457 15th Street - 2pgSetup
Multifamily – Park Slope 457 15th Street Twenty Unit Building Park Slope Property Information Address: Neighborhood: Cross Streets: Block: Lot: Lot Size:
457 15th Street Brooklyn, NY 11215 Park Slope 8th Ave & PPW 1103 54 50 ft x 100 ft
For More Information Please Contact Exclusive Agents:
Adam Hess
Partner [email protected]
Building Information Building Size: Building Class: Tax Class: Zoning: Stories: Residential Units: Building SF: Lot SF FAR:
50 ft x 88 ft C1 2 R6B 4 20 13,528 5,000 2.00
Assessment (16/17) : Taxes (16/17):
$797,670 $102,764
Edward Setton
Vice President [email protected]
Kirill Galperin
Senior Associate [email protected]
Jared Anderson
Senior Associate [email protected]
TerraCRG has been retained to exclusively represent ownership in the sale of 457 15 th Street, a 20-Unit multifamilybuilding located between 8th Avenue and Prospect Park West in Park Slope, just half a block from the 15 th Street entrance to Prospect Park. The building is comprised of 20 rental units, 10 free market and 10 rent regulated. All of the free-market units have been fully renovated with high end finishes. The building consists of 14 2BR units, 5 1BR units and a 4BR 2BA duplex.
718-310-3296
The building is 50’ wide and totals ~13,528 SF. Thebuilding is 90% leased with total Gross Annual Revenue of $584,680 and a Net Operating Income of $409,274. The asset offers significant upside in the rents with rent-regulated units averaging $1,262 in a building where free-market units are achieving an average of $3,610. Park Slope continues to be one of the strongest and most established sub-markets in New York City, yet there is still a shortage of supply to satisfy the demand for high-end rental units as well as co-ops and condos. As a result of this tight inventory for housing, condo and co-op pricing in the heart of Park Slope is ~$1,550/SF and the rental market for renovated units is in the $65/SF range. The building is located within easy walking distance of several major retail corridors, including 5 th Avenue, 7 th Avenue and the lower portion of Prospect Park West, providing tenants with access to a variety of retail shops, bars and restaurants. The property is also just around the corner from The Pavilion Theater as well as the 15 th Street/Prospect Park subway stop with access to the G and Fsubway lines.
457 15th Street
Asking Price $10,000,000 TerraCRG I Licensed Real Estate Brokers I 634 Dean Street, Brooklyn, NY 11238 I P: 718-310-3296 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by theowner of the property or was obtained from sources wedeem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel . Prospectivebuyer and tenants should carefully verify each item of information herein.
Multifamily Building – Park Slope 457 15th Street Twenty Unit Building Park Slope REVENUE Unit Location (street) BDRM Type 1A Front Right 2b1b FM 2A Front Left 1b1b FM 3A Middle Left 1b1b RS 4A Back Left 2b1b RS 5A Back Right 4b2b FM 1B Front Right 2b1b RS 2B Front Left 2b1b FM 3B Middle Left 1b1b RS 4B Back Left 2b1b RC 5B Back Right 2b1b FM 1C Front Right 2b1b FM 2C Front Left 2b1b RS 3C Middle Left 1b1b FM 4C Back Left 2b1b RS 5C Back Right 2b1b RS 1D Front Right 2b1b RS 2D Front Left 2b1b FM 3D Middle Left 1b1b FM 4D Back Left 2b1b FM 5D Back Right 2b1b RS Total *Renovated **Projected, currently being duplexed
LXP 7/31/2017 2/28/2017 8/31/2016 6/30/2017 Projected 6/30/2017 6/30/2017 8/31/2016 8/31/2016 5/30/2018 6/15/2017 8/31/2016 6/30/2016 2/29/2016 6/30/2018 5/31/2017 Projected 4/30/2017 10/1/2017
Monthly Rent $ 3,250 $ 3,100 $ 1,524 $ 1,730 $ 5,000 $ 1,739 $ 3,800 $ 956 $ 259 $ 3,800 $ 3,800 $ 664 $ 2,850 $ 1,462 $ 1,613 $ 1,495 $ 3,650 $ 3,000 $ 3,850 $ 1,181 $ 48,723
Annual Rent $ 39,000 $ 37,200 $ 18,293 $ 20,764 $ 60,000 $ 20,862 $ 45,600 $ 11,475 $ 3,108 $ 45,600 $ 45,600 $ 7,965 $ 34,200 $ 17,543 $ 19,361 $ 17,937 $ 43,800 $ 36,000 $ 46,200 $ 14,172 $ 584,680
REVENUE: * *
Gross Monthly Income Gross Annual Income
**
EXPENSES: (Actual)
*
* * *
* * *
Real Estate Taxes Fuel/Gas (Dual Fuel) Electric Insurance Water/Sewer Repairs/Maintenance Management/Vacancy Total: Gross Annual Income: Less Expenses: Net Operating Income:
$ 48,723 $ 584,680
3% 3%
$ 102,764 $ 18,500 $ 5,000 $ 8,000 $ 6,062 $ 17,540 $ 17,540 $ 175,407 $ 584,680 $ 175,407 $ 409,274
For More Information Please Contact Exclusive Agents:
Adam Hess
Partner [email protected]
Edward Setton
Vice President [email protected]
Kirill Galperin
Senior Associate [email protected]
Jared Anderson
Senior Associate [email protected]
718-310-3296
457 15th Street
Asking Price $10,000,000 TerraCRG I Licensed Real Estate Brokers I 634 Dean Street, Brooklyn, NY 11238 I P: 718-310-3296 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by theowner of the property or was obtained from sources wedeem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel . Prospectivebuyer and tenants should carefully verify each item of information herein.
