GFI REALTY SERVICES EXCLUSIVE OFFERING Brooklyn, NY 6 APTS & A COMMERCIAL UNIT Asking Price: $5,300,000 Projected CAP Rate: 5.88% Projected GRM: 15.7 x RR 140 Broadway, 41 41 st st Floor New York, NY NY 10005 p: p: 212-668-1444 f: f: 212-668-1655 gfirealty.com YSH/32191
Property Description: GFI Realty is pleased to present the exclusive offering of, a fully gut renovated (4)-story mixed-use building located in the prime Williamsburg section of Brooklyn. This property is comprised of six apartments and a 1,400 square-foot ground floor commercial unit. The building was recently redeveloped and totals approximately 5,000 sf. The apartments are configured as five (2)-bedroom units and a (3)-bedroom unit. The front of the building features a unique full cork façade which compliments the surrounding new developments in this area of Williamsburg. The property is situated within steps from trendy restaurants, bars, cafes and shopping which includes the new Apple Store on Bedford. Layout Block/Lot Assessment Year Built Lot Size Built Retail Zoning FAR Mortgage 5/4; 1/5 = 25 Total Rooms 2736/38 $75,972 1928 (Alt. 1 Completed 2018) 25 x 100 5,000 sf 1,400 sf M1-2/R6B, MX-8 2.0 Delivered free and clear. Income: Apartments $ 246,600 Commercial (Projected @ $65/sf) $ 91,000 Effective Gross Income: $ 337,600 Estimated Expenses: Real Estate Taxes $ 9,581 Water/Sewer $ 6,000 Fuel Tenants Pay Electric $ 600 Insurance $ 5,500 Payroll $ 2,250 Repairs, Maintenance & Misc. $ 2,250 Total Expenses: $ 26,181 NOI: $ 311,419 Apartments: 6 Projected GRM: 15.7 x RR Rooms: 25 Projected CAP Rate: 5.88% Average Rent/Unit/Mo: $3,425 Average Rent/Room/Mo: $822 Asking Price: $5,300,000 All Cash
PROPERTY PHOTOS
Rent Roll: 47 Withers Brooklyn, NY Unit Rent Size Apt 1 $3,200.00 4 rooms Apt 2 $3,250.00 4 rooms Apt 3 $3,300.00 4 rooms Apt 4 $3,350.00 4 rooms Apt 5 $3,350.00 4 rooms Apt 6 $4,100.00 5 rooms Commercial (Projected @ $65/sf) $7,583.33 1,400 sf TRANSIT MAP Total Monthly Income $28,133.33 Total Annual Income $337,599.96 The property is within walking distance to the G & L trains.
ZONING OVERVIEW The M1 district is often a buffer between M2 or M3 districts and adjacent residential or commercial districts. Light industries typically found in M1 areas include woodworking shops, auto storage and repair shops, and wholesale service and storage facilities. In theory, nearly all industrial uses can locate in M1 areas if they meet the more stringent M1 performance standards. Offices, hotels and most retail uses are also permitted. Certain community facilities, such as hospitals, are allowed in M1 districts only by special permit, but houses of worship are allowed as-of-right. In M1-5A and M1-5B districts mapped in SoHo/NoHo, artists may occupy joint living-work quarters as an industrial use in loft buildings. Other than M1 districts paired with residence districts in Special Mixed Use Districts M1-D, M1-5M and M1-6M districts are the only manufacturing districts in which residences are permitted. In M1-D districts, limited new residential uses with a maximum FAR of 1.65 are permitted only by City Planning Commission authorization. In M1-5M and M1-6, space in an industrial building may be converted to dwelling units, provided a specified amount of floor area is preserved for particular industrial and commercial uses. Conversion to dwellings is also allowed, with restrictions, in the Special Tribeca Mixed use District. Floor area ratios in M1 districts range from 1.0 to 10.0 and building height and setbacks are controlled by sky exposure planes which may be penetrated by towers in certain districts. Although new industrial buildings are usually low-rise structures that fit within sky exposure planes, commercial and community facility buildings can be constructed as towers in M1-3 through M1-6 districts. In the highest density manufacturing district, M1-6, an FAR of 12 can be achieved with a bonus for a public plaza. Except along district boundaries, no side yards are required. Rear yards at least 20 feet deep are usually required, except within 100 feet of a corner. Parking and loading requirements vary with district and use. M1-1, M1-2, and M1-3 districts are subject to parking requirements based on the type of use and size of an establishment (Section 44-21 of the Zoning Resolution). For example, a warehouse in the M1-1 district requires one off-street parking space per 2,000 square feet of floor area or per every three employees, whichever would be less. Parking is not requires in Long Island City or M1-4, M1-5 and M1-6 districts. Requirements for loading berths of specified dimensions differ according to district, size and type of use.
NEIGHBORHOOD DESCRIPTION Williamsburg is bordered by the Brooklyn- Queens Expressway to the east, Kent to the south, the East River to the west, and North 14th Street and McCarren Park to the north. Walking distance to Bedford and Nassau subway stations, which service the G, & L lines. Williamsburg is serviced by the B24, B32, B39, B43, B44, B46, B48, B60, B62, B67, Q54, and Q59 bus routes. The neighborhood is being redefined by a growing population and the rapid development of housing and retail space. Waterfront NEIGHBORHOOD MAP McCarren Park Bedford
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