1713 8th Avenue - Agorafy
Creative Office Building For Sale
1713 8th Avenue Greenwood Heights, Brooklyn 11215 PROPERTY OVERVIEW Location East side of 8th Avenue between 17th Street and 18th Street Block/Lot 876 / 3 Lot Dimensions 50.08' x 100.17' (Approx.) Lot Size 5,008 (SF, Approx.) Building Dimensions 40' x 100' (Approx.) Building Size 12,800 (SF, Approx.) Units 47 Stories 4 Zoning R5B Residential FAR 1.35 Assessement $677,700 ('14/'15) Full Taxes $72,405 ('14/'15) ICIP Abatement ($67,109) (Year 14 of 25) Current Taxes $5,296
DESCRIPTION: The subject is a 12,800 SF, four story office building located on 8th Avenue between 17th Street and 18th Street. The building has 47 small units set up as creative artist and office space. There is a great opportunity to own this income producing building. There is such a high demand for studio working spaces in the area that the building currently has a waiting list for tenants. With all leases turning over in the next year, there is great upside potential in the rent roll. Small incremental increases in the monthly rent (even as small as $50/month per unit) will result in a significant increase in the annual rent.
The property is conveniently located in the rapidly changing Greenwood Heights / South Slope area of Brooklyn. The neighborhood is surrounded by great outdoor space including the Green-Wood Cemetery, Prospect Park, Sunset Park, and the waterfront district. There are lots of nearby restaurants, bars, and stores. The subject is 5 blocks from the 15th Street Prospect Park [F, G] train station and 2 blocks from the B61, B67, and B69 buses. By car, the subject is located near the BQE and Prospect Expressway, with direct access to 118-35 Queens Boulevard, 14th Floor Downtown Brooklyn and Manhattan.
Asking Price $5,000,000
Forest Hills, NY 11375 T: 718-275-3400 / F: 718-275-5478
For more information, please contact:
Aaron Warkov Director 718.307.6551 [email protected]
Richard Velotta Director 718.606.7065 [email protected]
Adam Ecker Senior Associate 718.606.7049 [email protected]
Daniel Arnel Associate 718.606.7077 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
Creative Office Building For Sale
1713 8th Avenue Greenwood Heights, Brooklyn 11215 Floor
Room # Lease Exp.
Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 4 Floor 4
1 2 3 4 5 6 7 8 9 10 11 12 14, 15 1, 2, 3 4 5-1A 5-1B 2 7-1, 7-2 5-3 5-4 6-1 6-2 7-1 9 1 2 2-2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2*
Monthly Rent
9/30/2015 9/30/2015 9/30/2015 8/31/2015 11/30/2015 8/31/2015 2/29/2016 9/30/2015 11/30/2015 4/30/2016 9/30/2015 8/31/2015 4/30/2016 12/31/2015 4/30/2016 6/30/2015 4/30/2016 2/29/2016 11/30/2015 2/29/2016 11/30/2015 3/31/2016 1/31/2016 2/29/2016 7/31/2015 9/30/2015 9/30/2015 9/30/2015 12/31/2015 2/29/2016 1/31/2016 12/31/2015 3/31/2016 11/30/2015 2/29/2016 2/29/2016 12/31/2015 11/30/2015 1/31/2016 1/31/2016 2/29/2016 MTM Owner Occupied
Annual Rent
$390 $420 $410 $375 $375 $650 $730 $520 $550 $550 $550 $720 $1,322 $1,400 $640 $650 $870 $895 $1,080 $600 $700 $650 $650 $650 $460 $575 $650 $500 $900 $600 $650 $1,100 $770 $440 $480 $480 $480 $500 $470 $510 $500 $660 $700
$4,680 $5,040 $4,920 $4,500 $4,500 $7,800 $8,760 $6,240 $6,600 $6,600 $6,600 $8,640 $15,864 $16,800 $7,680 $7,800 $10,440 $10,740 $12,960 $7,200 $8,400 $7,800 $7,800 $7,800 $5,520 $6,900 $7,800 $6,000 $10,800 $7,200 $7,800 $13,200 $9,240 $5,280 $5,760 $5,760 $5,760 $6,000 $5,640 $6,120 $6,000 $7,920 $8,400
$27,772
$333,264
Actual Revenue Gross Income Vacancy & Collection
$333,264 ($6,665)
2.00%
Effective Gross Income
$326,599
Expenses Real Estate Taxes ('14/'15) Water/Sewer Insurance Gas & Electric Repairs & Maintenance Management & Reserve
Per NYC Dept of Finance Actual Actual Actual Estimated at 3% of EGI Estimated at 4% of EGI
($5,296) ($840) ($8,435) ($20,259) ($9,798) ($13,064)
Total Expenses
($57,692)
Effective Gross Income Total Expenses
$326,599 ($57,692)
Net Operating Income
$268,907
118-35 Queens Boulevard, 14 Asking Price: $5,000,000 Forest Hills, NY 11375
*Projected, Delivered Vacant
th
Floor
T: 718-275-3400 / F: 718-275-5478 For more information, please contact:
Aaron Warkov Director 718.307.6551 [email protected]
Richard Velotta Director 718.606.7065 [email protected]
Adam Ecker Senior Associate 718.606.7049 [email protected]
Daniel Arnel Associate 718.606.7077 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
1713 8th Avenue Greenwood Heights, Brooklyn 11215 PROPERTY OVERVIEW Location East side of 8th Avenue between 17th Street and 18th Street Block/Lot 876 / 3 Lot Dimensions 50.08' x 100.17' (Approx.) Lot Size 5,008 (SF, Approx.) Building Dimensions 40' x 100' (Approx.) Building Size 12,800 (SF, Approx.) Units 47 Stories 4 Zoning R5B Residential FAR 1.35 Assessement $677,700 ('14/'15) Full Taxes $72,405 ('14/'15) ICIP Abatement ($67,109) (Year 14 of 25) Current Taxes $5,296
DESCRIPTION: The subject is a 12,800 SF, four story office building located on 8th Avenue between 17th Street and 18th Street. The building has 47 small units set up as creative artist and office space. There is a great opportunity to own this income producing building. There is such a high demand for studio working spaces in the area that the building currently has a waiting list for tenants. With all leases turning over in the next year, there is great upside potential in the rent roll. Small incremental increases in the monthly rent (even as small as $50/month per unit) will result in a significant increase in the annual rent.
