $249, Transit Map 884 Jefferson Avenue Brooklyn, NY The property is situated within three blocks away from the J and Z subway lines. 5

6 Unit Photos Living Room Living Room Bedroom Kitchen Bathroom 6

7 Common Area Photos Living Room Lobby Hallway Bedroom Staircase Kitchen Bathroom Hallway Skylight 6

8 Common Area Photos Hot Water Tanks Electric Meters Meters Lobby Hallway Staircase Kitchen Bathroom Electric System Laundry Room 6

9 Comparables MARKETING UNITS Bedford Stuyvesant Multifamily Comps 884 Jefferson Avenue, Brooklyn, NY Prepared By GFI Realty Services: 3/5/2018 KEW GARDENS HILLS 72nd Rd AVG # UNITS AVG SQ FT AVG PRICE AVG $/UNIT AVG $/SF $2,385, $480, $ nd Dr 73rd Ave 75th Ave *THE SUBJECT PROPERTY IS HIGHLIGHTED IN GREEN & NOT INCLUDED IN THE SUMMARY* 136th St 137th St 75th Rd ADDRESS ZIP CLASS STORIES UNITS SQ FT SALE PRICE $/UNIT $/SF CLOSED DISTANCE 76th Ave 884 Jefferson Ave C N/A N/A N/A N/A N/A 890 Jefferson Ave C $2,760, $460, $ /15/ Miles 76th Rd 911 Jefferson Ave C $3,089, $514, $ /15/ Miles 150th St 77th Ave 615 Halsey St C $1,525, $381, $ /29/ Miles 1117 Jefferson Ave C $2,750, $687, $ /11/ Miles 77th Rd 519 Macon St C $1,800, $360, $ /01/ Miles 78th Ave 78th Rd 79th Ave Parsons Blvd Union Tpke 7

10 Neighborhood Map 884 Jefferson Avenue Brooklyn, NY 7

11 Zoning Map 196 Russell Street Brooklyn, NY 884 Jefferson Avenue Brooklyn, NY 6B districts are often traditional row house districts, designed to R preserve the scale and harmonious streetscape of the neighborhoods developed during the 19th century with four-story attached buildings. Many of these houses are set back from the street by stoops or small front yards. The floor area ratio is 2.0 and the mandatory Quality Housing regulations also accommodate apartment buildings at a similar four- to five-story scale. The base height of a new building before setback must be between 30 and 40 feet; the maximum building height is 50 feet. To maintain the traditional streetscape, curb cuts are prohibited on lots narrower than 40 feet. The front line wall of a new building, on any lot up to 50 feet wide, must be as deep as one adjacent street wall but no deeper than the other. Off-street parking is not allowed in front of a building and the area between the front wall and the street line must be landscaped. Parking is required for 50% of a building s dwelling units, or waived if five or fewer spaces are required. 8

12 Market Highlights Bedford Stuyvesant is bordered by Classon Avenue to the west, Flushing Avenue to the north, Broadway to the northeast, Ralph Avenue to the East, and Atlantic Avenue to the south. Depending on which part of the neighborhood you live in, the area is served by the super fast A and C trains. The G is available too. On the east side of the neighborhood, you ll be closer to the J and M trains a half hour ride to lower Manhattan. Buses are plentiful. The major improvement in the streetscape along the Fulton and Nostrand Corridor to include new landscaping, benches, pavers, signage, and improved cleanliness has been attracting scores of new cafes, restaurants, bakeries, boutiques, galleries, and wine bars to the area. The neighborhood has a wealth of gardens that have transformed empty lots into flower and vegetable gardens. Some of these projects date back over 20 years. 9

13 Demographics Area: Population: Population density: Median household income 2013: Males Females Median age males: Median age females: Average household size: square miles 177,431 63,782 people per square mile $43,872 81,615 95, people 10

14 Property Map Main Street 72nd Rd 72nd Dr 73rd Ave 75th Ave KEW GARDENS HILLS 150th St 137th St 75th Rd 76th Ave 136th St 76th Rd 77th Ave Parsons Blvd 77th Rd 78th Ave Main Street 78th Rd 79th Ave 150th St Union Tpke 138th St 78th Rd 78th Dr 141st St Union Tpke Village Rd Grand Central Pkwy 134th St 82nd Ave 138th St Hoover Ave 82nd Dr Main Street 150th St 84th Ave 11

15 140 Broadway New York, NY 10005