27%
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (718) 475-4327 Fax: (646) 349-2282 [email protected]
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
Marcus & Millichap is pleased to offer the following opportunity located in the booming Clinton Hill neighborhood in Brooklyn. 35 Claver Place is located between Jefferson Avenue and Fulton Street, and contains a gross square footage of 35,714. The building is zoned C2-4/R6B and is built on an irregular lot (Block: 1997 Lot: 3). The offering contains 13 large residential lofts ranging from 700 to 3900 square feet and two commercial units that are 5,317 square feet and 1,019 square feet.
TOTAL UNITS
T O T A L S Q U AR E F E E T
PRICE /SF
P R O F O R M A C AP R A T E 35 Claver Place offers the unique opportunity to acquire 13 residential lofts that are ideal for young professionals seeking large live work spaces in Brooklyn. Virtually no similar product exists on the market and with an average residential rent of $17 per foot there is tremendous future upside for an investor. Out of the 13 lofts, 5 will be delivered vacant at the time of the sale and the remaining units all have short term leases. The property is located within 1 block of the Franklin Avenue A, C and S train and offers easy access to both lower Manhattan and Downtown Brooklyn. Clinton Hill represents a prime location for young professionals that are moving out of Manhattan and into Brooklyn.
F R O N T AG E
P R O J E C T E D T AX E S
PROFORMA GRM
T O T A L AI R R I G H T S
$15,250,000
INCOME Gross Potential Residential Rent
CURRENT $294,468
PRO FORMA $950,556
OFFERING PRICE
Gross Potential Commercial Rent
$67,644
$164,400
Gross Income
$362,112
$1,114,956
Vacancy/Collection Loss
($8,834)
($28,517)
Other Income Effective Gross Income Average Residential Rent/Month/Unit
$0 $353,278 $1,753
$0 $1,086,439 $5,658
EXPENSES Property Taxes
$48,721
$48,721
Fuel - Gas
$0
$0
Insurance
$5,739
$5,739
Water and Sewer
$5,715
$5,715
Repairs and Maintenance
$7,000
$7,000
Common Electric (PPSF)
$5,718
$5,718
Super Salary
$6,000
$6,000
Management Fee Elevator Contract Other Total Expenses Net Operating Income
$14,131 $3,538 $0 $96,562 $256,716
$43,458 $3,538 $0 $125,888 $960,551
PRICE PER SQUARE FEET PRICE PER UNIT TOTAL SQUARE FEET TOTAL UNITS CURRENT CAP RATE
$427 $1,089,286 35,714 14 1.7%
CURRENT GRM
43.2
PRO FORMA CAP RATE
6.3%
PRO FORMA GRM
35,714
14.0
$427
14.04
PPSF
PROFORMA GRM
6.3%
SQUARE FEET
GROSS TOTAL SF
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
PROFORMA CAP RATE
COMMERCIAL RENT UNIT 1
TENANT NAME City of New York
NOTES 18' Ceilings, Loading Dock, Shared Easement/Driveway
Storage Used by Residential Extension Tenant Parking Not Currently Used MONTHLY COMMERCIAL REVENUE
NET SF 5,317
EXPIRATION MTM
ACTUAL $5,030
PRO FORMA $12,500
$/PSF $28
1,091
7/14/16
$607
$1,200
$13
$5,637
$13,700
ACTUAL $2,577 $2,585 $0 $2,430 $2,699 $2,468 $2,290 $0 $2,884 $1,800 $0 $2,793
PRO FORMA $5,200 $6,500 $5,000 $5,100 $13,000 $5,300 $5,700 $13,000 $6,000 $3,600 $2,800 $6,000
$/PSF $39 $37 $44 $44 $39 $48 $48 $41 $48 $48 $48 $46
$2,013 $24,539
$2,013 $79,213
$12
$294,468 $67,644
$950,556 $164,400
ACTUAL $362,112
PRO FORMA $1,114,956
6,408
* Unit #1 is listed on Certificate of Occupancy as Use Group 16 Designation
RESIDENTIAL RENT UNIT# 1 2 3 4 5&6 7 8 9 10 11 12 13 14
NOTES 1st Floor 1st Floor 2nd Floor 2nd Floor 2nd Floor 3rd Floor 3rd Floor 3rd Floor 4th Floor 4th Floor 4th Floor 4th Floor 4th Floor
MONTHLY RESIDENTIAL REVENUE
