GFI REALTY SERVICES EXCLUSIVE OFFERING 363 East 21 st Street Brooklyn, NY Asking Price: $1,800,000 CAP Rate: 4.4% GRM: 14.9 x RR Price Per Unit: $225,000 PSF: $304 from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice
Property Description: GFI Realty Services, LLC is pleased to present the offering of 363 East 21 st Street, a (4)-story walk-up apartment building comprised of eight units, including a duplex, located in the Flatbush section of Brooklyn. The apartments are configured as four (1)-bedroom units and four (2)-bedroom units. Four of the units were fully renovated with many other building wide improvements all done in the past year. The building is within walking distance to the B-Q subway line and just around the corner from the newly restored Kings Theatre. Layout Block/Lot Assessment Year Built Lot Size Built Zoning FAR FAR as Built Tax Class Mortgage 4/3; 4/4 = 28 Total Rooms 5125/81 $388,800 1911 20 x 121.42 20 x 84 (approx. 5,920 sf) R6A 3.0 2.44 2B Delivered free and clear. Income: Apartments $ 120,891 Effective Gross Income: $ 120,891 Estimated Expenses: Real Estate Taxes (17/18) $ 21,014 Water/Sewer $ 6,500 Fuel $ 6,250 Electric $ 850 Insurance $ 3,000 Payroll $ 1,850 Repairs, Maintenance & Misc. $ 2,950 Total Expenses: $ 42,414 NOI: $ 78,477 Apartments: 8 Price Per Square Foot: $304 Rooms: 28 Price Per Unit: $225,000 Average Rent/Unit/Mo: $1,259 GRM: 14.9 x RR Average Rent/Room/Mo: $360 CAP Rate: 4.36% Asking Price: $1,800,000 All Cash
Rent Roll:, Brooklyn, NY Unit Tenant Base Rent PREF Total Rent Rooms Status LXP 1A Michael Cordov a $1,709.09 -$209.09 $1,500.00 3 RS - RENOVATED 4/30/2018 1B Francine Lewis $783.86 $783.86 4 RS 4/30/2018 2A Vacant (Projected) $1,850.00 $1,850.00 4 RS 2B Hans Meyer $1,464.50 $1,464.50 3 RS - RENOVATED 4/30/2018 3A Marie Farell $1,456.23 -$143.23 $1,313.00 4 RS - RENOVATED 8/31/2018 3B I rone Bev erly Deans $554.00 $554.00 3 RS 4/30/2019 4A Nakia Powell $808.93 $808.93 4 RS/S8 4/30/2018 4B Emilia Ramos $1,872.00 -$72.00 $1,800.00 3 RS - RENOVATED 6/30/2018 Total Monthly Income $10,074.29 Total Annual Income $120,891.48 TRANSIT MAP Property is blocks away from the B & Q lines.
PROPERTY PHOTOS
ZONING OVERVIEW The quality housing bulk regulations, which are mandatory in R6 districts, typically produce high lot-coverage six- or seven-story apartment buildings set on or near the street line and are designed to be compatible with existing buildings found in older neighborhoods. The floor area ratio in R6A districts is 3.0. Above a base height of 40 to 60 feet, the building must set back to a depth of 10 feet on a wide street and 15 feet on a narrow street before rising to a maximum height of 70 feet. To preserve the traditional streetscape, the street wall of a new building can be no closer to the street line than any building within 150 feet on the same block, up to a depth of 15 feet. The area between a buildings' street wall and the street line must be landscaped. Off-street parking, which is not allowed in front of a building, is required for 50% of a building's dwelling units, or waived if five or fewer spaces are required.
NEIGHBORHOOD DESCRIPTION Flatbush is bordered by Ocean Avenue to the west, Clarkson Avenue to the north, New York Avenue to the east, and Foster Avenue to the south. Property is walking distance to Beverly subway station, which service the B & Q lines. NEIGHBORHOOD MAP Erasmus Prospect Park Parade Grounds Victorian Homes
PROPERTY MAP For Commercial Financing Contact: Will Watkins Daniel Lerer Senior Director of Finance Director, Finance Licensed Real Estate Salesperson Licensed Real Estate Salesperson P. (212) 837-4546 P. (212) 837-4636 E. wwatkins@gficap.com E. dlerer@gficap.com