238 Stockholm Street Prime Bushwick, Brooklyn, NY RENOVATED MULTIFAMILY BUILDING 8 Residential Units – Near L/M Trains FOR SALE
Building Features Location
Southeast side of Stockholm St. between Irving and Knickerbocker Aves.
Block & Lot
3258 / 19
Lot Size
25' x 100'
(Approx.)
Lot SF
2,500
(Approx.)
Zoning
R6
FAR
2.2
Building Size
25' x 70'
(Approx.)
Building SF
7,000
(Approx.)
Stories
4
Units
8
Cellar Duplex SF
500
Assessment ('16/'17)
$65,158
R.E. Taxes ('16/'17)
$8,394
Current Revenue Gross Income
$248,693
Estimated Expenses
$40,982
Net Operating Income
$207,711
238 Stockholm Street
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Property Description •
• • • •
Located on Stockholm Street between Irving and Knickerbocker, with direct access to the Wyckoff LL Train, Myrtle M Train and Maria Hernandez Park, in addition to the best retail in Bushwick. High-end, industrial chic renovations, complimented by meticulously maintained common areas, amenities, and mechanicals. The building consists of 8 large units, 2 of which are rent stabilized, represented future upside, in addition to strong in-place return. Air shafts allow for true 3 bedroom layouts, creating a unique appeal for tenants, in comparison to other railroad units on the market. Strong rental history and collection report, important for getting the best debt available.
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Click Here for Plans ASKING PRICE
$4,200,000 ($560 per SF) For Information on possible financing, Please Contact:
For More Information, Please Contact: DJ Johnston, Director (718) 307-6515
[email protected] William Cheng, Director (718) 606-7037
[email protected] Bryan Kirk, Associate (718) 307-6516
[email protected] Joshua Sabzevari, Associate (718) 307-6521
[email protected] Jeremy Korer, Director (718) 307-6541
[email protected] CUSHMAN & WAKEFIELD • One Pierrepont Plaza, • 9th Floor • Brooklyn, NY 11201 nyinvestmentsales.com Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
For Information on possible financing, Please Contact:
For More Information, Please Contact: DJ Johnston, Director (718) 307-6515
[email protected] William Cheng, Director (718) 606-7037
[email protected] Bryan Kirk, Associate (718) 307-6516
[email protected] Joshua Sabzevari, Associate (718) 307-6521
[email protected] Jeremy Korer, Director (718) 307-6541
[email protected] CUSHMAN & WAKEFIELD • One Pierrepont Plaza, • 9th Floor • Brooklyn, NY 11201 nyinvestmentsales.com Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
238 Stockholm Street North Bushwick, Brooklyn, NY Revenue Unit Type 1L 3 BR 1R 4 BR Duplex 2L 3 BR 2R 3 BR 3L 3 BR 3R 3 BR 4L 3 BR 4R 3 BR Total / Average Vacancy & Credit Loss @ 3% Effective Gross Income
Projected Expenses
Status RS FM FM FM FM RS FM FM
Lease Exp. 2/5/17 8/31/17 6/31/17 6/31/17 7/31/17 6/14/17 8/31/17 6/30/17
Size 744 1,244 770 770 770 770 770 770 6,608
$ / SF $20 $33 $51 $47 $45 $13 $45 $48 $38
Rent / Mo. $1,232 $3,450 $3,275 $3,025 $2,900 $843 $2,900 $3,100 $20,724 $622 $20,103
C & W Metrics
Real Estate Taxes ('15/'16)
DOF Property Tax Bill
$8,394
Water / Sewer (Actual)
$355 / Unit
$2,840
Insurance
$450 / Unit
$3,600
Gas (Actual)
$0.44 / SF
$3,100
Electric
$0.25 / SF
$1,750
Maintenance & Repairs
$450 / Unit
$3,600
Superintendent
$250 / Month
$3,000
3% of EGI
$7,237
Management Total
$33,521
Effective Gross Income
$241,232
Less Estimated Expenses
Exp. Ratio: 14%
Projected Net Operating Income
$33,521 $207,711
For Information on possible financing, Please Contact:
For More Information, Please Contact: DJ Johnston, Director (718) 307-6515
[email protected] Annual Rent $14,782 $41,400 $39,300 $36,300 $34,800 $10,110 $34,800 $37,200 $248,693 $7,461 $241,232
William Cheng, Director (718) 606-7037
[email protected] Bryan Kirk, Associate (718) 307-6516
[email protected] Joshua Sabzevari, Associate (718) 307-6521
[email protected] Jeremy Korer, Director (718) 307-6541
[email protected] CUSHMAN & WAKEFIELD • One Pierrepont Plaza, • 9th Floor • Brooklyn, NY 11201 nyinvestmentsales.com Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
For Information on possible financing, Please Contact:
For More Information, Please Contact: DJ Johnston, Director (718) 307-6515
[email protected] William Cheng, Director (718) 606-7037
[email protected] Bryan Kirk, Associate (718) 307-6516
[email protected] Joshua Sabzevari, Associate (718) 307-6521
[email protected] Jeremy Korer, Director (718) 307-6541
[email protected] CUSHMAN & WAKEFIELD • One Pierrepont Plaza, • 9th Floor • Brooklyn, NY 11201 nyinvestmentsales.com Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.