The property is conveniently located in the rapidly changing Greenwood Heights / South Slope area of Brooklyn. The neighborhood is surrounded by great outdoor space including the Green-Wood Cemetery, Prospect Park, Sunset Park, and the waterfront district. There are lots of nearby restaurants, bars, and stores. The subject is 5 blocks from the 15th Street Prospect Park [F, G] train station and 2 blocks from the B61, B67, and B69 buses. By car, the subject is located near the BQE and Prospect Expressway, with direct access to 118-35 Queens Boulevard, 14th Floor Downtown Brooklyn and Manhattan.
Asking Price $5,000,000
Forest Hills, NY 11375 T: 718-275-3400 / F: 718-275-5478
For more information, please contact:
Aaron Warkov Director 718.307.6551 [email protected]
Richard Velotta Director 718.606.7065 [email protected]
Adam Ecker Senior Associate 718.606.7049 [email protected]
Daniel Arnel Associate 718.606.7077 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
Creative Office Building For Sale
1713 8th Avenue Greenwood Heights, Brooklyn 11215 Floor
Room # Lease Exp.
Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 1 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 2 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 3 Floor 4 Floor 4
1 2 3 4 5 6 7 8 9 10 11 12 14, 15 1, 2, 3 4 5-1A 5-1B 2 7-1, 7-2 5-3 5-4 6-1 6-2 7-1 9 1 2 2-2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2*
Monthly Rent
9/30/2015 9/30/2015 9/30/2015 8/31/2015 11/30/2015 8/31/2015 2/29/2016 9/30/2015 11/30/2015 4/30/2016 9/30/2015 8/31/2015 4/30/2016 12/31/2015 4/30/2016 6/30/2015 4/30/2016 2/29/2016 11/30/2015 2/29/2016 11/30/2015 3/31/2016 1/31/2016 2/29/2016 7/31/2015 9/30/2015 9/30/2015 9/30/2015 12/31/2015 2/29/2016 1/31/2016 12/31/2015 3/31/2016 11/30/2015 2/29/2016 2/29/2016 12/31/2015 11/30/2015 1/31/2016 1/31/2016 2/29/2016 MTM Owner Occupied
Annual Rent
$390 $420 $410 $375 $375 $650 $730 $520 $550 $550 $550 $720 $1,322 $1,400 $640 $650 $870 $895 $1,080 $600 $700 $650 $650 $650 $460 $575 $650 $500 $900 $600 $650 $1,100 $770 $440 $480 $480 $480 $500 $470 $510 $500 $660 $700
$4,680 $5,040 $4,920 $4,500 $4,500 $7,800 $8,760 $6,240 $6,600 $6,600 $6,600 $8,640 $15,864 $16,800 $7,680 $7,800 $10,440 $10,740 $12,960 $7,200 $8,400 $7,800 $7,800 $7,800 $5,520 $6,900 $7,800 $6,000 $10,800 $7,200 $7,800 $13,200 $9,240 $5,280 $5,760 $5,760 $5,760 $6,000 $5,640 $6,120 $6,000 $7,920 $8,400
$27,772
$333,264
Actual Revenue Gross Income Vacancy & Collection
$333,264 ($6,665)
2.00%
Effective Gross Income
$326,599
Expenses Real Estate Taxes ('14/'15) Water/Sewer Insurance Gas & Electric Repairs & Maintenance Management & Reserve
Per NYC Dept of Finance Actual Actual Actual Estimated at 3% of EGI Estimated at 4% of EGI
($5,296) ($840) ($8,435) ($20,259) ($9,798) ($13,064)
Total Expenses
($57,692)
Effective Gross Income Total Expenses
$326,599 ($57,692)
Net Operating Income
$268,907
118-35 Queens Boulevard, 14 Asking Price: $5,000,000 Forest Hills, NY 11375
*Projected, Delivered Vacant
th
Floor
T: 718-275-3400 / F: 718-275-5478 For more information, please contact:
Aaron Warkov Director 718.307.6551 [email protected]
Richard Velotta Director 718.606.7065 [email protected]
Adam Ecker Senior Associate 718.606.7049 [email protected]
Daniel Arnel Associate 718.606.7077 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
