372 Saint Johns Place Brooklyn, NY
372 Saint Johns Place Brooklyn, NY PROSPECT HEIGHTS
16-Unit Multifamily w/ ~6K of Air Rights FOR SALE Building Features Address:
372 Saint Johns Place Brooklyn, NY 11238
Block / Lot:
1176 / 20
Lot Dimensions:
50’ x 100’
Lot Size:
5,000
Building Dimensions: 50’ x 84’
ch
R F
on l
A C G
L .I. U. Br ookl yn
Ci ty P oi n t
B Q R
Asking Price 2 3
BAM Cultural District
4 5
Please Inquire Within
D N R
A C
FULT O TIC A VENU
E
B Q
US
ENU E
E NU VE HA
2 3
PROSPECT PARK SAINT JOHNS PLACE
N TO ING
100’
20
2 3 SH WA
50’
BLOCK 1176
F G
E AV
UNDERHILL AVE
Zoning / FAR:
R7A / 4.00
Total Buildable SF:
20,000
sq. ft. (approx.)
Existing Structure:
14,088
sq. ft. (approx.)
Assessment (15/16):
$620,640
Taxes (15/16):
$79,783
sq. ft. (approx.)
sq. ft. (approx.)
Over the past decade, Prospect Heights has seen a surge of redevelS opment, becoming a highly sought-after neighborhood for young professionals and families alike. Prospect Heights is served by the 2, 3 at Grand Army Plaza, B, Q, at 7 Avenue, 2, 3 at Eastern Parkway, S at Botanic Garden, and 2, 3, 4, 5 at Franklin Avenue, providing convenient accessibility throughout all of New York City. Vanderbilt and Washington Avenues feature restaurants and eateries as well as retail, which are rich in Brooklyn culture, both old and new.
UE
STR EE T
N TON AVE WASHING
TB FLA
NDE RBIL T AV
VA
2 3
UN ION
N STR EE T
ATLA N
B arclays C enter
F G R
14,088
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 372 Saint John’s Place, a 16-unit apartment building in Prospect Heights, Brooklyn. Not only is 372 Saint John’s Place situated only 2 blocks north of Prospect Park, the property is located in the heart of Brownstone Brooklyn on a tree-lined block and steps to Brooklyn’s most heavily trafficked destinations including The Brooklyn Public Library, Brooklyn Botanic Garden, and The Brooklyn Museum. A subject C The property is a pre-war building with sixteen residential unitsS – 14 of which are free-market. The units are comprised of 8 two-bedroom apartments and 8 three-bedroom apartments. In total, the property features 50’ of frontage and consists of 14,088 SF over 4 stories.
Atl a ntic Terminal
B Q
(approx.)
Property Highlights
G
2 3 4 5
sq. ft. (approx.)
Building SF:
Available Air Rights: 5,912
Fort Gree ne P ark
(approx.)
LINCOLN PLACE
372 Saint Johns presents an investor with a unique opportunity to acquire a predominately free-market building with considerable air rights in a neighborhood with rich cultural amenities, excellent transportation, and substantial residential demand.
For More Information, Please Contact: Stephen P. Palmese
Michael Mazzara
Thomas Freeland
James Berluti
Vice Chairman
Director
Associate Director
Associate
(718) 307 6552
(718) 606 7052
(718) 606 7021
(718) 606 7053
[email protected]
[email protected]
[email protected]
[email protected]
Cushman & Wakefield 205 Montague Street 3rd Floor
Brooklyn, New York 11201 phone: +1 718 238 8999 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.
