Sunset Park 7 Unit Multifamily Property For Sale 466 54th Street Brooklyn, NY 11220 Prepared by: Richard DiPietro Licensed R.E. Salesperson Office: 347-809-5192 Mobile: 347-693-2995 Email: richard.dipietro@coldwellbanker.com Eduardo Artica Licensed R.E. Salesperson Office: 718-921-3100 Mobile: 347-464-0744 Email: eduardo.artica@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 Maps & Aerials 6 Traffic Count Report 7 Demographic Market Comparison Report 8 9 Demographic Summary Report 10 Daytime Employment Report 11 Consumer Spending Report 12 13 Contact Information 14 Confidentiality Statement 15
Executive Summary The Offering: Coldwell Banker Reliable Commercial Division is pleased to offer 466 54th Street for sale. A seven unit multifamily property located in the Sunset Park neighborhood of Brooklyn. Executive Summary Investment Highlights: Projections / $94,500 Gross Income / $73,673 Net Income / 5.5% Cap Rate 2,700 SF 3 story building on a 19.75ft x 100f.17t lot 7 apartments / 5 two bedrooms / 2 Studios Apartment 2F to be delivered vacant Location Highlights: Between 4th & 5th avenues, major retail corridors. Walking distance to the N & R train, B9 & B63 Buses. Easy access to I-278, Prospect Expressway and the belt parkway The Property 466 54th Street, Brooklyn, NY 11220 Property Specifications Property Type: Multifamily Class: Over Six Families without Stores (C1) Building Size: 2,700 SF / 19.75ft x 45ft Lot Size: 1,978 SF / 19.75ft x 100.17ft Near Sunset Park, the park features stunning views, a state-of-the-art swimming pool, green fields, pedestrian walkways, a sand volleyball court and a recreation center. Average residential rents approximately $35 Per SF Per Year (source: CoStar). Year Built : 1978 Stories: 3 Zoning: R6B Residential Units 7 For Sale Price Sale Price: $1,350,000 Per SF Price: $500
Property Overview Property Address 466 54th Street, Brooklyn, NY 11220 Property Details Investment Highlights: Projections / $94,500 Gross Income / $73,673 Net Income / 5.5% Cap Rate 2,700 SF 3 story building on a 19.75ft x 100f.17t lot Coldwell Banker Reliable Commercial Division is pleased to offer 466 54th Street for sale. A seven unit multifamily property located in the Sunset Park neighborhood of Brooklyn. 7 apartments / 5 two bedrooms / 2 Studios Apartment 2F to be delivered vacant Location Highlights: Between 4th & 5th avenues, major retail corridors. Walking distance to the N & R train, B9 & B63 Buses. Easy access to I- 278, Prospect Expressway and the belt parkway. Near Sunset Park, the park features stunning views. Average residential rents approximately $35 Per SF Per Year (source: CoStar). For Sale Price $1,350,000 / $500 PSF Property Specifications Property Type: Multifamily Building Class: Over Six Families without Stores (C1) Building Size: 2,700 Stories 3 Zoning R6B Units 7 Location Information Cross Street: 4th & 5th Avenue Metro Market: Brooklyn Submarket: Sunset Park County: Kings Tenancy Information Tenancy: 7 Units / Fully Occupied Annual Rent Roll: $75,000
Financials Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Projected Income: Gross Revenue $94,500 $97,335 $100,255 $103,263 $106,361 $109,551 $112,838 $116,223 $119,710 $123,301 Projected Expenses: Building Insurance 1,890 1,928 1,966 2,006 2,046 2,087 2,128 2,171 2,214 2,259 Real estate taxes 12,133 12,376 12,623 12,876 13,133 13,396 13,664 13,937 14,216 14,500 Water / Sewer 2,835 2,892 2,950 3,009 3,069 3,130 3,193 3,257 3,322 3,388 Heating 3,969 4,048 4,129 4,212 4,296 4,382 4,470 4,559 4,650 4,743 Total expense 20,827 21,244 21,668 22,102 22,544 22,995 23,455 23,924 24,402 24,890 Projected Net Income $73,673 $76,091 $78,587 $81,161 $83,817 $86,557 $89,383 $92,299 $95,308 $98,411 Unit Assumptions to Financial Pro Forma The Financial Pro Forma depicts a ten (10) year cash flow projection. The projection is based upon market 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 expense increases 466 54 St, Brooklyn, NY 11220 Projected Revenues and Expenses For the 10 Years Ending 2027 Actual Rents Monthly Rent Annual Rent 1F $ 800 $ 9,600 1R $ 900 $ 10,800 2F (Super) $ 300 $ 3,600 2R $ 800 $ 9,600 3F $ 750 $ 9,000 3R $ 800 $ 9,600 4R $ 1,100 $ 13,200 Attic $ 800 $ 9,600 Totals $ 6,250 $ 75,000 Investment Overview Asking Price $1,350,000 Year 1 Capitalization Rate 5.5% Price Per SF $500 Net Income Multiple 18 10-Year Average Net Income $85,529 Projections Residential (2,700 SF @ $35 Per SF Per Year ) $94,500 Monthly Rent Per Unit $1,125 Building SF 2,700
Property Overview
Market Overview Traffic Count Report
Market Overview Demographic Market Comparison Report
Market Overview Demographic Market Comparison Report (Continued)
Market Overview Demographic Summary Report
Market Overview Daytime Employment Report
Market Overview Consumer Spending Report
Market Overview Consumer Spending Report (Continued)
Contact Information Contact Info For more information, please contact: Richard DiPietro, Licensed R.E. Salesperson 7428 5th Ave. Brooklyn, NY, 11209 Phone: 718-921-3100 x107 Fax: 718-921-3110 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: cbrcd.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.