NET SF 1,597 2,108 1,358 1,381 4,030 1,331 1,432 3,847 1,509 903 705 1,562 2,030
EXPIRATION 1/31/17 1/31/17 Vacant 6/30/17 Agreement to Vacate 1/30/2017 12/31/16 11/30/16 Vacant Vacant 11/30/16 Vacant 12/31/16 Expired
23,793
ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE
TOTAL ANNUAL REVENUE There are 5 vacant apartments. The super lives off-site. * All tenants have separate gas boilers and pay for their own heat. ** Floor plans are available upon request. *** Unit #10 is the nicest unit in building with a lofted additional 5th floor bedroom that comes above roof line **** Unit 5/6 has two large private outdoor terraces.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
GROSS POTENTIAL INCOME
ACTUAL
Gross Potential Residential Rent Gross Potential Commercial Rent Gross Income Vacancy/Collection Loss Other Income Effective Gross Income Average Residential Rent/Month/Unit
$294,468 $67,644 $362,112 ($8,834) $0 $353,278 $1,753
EXPENSES Property Taxes Fuel Insurance Water and Sewer Repairs Common Electric & Heat Super Salary Management Fee Elevator Maintenance Total Expenses Net Operating Income
$48,721 $0 $5,739 $5,715 $7,000 $5,718 $6,000 $14,131 $3,538 $96,562 $256,716
Pass-Through to Tenant Actual Actual Estimate Estimate
Actual
%EGI 81% 19% 3%
14% 0% 2% 2% 2% 2% 2% 4% 1% 27%
$/UNIT $21,033 $4,832 $25,865 ($631) $0 $25,234
$3,480 $0 $410 $408 $500 $0 $429 $1,009 $253 $6,897
PRO FORMA $950,556 $164,400 $1,114,956 ($28,517) $0 $1,086,439 $5,658
$48,721 $0 $5,739 $5,715 $7,000 $5,718 $6,000 $43,458 $3,538 $125,888 $960,551
%EGI 85% 15% 3%
4% 0% 1% 1% 1% 1% 1% 4% 0% 12%
$/UNIT $67,897 $11,743 $79,640 ($2,037) $0 $77,603
$3,480 $0 $410 $408 $500 $408 $429 $3,104 $253 $8,992
AVERAGE RENT PER MONTH
$1,753 EXPENSE RATIO
27%
TAXES AS PERCENT OF EGI
14%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
CITY: STATE:
Brooklyni NYi
BLOCK & LOT:
1997 / 3i
LOT DIMENSIONS:
41 x 170i
LOT SF: BUILDING
15,266i 41 x 107i
DIMENSIONS: BUILDING SF: ZONING: MAX FAR: AVAILABLE AIR
35,714i C2-4/R6Bi 2.00i 0i
RIGHTS: LANDMARK
Nonei
DISTRICT: HISTORIC DISTRICT: ANNUAL TAX BILL: TAX CLASS:
Nonei __$48,721i 2i
16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (718) 475-4327 Fax: (646) 349-2282 [email protected]
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
Marcus & Millichap is pleased to offer the following opportunity located in the booming Clinton Hill neighborhood in Brooklyn. 35 Claver Place is located between Jefferson Avenue and Fulton Street, and contains a gross square footage of 35,714. The building is zoned C2-4/R6B and is built on an irregular lot (Block: 1997 Lot: 3). The offering contains 13 large residential lofts ranging from 700 to 3900 square feet and two commercial units that are 5,317 square feet and 1,019 square feet.
TOTAL UNITS
T O T A L S Q U AR E F E E T
PRICE /SF
P R O F O R M A C AP R A T E 35 Claver Place offers the unique opportunity to acquire 13 residential lofts that are ideal for young professionals seeking large live work spaces in Brooklyn. Virtually no similar product exists on the market and with an average residential rent of $17 per foot there is tremendous future upside for an investor. Out of the 13 lofts, 5 will be delivered vacant at the time of the sale and the remaining units all have short term leases. The property is located within 1 block of the Franklin Avenue A, C and S train and offers easy access to both lower Manhattan and Downtown Brooklyn. Clinton Hill represents a prime location for young professionals that are moving out of Manhattan and into Brooklyn.
