2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison Residential Building Asking Price: $23,500,000 Asking Price: $12,750,000 Exclusive Listing By Shay Zach Senior Associate Broker shay@epic-cr.com (646) 278-4621 1
Property Description 2151-2155 Ocean Avenue Brooklyn, NY 11229 New construction. Two contiguous buildings consisting of 24 apartments, 2 medical offices, parking spaces and laundry unit. 2155 Ocean Ave is a condo building. Property has 421A tax abatements for each lot that expires in June 2027 and June 2024 separately. There is a $5.9 million loan with Investors Bank at 3.5% with maturity in July 2023 and a 5-year option. The property is located four blocks from the Kings Highway [B, Q] train station. Lot Dimensions 60 X 110 Lot SF 6,600 SF Built Dimensions 60 X 74 Built SF 31,080 SF (Estimated) Zoning R7A/R3-2 FAR 4 (4.7 As Built) Block/Lot 6783/55, 54 (1101-1119) Assessment $1,299,678 Taxes (17/18) $28,024 Taxes Before 421A $164,733 Asking Price $12,750,000 Property Company Description Overview 2
INCOME Gross Residential Income (Actual) $570,164 Gross Residential Income (Projected) Gross Commercial Income (Actual) $56,904 Parking $19,200 Laundry $3,708 Effective Gross Income $649,976 EXPENSES Property Taxes (17/18) $28,024 Water and Sewer $29,639 Insurance $12,648 Utilities $15,854 Internet $850 Telephone $2,437 Elevator $8,014 Fire Alarm $1,742 Total Expenses $98,355 Net Operating Income $551,621 Cap 4.3% Company Financials Overview 3
2151 OCEAN AVE RENT ROLL Unit Room Status Lease End Legal Rent Act. Rent/Mo Rent/Yr 2B 4 RS 8/31/2017 $2,042 $2,000 $24,000 3B 4 RS 9/30/2019 $1,731 $1,731 $20,771 4B 4 RS 8/31/2017 $1,681 $1,681 $20,168 5B 4 RS 8/31/2017 $2,000 $2,000 $24,000 6B 4 RS 7/31/2018 $1,966 $1,800 $21,600 7B* 6 RS 8/31/2017 $3,163 $2,875 $34,500 2F 4 RS 9/30/2017 $2,095 $1,850 $22,200 3F 4 RS 6/30/2018 $2,086 $2,000 $24,000 4F 4 RS 10/31/2017 $1,766 $1,766 $21,187 5F 4 RS 8/31/2019 $2,124 $1,887 $22,644 6F 4 RS 5/31/2018 $2,086 $1,850 $22,200 7F* 6 RS 7/31/2017 $2,904 $2,875 $34,500 Parking - - - - $400 $4,800 Total 52 $24,714 $296,570 *The penthouses were converted to 4-bedroom units. Company Rent Roll Overview 4
2155 OCEAN AVE RENT ROLL Unit Room Status Lease End Legal Rent Act. Rent/Mo Rent/Yr B1 4 RS 10/31/2017 $1,715 $1,715 $20,580 B2 4 RS 3/31/2018 $1,769 $1,769 $21,233 C1 4 RS 10/31/2017 $1,750 $1,750 $21,000 C2 4 RS 8/31/2017 $1,651 $1,651 $19,816 D1 4 RS 9/30/2017 $1,836 $1,836 $22,032 D2 4 RS 6/30/2018 $1,870 $1,800 $21,600 E1 4 RS 9/30/2019 $1,717 $1,717 $20,600 E2 4 RS 11/9/2017 $1,667 $1,667 $19,998 F1 4 RS 7/31/2017 $1,768 $1,768 $21,210 F2 4 RS 6/30/2018 $1,727 $1,727 $20,725 G1* 6 RS 8/31/2017 $3,426 $2,950 $35,400 G2* 6 RS 5/31/2018 $3,163 $2,850 $34,200 Med. A - Office 4/30/2021 - $3,000 $36,000 Med. B - Office 3/31/2021 - $1,742 $20,904 Parking - - - - $1,200 $14,400 Laundry - - - - $309 $3,708 Total 52 $29,450 $353,406 *The penthouses were converted to 4-bedroom units. Company Rent Roll Overview 5
Madison is a small neighborhood with a suburban feel, bounded by commercial thoroughfares. With large, grassy yards featuring dense trees, sculpted hedges and even topiary, its terrace homes, coupled with their Spanish-tile roofs and stucco exteriors, are truly grand-style residential properties. The neighborhood also includes plenty of less expensive detached single-family homes, most with large floor plates and spacious units. Multi-family properties are mostly scattered along Ocean Avenue and Nostrand Avenue. Stores, church, school and restaurants are within walking distances in the area. The nearest subway station is the [B, Q] trains. Marine Park is just steps away. Neighborhood Company Highlights Overview 6
EPIC Commercial Realty prides itself on providing quality and excellence to all our clients, specializing in investment sales in the bustling New York metropolitan area. We provide the highest level of professionalism, comprehensive and innovative real estate solutions to investors, property owners, and corporations to ensure optimum, fast, and smooth transactions. Based in Soho, NY our clients include storefront owners, retail chains, institutional landlords and real estate developers. EPIC is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide. The measure of our successes is determined by the quality of business relationships we forge. A multi-tier approach allows every aspect of our service to manage transactions for each client with specialized attention to maintaining our focus on timing and the market place. Collectively, EPIC professionals bring nearly 70 years of commercial real estate experience to your portfolio. Not surprisingly, such teamwork produces results beyond expectations as we consistently deliver full consultation services based on detailed research and evaluation. Our talented and accomplished professionals perform well beyond the industry standard for commercial real estate firms, producing with distinction and providing expert brokerage services. EPIC continues to expand and share it s expertise of commercial real estate investments with valued customers throughout the Greater New York Metropolitan Area. Company Overview Overview Shay Zach Senior Associate Broker 7
Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY 10012 Tel: (212) 226-9000 Shay Zach Senior Associate Broker (646) 278-4621 shay@epic-cr.com 8