Exclusive Sale Offering Memorandum 179 Meserole Avenue Greenpoint Brooklyn Christopher Cavorti 914.804.7091 ccavorti@corcoran.com Evan F. Church 917.684.0663 echurch@corcoran.com Marvin Chu 718.685.9430 mchu@corcoran.com
Purchase Price: $3,499,000 Executive Summary: The Forray Team at The Corcoran Group is proud to exclusively represent 179 Meserole Avenue, located in the bustling neighborhood of Greenpoint, Brooklyn. This mixed-use multifamily building with x5 residential units & commercial store is the ideal property for both investors and end-users alike. Extremely well maintained and in excellent condition, this full-size masonry building is x3 stories high and offers a full height basement. Sitting on a 20' x 98.5' lot (1970 SF), the total building size is approximately 5,400 SF above grade. The ground floor has soaring 12 ceilings and consists of one (1) residential 3 bed 1 bath with its own entrance and one (1) commercial space. The 2nd Floor boasts ~9 8 ceiling height, wood flooring throughout and original crown moldings. The 3rd floor features 10 6 ceiling height, running wood floors and original decorative moldings. There are x2 units on both floors: a 2 bed 1 bath and a 3 bed 1 bath with potential for a private roof terrace. The roof is directly accessible through a bulkhead in the stairwell. The triple exposure allows for abundant natural sunlight in every unit. Situated in the Northernmost region in Brooklyn, Greenpoint is nestled between Williamsburg and Long Island City. Greenpoint is the premier destination in Brooklyn, offering a diverse selection of restaurants, coffee shops and trendy retail stores - all within the vicinity. The building is also a short distance away from public transportation: G subway line on Nassau Ave and the revamped NYC Ferry on India Street Ferry Landing. Please note: Current zoning is R6B. x4 out of the 5 residential units are rented with month to month; the ground floor unit is vacant. All residential units have the potential to be delivered vacant upon closing. Store has an existing lease; please inquire for additional details.
Property Information: General Information Address & Neighborhood: 179 Meserole Avenue AKA 178 Newel St Block & Lot: 2601-35 Neighborhood: Greenpoint Valuation & Property Taxes: Tax class: 2B Property Taxes: $ 13,145 Lot: Lot sq. ft.: 1,970 Lot dimensions: 20 ft x 98.5 ft Corner lot: Yes Buildings on lot: 1 Floor Area Ratio (FAR): Max far: 2.0 FAR as built: 2.74 Max FAR depends on several factors including zoning, location and use. A Zoning Analysis by a licensed professional should be performed to verify the max far for the property is accurate. Building: Building class: Primarily 5-6 Family Landmark: None Approximate Gross Sq. ft.: +/- 7,150 Building dimensions: 20 ft x 80 ft Extension +/- 20ftx 18.5ft Stories: 3 Year built: 1930 Certificate of Occupancy: No Use: Residential units: 5 Commercial units: 1 Approximate Residential sq. ft.: +/- 4800 Approximate Retail sq. ft.: +/- 600 Zoning: District code: R6B
Existing Income & Expenses Unit Use Lease End Date Approx. Net SF Notes Current Monthly Rent Current Annual Rent Commercial 1 Slick Willy s Bar - 3% Increases 12-31-21+Option 500 Approx. Gross SF $ 2,202.62 $ 26,431.44 $ 52.86 Apt 1 3 Bed FM - Vacant 1300 10% SF loss Factor $ - $ - $ - Apt 2L 3 Bed w outdoor FM MTM 1000 10% SF loss Factor $ 2,400.00 $ 28,800.00 $ 28.80 Apt 2R 2 Bed FM MTM 700 10% SF loss Factor $ 1,500.00 $ 18,000.00 $ 25.71 Apt 3L 3 Bed FM MTM 1000 10% SF loss Factor $ 2,500.00 $ 30,000.00 $ 30.00 Apt 3R 2 Bed FM MTM 700 10% SF loss Factor $ 1,700.00 $ 20,400 $ 29.14 Total Revenue $10,000.00 $103,231.44 PPSF Approximate Expenses Yearly Property Taxes - $13,145.00 Property Insurance $5,500.00 Common Electric - Con Ed $2,000.00 Heat - Gas $3,000.00 Water $4,000.00 Total Expenses $ 27,645.00 ***FM Free Market ***MTM Month to Month Current Net Operating Income (NOI) $ 95,986.44 Future Projected Income & Expenses Unit Use Lease End Date Approx. Net SF Notes Current Monthly Rent Current Annual Rent PPSF Commercial 1 Slick Willys Bar - 4% Increases 12-31-21 500 Approx. Gross SF $ 2,000.00 $ 24,000.00 $ 48.00 Apt 1 3 bed 2 bath FM 1300 10% SF loss Factor $ 4,800.00 $ 54,000.00 $ 44.31 Apt 2L 3 Bed w outdoor FM 1000 10% SF loss Factor $ 3,750.00 $ 45,000.00 $ 45.00 Apt 2R 2 Bed FM 700 10% SF loss Factor $ 2,700.00 $ 32,400.00 $ 46.29 Apt 3L 3 Bed w roof FM 1000 10% SF loss Factor $ 4,000.00 $ 48,000.00 $ 48.00 Apt 3R 2 Bed w roof FM 700 10% SF loss Factor $ 3,000.00 $ 36,000.00 $ 51.43 Total Revenue $19,950.00 $239,400.00 Approximate Expenses Property Taxes - $13,145.00 Property Insurance $7,000.00 Common Electric - Con Ed $2,000.00 Heat - Gas Water $4,000.00 Total Expenses $ 26,145.00 Projected Net Operating Income (NOI) $ 216,855.00 Projected Cap Rate @ $3,499,000 Purchase Price 6.20% Yearly
Floorplans & Residential Photos: Existing Building Floorplan Existing Residential Photos
Pics & Floorplans Continued Area Map
Exclusively Marketing Through The Forray Team Christopher Cavorti 914.804.7091 ccavorti@corcoran.com Evan F. Church 917.684.0663 echurch@corcoran.com Marvin Chu 718.685.9430 mchu@corcoran.com Real Estate With Results