372 Saint Johns Place Brooklyn, NY
Unit 11 12 12A 14 21 22 23 24 31 32 33 34 41 42 43 44 Total:
Type 2 BD 2 BD 3 BD 2 BD 3 BD 3 BD 3 BD 2 BD 3 BD 3 BD 2 BD 2 BD 2 BD 2 BD 3 BD 2 BD
Status RC FM FM FM FM FM FM FM RS FM FM FM FM FM FM FM
Expiration May ‘16 Jul ‘16 Sep ‘16 May ‘16 Jul ‘16 Jul ‘16 Aug ‘16 Sep ‘16 May ‘16 May ‘16 Sep ‘16 Aug ‘16 Sep ‘16 Aug ‘16 Jul ‘16
Monthly Rent $172 $2,525 $3,200 $2,500 $3,250 $3,050 $2,900 $2,800 $783 $3,000 $2,900 $2,575 $2,600 $2,600 $2,900 $2,650 $40,405
Revenue Residential Potential Gross Income: Vacancy & Credit Loss: Effective Gross Income:
Projected Expenses Real Estate Taxes (15/16) Insurance Water/Sewer Fuel Electric (Common Areas) Super Repairs & Maintenance General & Administrative Management Total:
Gross Annual Income: Less Expenses: Net Operating Income: Expense Ratio:
3.0%
Full Taxes $500 / Unit $0.75 / GSF $1.25 / GSF $0.35 / GSF $400 / Month $500 / Unit 2% / EGI 3% / EGI
Annual Rent $2,067 $30,300 $38,400 $30,000 $39,000 $36,600 $34,800 $33,600 $9,393 $36,000 $34,800 $30,900 $31,200 $31,200 $34,800 $31,800 $484,860
Projected Rent $172 $3,000 $4,000 $3,000 $4,000 $4,000 $4,000 $3,000 $783 $4,000 $4,000 $3,000 $3,000 $3,000 $4,000 $3,000 $49,955
Projected Annual $2,067 $36,000 $48,000 $36,000 $48,000 $48,000 $48,000 $36,000 $9,393 $48,000 $48,000 $36,000 $36,000 $36,000 $48,000 $36,000 $599,460
Actual $484,860 ($14,546) $470,314
Projected $599,460 ($17,984) $581,476
Actual $79,783 $8,000 $10,566 $17,610 $4,931 $4,800 $8,000 $9,406 $14,109 157,206
Projected $79,783 $8,000 $10,566 $17,610 $4,931 $4,800 $8,000 $11,630 $17,444 162,764
$470,314 ($157,206) $313,108 33.43%
$581,476 ($162,764) $418,712 27.99%
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.
16-Unit Multifamily w/ ~6K of Air Rights FOR SALE Building Features Address:
372 Saint Johns Place Brooklyn, NY 11238
Block / Lot:
1176 / 20
Lot Dimensions:
50’ x 100’
Lot Size:
5,000
Building Dimensions: 50’ x 84’
ch
R F
on l
A C G
L .I. U. Br ookl yn
Ci ty P oi n t
B Q R
Asking Price 2 3
BAM Cultural District
4 5
Please Inquire Within
D N R
A C
FULT O TIC A VENU
E
B Q
US
ENU E
E NU VE HA
2 3
PROSPECT PARK SAINT JOHNS PLACE
N TO ING
100’
20
2 3 SH WA
50’
BLOCK 1176
F G
E AV
UNDERHILL AVE
Zoning / FAR:
R7A / 4.00
Total Buildable SF:
20,000
sq. ft. (approx.)
Existing Structure:
14,088
sq. ft. (approx.)
Assessment (15/16):
$620,640
Taxes (15/16):
$79,783
sq. ft. (approx.)
sq. ft. (approx.)
Over the past decade, Prospect Heights has seen a surge of redevelS opment, becoming a highly sought-after neighborhood for young professionals and families alike. Prospect Heights is served by the 2, 3 at Grand Army Plaza, B, Q, at 7 Avenue, 2, 3 at Eastern Parkway, S at Botanic Garden, and 2, 3, 4, 5 at Franklin Avenue, providing convenient accessibility throughout all of New York City. Vanderbilt and Washington Avenues feature restaurants and eateries as well as retail, which are rich in Brooklyn culture, both old and new.
