1-9 LINOLN PLAE POSPET HEIHTS
1-9 Lincoln Pl. Brooklyn, NY POSPET HEIHTS 8-Unit esidential Package Steps from Prospect Park FO SALE The Opportunity ushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 1-9 Lincoln Place, a -building multifamily portfolio consisting of 8 residential units across, gross square feet in Prospect Heights. Located only one block north of Prospect Park and just steps away from local landmarks such as The Brooklyn Museum and The Brooklyn Public Library, this property presents an opportunity to secure a sizable foothold with 190 of frontage in one of the most desirable residential locations in Brooklyn. The subject properties are located on the north side of Lincoln Place between Washington and Underhill Avenues, and include four () adjacent -story walk-up apartment buildings. 1 Lincoln Place is an 18-unit walk-up building and 19-9 Lincoln Place consist of separate 10-unit walk-up buildings. 19-9 Lincoln Place advantageously possess a b tax class status, which limits the annual real estate tax assessment increase to a maximum of 8% per annum and 0% over a five year period. In addition to performing high end renovations all the common areas and half of the unit count, current ownership added a fifth floor to each building. In total, the th floor addition consists of two () three-bedroom units and six (6) two-bedroom units, all with expansive private patios. Of the 8 total units, thirteen (1) are two-bedroom, eleven (11) are three-bedroom, and twenty-four () are four-bedroom apartments. urrently, the portfolio generates a net operating income of approx. $1,10,000. Plus, with half of the units still subject to rent-stabilization and renting for 77% below market at approx. $1.0/SF, an investor has the ability to capture substantial unrealized value. 1-9 Lincoln Place is conveniently positioned one block from Prospect Park, with immediate accessibility to the and express subways at the Brooklyn Museum subway station. The area boasts some of the best dining, shopping, farmer s markets, and other amenities that continually draw affluent families and businesses to the neighborhood. These features have established a robust retail environment and have created an insatiable residential demand in a supply constrained neighborhood, providing an unprecedented investment opportunity in a neighborhood where unlocked value and scale are increasingly hard to find. DOWNTOWN BOOKLYN BALAYS AND AMY PLAZA Flatbush Avenue Vanderbilt Avenue 1-9 LINOLN PLAE Atlantic Avenue Washington Avenue POSPET PAK Eastern Parkway ushman & Wakefield opyright 01. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FO SALE A F Investment Highlights Large Fscale property possessing 8-units and 170 of frontage, provides management efficiencies and the opportunity to secure scale in a supply Potential to increase revenue through the non-renovated units, which represent 0% of the portfolio, that are being rented at 77% below market or at $1.0/SF A 1-9 Lincoln Pl. Brooklyn, NY POSPET HEIHTS 8-Unit esidential Package Steps from Prospect Park B Transportation Map D N B F of the buildings possess the favorable B tax class status, which caps the annual real estate tax assessment increase to a maximum of 8% per annum and 0% over a five year period Surrounded by the area s main retail corri- dors Washington, Vanderbilt, and Flatbush Avenues and most popular shopping and dining options B reat location within walking distance to major Brooklyn attractions, such as Prospect Park, Brooklyn Museum & Public Library, Brooklyn ultural District, and the Barclays enter 1-9 Lincoln Pl. Direct access to the & express subway lines and a short distance from Atlantic Terminal, providing F connectivity throughout Brooklyn, Manhattan, and the rest of the tristate area Tax Map SAINT JOHNS PLAE WASHINTON AVE UNDEHILL AVE BLOK 1176 100 7 F 71 70 68 90 0 0 0 0 LINOLN PLAE ushman & Wakefield opyright 01. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
1-9 Lincoln Pl. Brooklyn, NY POSPET HEIHTS 8-Unit esidential Package Steps from Prospect Park FO SALE Property Information Address: Location: 1, 19,, & 9 Lincoln Place, Brooklyn, NY 118 Located on the north side of Lincoln Place between Underhill and Washington Avenues in Prospect Heights, Brooklyn, NY Block / Lots: 1176 / 68, 70, 71, 7 Lot Dimensions (7): 0 x 100 (approx.) Lot Dimensions (71, 70, & 68): 0 x 90 (approx.) ombined Total Lot Size: 1,800 sq. ft. (approx.) ombined Total SF*:, sq. ft. (approx.) Total esidential Units: 8 Zoning: 7A FA:.00 Total Buildable Sq. Ft.: 6,00 sq. ft. (approx.) Minus Existing ZFA:, sq. ft. (approx.) Available Air ights: 10,67 sq. ft. (approx.) Total Proposed Assessment (16/17): $7,1 Total Taxes: (16/17) [1] : $70,8 [1] onsiders (16/17) Proposed Assessed Value and (1/16) Tax ate of 1.89% Building Information 1 LINOLN PLAE Building Dimensions: 0 x 8. (approx.) ross Square Footage: 17,1 sq. ft. (approx.) esidential Units: 18 LINOLN PLAE Building Dimensions: 0 x 6.6 (approx.) ross Square Footage: 11,7 sq. ft. (approx.) esidential Units: 10 19 LINOLN PLAE Building Dimensions: 0 x 6. (approx.) ross Square Footage: 11,7 sq. ft. (approx.) esidential Units: 10 9 LINOLN PLAE Building Dimensions: 0 x 6.6 (approx.) ross Square Footage: 11,7 sq. ft. (approx.) esidential Units: 10 Financial Snapshot BUILDIN UNITS OSS SF NET SF AV. UNIT SF AVEAE ENT / SF AVEAE MONTHLY ENT TOTAL MONTHLY ENT 1 Lincoln Place 18 17,1 1,86 881 $1 $,017 $,10 19 Lincoln Place 10 11,7 10,0 1,00 $0 $,160 $1,96 Lincoln Place 10 11,7 10,07 1,006 $0 $,088 $0,876 9 Lincoln Place 10 11,7 10,0 1,00 $8 $,81 $8,119 TOTAL MONTHLY: 8, 6,07 $ $,19 $1,901 TOTAL ANNUAL: $1,98,809 FO MOE INFOMATION, PLEASE ONTAT EXLUSIVE AENTS: STEPHEN P. PALMESE Vice hairman (718) 07 6 stephen.palmese@cushwake.com MIHAEL MAZZAA Director (718) 606 70 michael.mazzara@cushwake.comm THOMAS FEELAND Associate Director (718) 606 701 thomas.freeland@cushwake.com JAMES BELUTI Associate (718) 606 70 james.berluti@cushwake.com ushman & Wakefield 1 Pierrepont Plaza, Fl. 9, STE Brooklyn, New York 1101 phone: +1 718 8 8999 nyinvestmentsales.com ushman & Wakefield opyright 01. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
1-9 Lincoln Pl. Brooklyn, NY POSPET HEIHTS 8-Unit esidential Package Steps from Prospect Park FO SALE FO MOE INFOMATION, PLEASE ONTAT EXLUSIVE AENTS: STEPHEN P. PALMESE Vice hairman (718) 07 6 stephen.palmese@cushwake.com MIHAEL MAZZAA Director (718) 606 70 michael.mazzara@cushwake.comm THOMAS FEELAND Associate Director (718) 606 701 thomas.freeland@cushwake.com JAMES BELUTI Associate (718) 606 70 james.berluti@cushwake.com ushman & Wakefield 1 Pierrepont Plaza, Floor, STE 9 Brooklyn, New York 1101 phone: +1 718 8 8999 nyinvestmentsales.com ushman & Wakefield opyright 01. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.