F R O N T AG E
P R O J E C T E D T AX E S
PROFORMA GRM
T O T A L AI R R I G H T S
$15,250,000
INCOME Gross Potential Residential Rent
CURRENT $294,468
PRO FORMA $950,556
OFFERING PRICE
Gross Potential Commercial Rent
$67,644
$164,400
Gross Income
$362,112
$1,114,956
Vacancy/Collection Loss
($8,834)
($28,517)
Other Income Effective Gross Income Average Residential Rent/Month/Unit
$0 $353,278 $1,753
$0 $1,086,439 $5,658
EXPENSES Property Taxes
$48,721
$48,721
Fuel - Gas
$0
$0
Insurance
$5,739
$5,739
Water and Sewer
$5,715
$5,715
Repairs and Maintenance
$7,000
$7,000
Common Electric (PPSF)
$5,718
$5,718
Super Salary
$6,000
$6,000
Management Fee Elevator Contract Other Total Expenses Net Operating Income
$14,131 $3,538 $0 $96,562 $256,716
$43,458 $3,538 $0 $125,888 $960,551
PRICE PER SQUARE FEET PRICE PER UNIT TOTAL SQUARE FEET TOTAL UNITS CURRENT CAP RATE
$427 $1,089,286 35,714 14 1.7%
CURRENT GRM
43.2
PRO FORMA CAP RATE
6.3%
PRO FORMA GRM
35,714
14.0
$427
14.04
PPSF
PROFORMA GRM
6.3%
SQUARE FEET
GROSS TOTAL SF
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
PROFORMA CAP RATE
COMMERCIAL RENT UNIT 1
TENANT NAME City of New York
NOTES 18' Ceilings, Loading Dock, Shared Easement/Driveway
Storage Used by Residential Extension Tenant Parking Not Currently Used MONTHLY COMMERCIAL REVENUE
NET SF 5,317
EXPIRATION MTM
ACTUAL $5,030
PRO FORMA $12,500
$/PSF $28
1,091
7/14/16
$607
$1,200
$13
$5,637
$13,700
ACTUAL $2,577 $2,585 $0 $2,430 $2,699 $2,468 $2,290 $0 $2,884 $1,800 $0 $2,793
PRO FORMA $5,200 $6,500 $5,000 $5,100 $13,000 $5,300 $5,700 $13,000 $6,000 $3,600 $2,800 $6,000
$/PSF $39 $37 $44 $44 $39 $48 $48 $41 $48 $48 $48 $46
$2,013 $24,539
$2,013 $79,213
$12
$294,468 $67,644
$950,556 $164,400
ACTUAL $362,112
PRO FORMA $1,114,956
6,408
* Unit #1 is listed on Certificate of Occupancy as Use Group 16 Designation
RESIDENTIAL RENT UNIT# 1 2 3 4 5&6 7 8 9 10 11 12 13 14
NOTES 1st Floor 1st Floor 2nd Floor 2nd Floor 2nd Floor 3rd Floor 3rd Floor 3rd Floor 4th Floor 4th Floor 4th Floor 4th Floor 4th Floor
MONTHLY RESIDENTIAL REVENUE
NET SF 1,597 2,108 1,358 1,381 4,030 1,331 1,432 3,847 1,509 903 705 1,562 2,030
EXPIRATION 1/31/17 1/31/17 Vacant 6/30/17 Agreement to Vacate 1/30/2017 12/31/16 11/30/16 Vacant Vacant 11/30/16 Vacant 12/31/16 Expired
23,793
ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE
TOTAL ANNUAL REVENUE There are 5 vacant apartments. The super lives off-site. * All tenants have separate gas boilers and pay for their own heat. ** Floor plans are available upon request. *** Unit #10 is the nicest unit in building with a lofted additional 5th floor bedroom that comes above roof line **** Unit 5/6 has two large private outdoor terraces.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
GROSS POTENTIAL INCOME
ACTUAL
Gross Potential Residential Rent Gross Potential Commercial Rent Gross Income Vacancy/Collection Loss Other Income Effective Gross Income Average Residential Rent/Month/Unit
$294,468 $67,644 $362,112 ($8,834) $0 $353,278 $1,753
EXPENSES Property Taxes Fuel Insurance Water and Sewer Repairs Common Electric & Heat Super Salary Management Fee Elevator Maintenance Total Expenses Net Operating Income
$48,721 $0 $5,739 $5,715 $7,000 $5,718 $6,000 $14,131 $3,538 $96,562 $256,716
Pass-Through to Tenant Actual Actual Estimate Estimate
Actual
%EGI 81% 19% 3%
14% 0% 2% 2% 2% 2% 2% 4% 1% 27%
$/UNIT $21,033 $4,832 $25,865 ($631) $0 $25,234
$3,480 $0 $410 $408 $500 $0 $429 $1,009 $253 $6,897
PRO FORMA $950,556 $164,400 $1,114,956 ($28,517) $0 $1,086,439 $5,658
$48,721 $0 $5,739 $5,715 $7,000 $5,718 $6,000 $43,458 $3,538 $125,888 $960,551
%EGI 85% 15% 3%
4% 0% 1% 1% 1% 1% 1% 4% 0% 12%
$/UNIT $67,897 $11,743 $79,640 ($2,037) $0 $77,603
$3,480 $0 $410 $408 $500 $408 $429 $3,104 $253 $8,992
AVERAGE RENT PER MONTH
$1,753 EXPENSE RATIO
27%
TAXES AS PERCENT OF EGI
14%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein arefor example purposes only and do not represent the current orfuture performance of the property. Marcus & Millichap Real Estate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2016Marcus&Millichap
CITY: STATE:
Brooklyni NYi
BLOCK & LOT:
1997 / 3i
LOT DIMENSIONS:
41 x 170i
LOT SF: BUILDING
15,266i 41 x 107i
DIMENSIONS: BUILDING SF: ZONING: MAX FAR: AVAILABLE AIR
35,714i C2-4/R6Bi 2.00i 0i
RIGHTS: LANDMARK
Nonei
DISTRICT: HISTORIC DISTRICT: ANNUAL TAX BILL: TAX CLASS:
Nonei __$48,721i 2i
