Prime Retail Property For Sale 1492 Rockaway Parkway, Brooklyn, NY 11236 Prepared by: Richard DiPietro Licensed R.E. Salesperson Office: 347-809-5192 Mobile: 347-693-2995 Email: richard.dipietro@coldwellbanker.com Phone: (718)921-3100 Web: www.cbrcd.com 7428 Fifth Avenue, Brooklyn, NY 11209 Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated.
Table of Contents Executive Summary 3 Property Details 4 Financials 5 Retail Map 6 Maps 7 Traffic Count Report 8 Demographic Income Report 9 11 Business Summary_ Report 12 Site Map 13 Contact Information 14 Confidentiality Statement 15
Executive Summary The Offering: is pleased to offer 1492 Rockaway Parkway for sale. A single unit NNN leased property located in the Marine Park section of Brooklyn, NY. Executive Summary Investment Highlights: Actual Financials: 4% Cap Rate / $198,000 Net Income 3,172 SF on a 37ft x 115ft lot 8,230 additional buildable SF / 11,402 Total Buildable SF Location Highlights: The Property 1492 Rockaway Parkway, Brooklyn, NY 11236 High traffic retail corridor, on Rockaway Pkwy intersecting Flatlands Avenue. Average daily traffic count approximately 20,000. Surrounded by national tenants including McDonalds, Game Stop, Metro PCS, Payless, Walgreens, Rite Aid, Capital One and several others. Nearby public transportation includes the L train, B42, B103, BM2 and B17 buses. Walking distance to Canarsie Park, PS 115, Brooklyn Public Library and more Easy access to the Belt Pkwy, Van Wyck Expy and the Grand Central Pkwy. Property Specifications Property Type: Retail Building Size: Lot Size: Year Built : 1980 Number of Stories: 1 Zoning: C1-3 / R5D Commercial Units 1 Additional Buildable SF 8,230 For Sale Price 3,172 SF / 36.25ft x 87.5ft 5,701 SF / 37.2ft x 115ft Sale Price: $4,900,000 Per SF Price / Incl. Buildable: $1,545 / $438
Property Overview Property Address Property Details 1492 Rockaway Parkway, Brooklyn NY 11236 is pleased to offer 1492 Rockaway Parkway for sale. A single unit NNN leased property located in the Marine Park section of Brooklyn, NY. Investment Highlights: Actual Financials: 4% Cap Rate / $198,000 Net Income 3,172 SF on a 37ft x 115ft lot 8,230 additional buildable SF / 11,402 Total Buildable SF Location Highlights: High traffic retail corridor. Average daily traffic count approximately 20,000. Surrounded by national tenants including McDonalds, Game Stop, Metro PCS, Payless, Walgreens, Rite Aid, Capital One and several others. Nearby public transportation includes the L train, B42, B103, BM2 and B17 buses. Walking distance to Canarsie Park, PS 115, Brooklyn Public Library and more Easy access to the Belt Pkwy, Van Wyck Expy and the Grand Central Pkwy. For Sale Price $4,900,000 Property Specifications Property Type: Retail Building Size: 3,172 SF / 36ft x 87ft Buildings on Lot 1 Stories 1 Zoning C1-3 / R5D Lot Size 5,701 SF / 37ft x 115ft Property Features Commercial Units 1 Location Information Cross Street: Flatlands Avenue Metro Market: Brooklyn Submarket: Marine Park County: Kings
Financials 1492 Rockaway Pkwy, Brooklyn, NY 11236 Financial Projections For the 10 Years Ending 2026 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Projected Income: Gross Revenue $198,000 $203,940 $210,058 $216,360 $222,851 $229,536 $236,422 $243,515 $250,820 $258,345 Recoveries (NNN Lease) $71,086 $72,508 $73,958 $75,437 $76,946 $78,485 $80,054 $81,655 $83,289 $84,954 Projected Expenses: Building Insurance 3,960 4,039 4,120 4,202 4,286 4,372 4,460 4,549 4,640 4,733 Real estate taxes 43,366 44,233 45,118 46,020 46,941 47,880 48,837 49,814 50,810 51,826 Water / Sewer 7,920 8,078 8,240 8,405 8,573 8,744 8,919 9,098 9,280 9,465 Maintenance 3,960 4,039 4,120 4,202 4,286 4,372 4,460 4,549 4,640 4,733 Heating 11,880 12,118 12,360 12,607 12,859 13,116 13,379 13,646 13,919 14,198 Total expense 71,086 72,508 73,958 75,437 76,946 78,485 80,054 81,655 83,289 84,954 Projected Net Income $198,000 $203,940 $210,058 $216,360 $222,851 $229,536 $236,422 $243,515 $250,820 $258,345 Investment Overview Asking Price $4,900,000 Price Per SF $1,545 Net Income Multiple 25 Capitalization Rate 4.0% Projections Building SF 3,172 Commercial Rent ($62 Per SF Per Year) $ 198,000 Additional Buildable SF (8,230 @ $180 PSF) $ 1,481,400 Assumptions to Financial Pro Forma The Financial Pro Forma depicts a ten (10) year cash flow projection. The projection is based upon actual rental rates with assumptions regarding the future occupancy of the building as well as current and future market conditions. The following assumptions were used in developing the Financial Pro Forma for the Property: 2% annual expense increases 3% annual revenue increases
Retail Map
Maps
Market Overview
Market Overview
Market Overview
Market Overview
Market Overview
Market Overview
Contact Information Contact Info For more information, please contact: Richard DiPietro, Licensed R.E. Salesperson 7428 5th Ave. Brooklyn, NY, 11209 Phone: 347-809-5192 Fax: 1-347-809-5192 Mobile: 347-693-2995 Email: richard.dipietro@coldwellbanker.com Coldwell Banker Reliable Commercial Division 7428 5th Ave Brooklyn, NY, 11209 Phone: 718-921-3100 Fax: 718-921-3110 Website: cbreliable.com
Confidentiality Statement Confidentiality Statement This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an indepth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property AS IS CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.