UE
STR EE T
N TON AVE WASHING
TB FLA
NDE RBIL T AV
VA
2 3
UN ION
N STR EE T
ATLA N
B arclays C enter
F G R
14,088
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 372 Saint John’s Place, a 16-unit apartment building in Prospect Heights, Brooklyn. Not only is 372 Saint John’s Place situated only 2 blocks north of Prospect Park, the property is located in the heart of Brownstone Brooklyn on a tree-lined block and steps to Brooklyn’s most heavily trafficked destinations including The Brooklyn Public Library, Brooklyn Botanic Garden, and The Brooklyn Museum. A subject C The property is a pre-war building with sixteen residential unitsS – 14 of which are free-market. The units are comprised of 8 two-bedroom apartments and 8 three-bedroom apartments. In total, the property features 50’ of frontage and consists of 14,088 SF over 4 stories.
Atl a ntic Terminal
B Q
(approx.)
Property Highlights
G
2 3 4 5
sq. ft. (approx.)
Building SF:
Available Air Rights: 5,912
Fort Gree ne P ark
(approx.)
LINCOLN PLACE
372 Saint Johns presents an investor with a unique opportunity to acquire a predominately free-market building with considerable air rights in a neighborhood with rich cultural amenities, excellent transportation, and substantial residential demand.
For More Information, Please Contact: Stephen P. Palmese
Michael Mazzara
Thomas Freeland
James Berluti
Vice Chairman
Director
Associate Director
Associate
(718) 307 6552
(718) 606 7052
(718) 606 7021
(718) 606 7053
[email protected]
[email protected]
[email protected]
[email protected]
Cushman & Wakefield 205 Montague Street 3rd Floor
Brooklyn, New York 11201 phone: +1 718 238 8999 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.
372 Saint Johns Place Brooklyn, NY
Unit 11 12 12A 14 21 22 23 24 31 32 33 34 41 42 43 44 Total:
Type 2 BD 2 BD 3 BD 2 BD 3 BD 3 BD 3 BD 2 BD 3 BD 3 BD 2 BD 2 BD 2 BD 2 BD 3 BD 2 BD
Status RC FM FM FM FM FM FM FM RS FM FM FM FM FM FM FM
Expiration May ‘16 Jul ‘16 Sep ‘16 May ‘16 Jul ‘16 Jul ‘16 Aug ‘16 Sep ‘16 May ‘16 May ‘16 Sep ‘16 Aug ‘16 Sep ‘16 Aug ‘16 Jul ‘16
Monthly Rent $172 $2,525 $3,200 $2,500 $3,250 $3,050 $2,900 $2,800 $783 $3,000 $2,900 $2,575 $2,600 $2,600 $2,900 $2,650 $40,405
Revenue Residential Potential Gross Income: Vacancy & Credit Loss: Effective Gross Income:
Projected Expenses Real Estate Taxes (15/16) Insurance Water/Sewer Fuel Electric (Common Areas) Super Repairs & Maintenance General & Administrative Management Total:
Gross Annual Income: Less Expenses: Net Operating Income: Expense Ratio:
3.0%
Full Taxes $500 / Unit $0.75 / GSF $1.25 / GSF $0.35 / GSF $400 / Month $500 / Unit 2% / EGI 3% / EGI
Annual Rent $2,067 $30,300 $38,400 $30,000 $39,000 $36,600 $34,800 $33,600 $9,393 $36,000 $34,800 $30,900 $31,200 $31,200 $34,800 $31,800 $484,860
Projected Rent $172 $3,000 $4,000 $3,000 $4,000 $4,000 $4,000 $3,000 $783 $4,000 $4,000 $3,000 $3,000 $3,000 $4,000 $3,000 $49,955
Projected Annual $2,067 $36,000 $48,000 $36,000 $48,000 $48,000 $48,000 $36,000 $9,393 $48,000 $48,000 $36,000 $36,000 $36,000 $48,000 $36,000 $599,460
Actual $484,860 ($14,546) $470,314
Projected $599,460 ($17,984) $581,476
Actual $79,783 $8,000 $10,566 $17,610 $4,931 $4,800 $8,000 $9,406 $14,109 157,206
Projected $79,783 $8,000 $10,566 $17,610 $4,931 $4,800 $8,000 $11,630 $17,444 162,764
$470,314 ($157,206) $313,108 33.43%
$581,476 ($162,764) $418,712 27.99%
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.
