320 Macon Street - Setup
320 Macon Street Bedford-Stuyvesant, Brooklyn, NY CORNER MIXED-USE BROWNSTONE 120’ Frontage – 4 Residential Units / 3 Retail Units FOR SALE
BUILDING FEATURES Location
Southwest corner of Macon Street and Marcus Garvey Boulevard.
Block / Lot
1853 / 42
Lot Dimensions
20' x 100'
(Approx.)
Lot Size
2,000
(Approx.)
Ground Floor Dimensions
20' x 86'
(Approx.)
Upper Floors Dimensions
20' x 72'
(Approx.)
Building Size
6,040
(Approx.)
Stories
4
Residential Units
4
Commercial Units
3
Units
7
Zoning
R6B
FAR
2.0
Assessment ('16/'17)
$31,611
Taxes ('16/'17)
$4,072
All measurements and square footage estimates are approximate
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 320 Macon Street in the Bedford-Stuyvesant neighborhood of Brooklyn. • Gross Annual Income
$262,800
Expenses & Vacancy Loss:
$40,720
Net Operating Income
$222,080
• •
ASKING PRICE
$3,950,000
•
(5.62% CAP)
Subject Property is a four story mixed-use brownstone on the southwest corner of Macon Street and Marcus Garvey Boulevard, in Prime Historic Bedford-Stuyvesant. High-end country chic renovations, complimented by tons of light and air and meticulously maintained common areas, amenities, and mechanicals. The building consist of 4 residential units and 3 stores. The 3rd and 4th story are floor-though 4 bedrooms and the 2nd floor has a front 1 bedroom and rear 2 bedroom. The retail is occupied by a wine store and restaurant. Located within four blocks from the C Kingston-Throop Avenue station, offering convenient access to Downtown Brooklyn and Manhattan within 20 minutes.
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]
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 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]
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.
320 Macon Street Bedford-Stuyvesant, Brooklyn, NY REVENUE Unit
Type
Sq. Ft.
Lease Exp.
$ / SF
Rent / Mo.
Annual Rent
Comm. 1
Wine Store
700
Aug. 2020
$48
$2,800
$33,600
Comm. 2
Restaurant
800
--
$60
$4,000
$48,000
Comm. 3*
Vacant Retail
220
--
$82
$1,500
$18,000
2F*
1 BR
634
--
$42
$2,200
$26,400
2R
2 BR
634
--
$57
$3,000
$36,000
3rd Floor*
4 BR
1,267
--
$40
$4,200
$50,400
4th Floor*
4 BR
1,267
--
$40
$4,200
$50,400
$48
$21,900
$262,800
Total / Average
5,522
*Projected Rent - Vacant.
Projected Expenses
C & W Metrics
Real Estate Taxes (15/16)
NYC DOF Taxes
$4,072
Gross Annual Income
Water/Sewer
$1.00 / RSF
$4,320
Vacancy & Credit Loss @ 3%
Insurance
$500 / Unit
$3,500
Effective Gross Income
Fuel
$1.25 / RSF
$5,400
Less Total Expenses
Electric (Common Areas)
$0.25 / GSF
$1,510
Projected Net Operating Income
Repairs & Maintenance
$450 / Unit
$3,150
Super
$250 / Month
$3,000
Management
3.0% of EGI
$7,884
Total Expenses
$262,800 $7,884 $254,916 Exp. Ratio 12%
$32,836 $222,080
$32,836
320 Macon Street
A C C
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]
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 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]
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.
320 Macon Street Bedford-Stuyvesant, Brooklyn, NY Retail / Ground Floor
2nd Floor
3rd – 4th Floors
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]
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 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]
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.
BUILDING FEATURES Location
Southwest corner of Macon Street and Marcus Garvey Boulevard.
Block / Lot
1853 / 42
Lot Dimensions
20' x 100'
(Approx.)
Lot Size
2,000
(Approx.)
Ground Floor Dimensions
20' x 86'
(Approx.)
Upper Floors Dimensions
20' x 72'
(Approx.)
Building Size
6,040
(Approx.)
Stories
4
Residential Units
4
Commercial Units
3
Units
7
Zoning
R6B
FAR
2.0
Assessment ('16/'17)
$31,611
Taxes ('16/'17)
$4,072
All measurements and square footage estimates are approximate
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 320 Macon Street in the Bedford-Stuyvesant neighborhood of Brooklyn. • Gross Annual Income
$262,800
Expenses & Vacancy Loss:
$40,720
Net Operating Income
$222,080
• •
ASKING PRICE
$3,950,000
•
(5.62% CAP)
Subject Property is a four story mixed-use brownstone on the southwest corner of Macon Street and Marcus Garvey Boulevard, in Prime Historic Bedford-Stuyvesant. High-end country chic renovations, complimented by tons of light and air and meticulously maintained common areas, amenities, and mechanicals. The building consist of 4 residential units and 3 stores. The 3rd and 4th story are floor-though 4 bedrooms and the 2nd floor has a front 1 bedroom and rear 2 bedroom. The retail is occupied by a wine store and restaurant. Located within four blocks from the C Kingston-Throop Avenue station, offering convenient access to Downtown Brooklyn and Manhattan within 20 minutes.
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]
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 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]
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.
320 Macon Street Bedford-Stuyvesant, Brooklyn, NY REVENUE Unit
Type
Sq. Ft.
Lease Exp.
$ / SF
Rent / Mo.
Annual Rent
Comm. 1
Wine Store
700
Aug. 2020
$48
$2,800
$33,600
Comm. 2
Restaurant
800
--
$60
$4,000
$48,000
Comm. 3*
Vacant Retail
220
--
$82
$1,500
$18,000
2F*
1 BR
634
--
$42
$2,200
$26,400
2R
2 BR
634
--
$57
$3,000
$36,000
3rd Floor*
4 BR
1,267
--
$40
$4,200
$50,400
4th Floor*
4 BR
1,267
--
$40
$4,200
$50,400
$48
$21,900
$262,800
Total / Average
5,522
*Projected Rent - Vacant.
Projected Expenses
C & W Metrics
Real Estate Taxes (15/16)
NYC DOF Taxes
$4,072
Gross Annual Income
Water/Sewer
$1.00 / RSF
$4,320
Vacancy & Credit Loss @ 3%
Insurance
$500 / Unit
$3,500
Effective Gross Income
Fuel
$1.25 / RSF
$5,400
Less Total Expenses
Electric (Common Areas)
$0.25 / GSF
$1,510
Projected Net Operating Income
Repairs & Maintenance
$450 / Unit
$3,150
Super
$250 / Month
$3,000
Management
3.0% of EGI
$7,884
Total Expenses
$262,800 $7,884 $254,916 Exp. Ratio 12%
$32,836 $222,080
$32,836
320 Macon Street
A C C
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]
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 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]
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.
320 Macon Street Bedford-Stuyvesant, Brooklyn, NY Retail / Ground Floor
2nd Floor
3rd – 4th Floors
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]
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 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]
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.