457 15th Street Brooklyn, NY 11215 Park Slope 8th Ave & PPW 1103 54 50 ft x 100 ft
For More Information Please Contact Exclusive Agents:
Adam Hess
Partner [email protected]
Building Information Building Size: Building Class: Tax Class: Zoning: Stories: Residential Units: Building SF: Lot SF FAR:
50 ft x 88 ft C1 2 R6B 4 20 13,528 5,000 2.00
Assessment (16/17) : Taxes (16/17):
$797,670 $102,764
Edward Setton
Vice President [email protected]
Kirill Galperin
Senior Associate [email protected]
Jared Anderson
Senior Associate [email protected]
TerraCRG has been retained to exclusively represent ownership in the sale of 457 15 th Street, a 20-Unit multifamilybuilding located between 8th Avenue and Prospect Park West in Park Slope, just half a block from the 15 th Street entrance to Prospect Park. The building is comprised of 20 rental units, 10 free market and 10 rent regulated. All of the free-market units have been fully renovated with high end finishes. The building consists of 14 2BR units, 5 1BR units and a 4BR 2BA duplex.
718-310-3296
The building is 50’ wide and totals ~13,528 SF. Thebuilding is 90% leased with total Gross Annual Revenue of $584,680 and a Net Operating Income of $409,274. The asset offers significant upside in the rents with rent-regulated units averaging $1,262 in a building where free-market units are achieving an average of $3,610. Park Slope continues to be one of the strongest and most established sub-markets in New York City, yet there is still a shortage of supply to satisfy the demand for high-end rental units as well as co-ops and condos. As a result of this tight inventory for housing, condo and co-op pricing in the heart of Park Slope is ~$1,550/SF and the rental market for renovated units is in the $65/SF range. The building is located within easy walking distance of several major retail corridors, including 5 th Avenue, 7 th Avenue and the lower portion of Prospect Park West, providing tenants with access to a variety of retail shops, bars and restaurants. The property is also just around the corner from The Pavilion Theater as well as the 15 th Street/Prospect Park subway stop with access to the G and Fsubway lines.
457 15th Street
Asking Price $10,000,000 TerraCRG I Licensed Real Estate Brokers I 634 Dean Street, Brooklyn, NY 11238 I P: 718-310-3296 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by theowner of the property or was obtained from sources wedeem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel . Prospectivebuyer and tenants should carefully verify each item of information herein.
Multifamily Building – Park Slope 457 15th Street Twenty Unit Building Park Slope REVENUE Unit Location (street) BDRM Type 1A Front Right 2b1b FM 2A Front Left 1b1b FM 3A Middle Left 1b1b RS 4A Back Left 2b1b RS 5A Back Right 4b2b FM 1B Front Right 2b1b RS 2B Front Left 2b1b FM 3B Middle Left 1b1b RS 4B Back Left 2b1b RC 5B Back Right 2b1b FM 1C Front Right 2b1b FM 2C Front Left 2b1b RS 3C Middle Left 1b1b FM 4C Back Left 2b1b RS 5C Back Right 2b1b RS 1D Front Right 2b1b RS 2D Front Left 2b1b FM 3D Middle Left 1b1b FM 4D Back Left 2b1b FM 5D Back Right 2b1b RS Total *Renovated **Projected, currently being duplexed
LXP 7/31/2017 2/28/2017 8/31/2016 6/30/2017 Projected 6/30/2017 6/30/2017 8/31/2016 8/31/2016 5/30/2018 6/15/2017 8/31/2016 6/30/2016 2/29/2016 6/30/2018 5/31/2017 Projected 4/30/2017 10/1/2017
Monthly Rent $ 3,250 $ 3,100 $ 1,524 $ 1,730 $ 5,000 $ 1,739 $ 3,800 $ 956 $ 259 $ 3,800 $ 3,800 $ 664 $ 2,850 $ 1,462 $ 1,613 $ 1,495 $ 3,650 $ 3,000 $ 3,850 $ 1,181 $ 48,723
Annual Rent $ 39,000 $ 37,200 $ 18,293 $ 20,764 $ 60,000 $ 20,862 $ 45,600 $ 11,475 $ 3,108 $ 45,600 $ 45,600 $ 7,965 $ 34,200 $ 17,543 $ 19,361 $ 17,937 $ 43,800 $ 36,000 $ 46,200 $ 14,172 $ 584,680
REVENUE: * *
Gross Monthly Income Gross Annual Income
**
EXPENSES: (Actual)
*
* * *
* * *
Real Estate Taxes Fuel/Gas (Dual Fuel) Electric Insurance Water/Sewer Repairs/Maintenance Management/Vacancy Total: Gross Annual Income: Less Expenses: Net Operating Income:
$ 48,723 $ 584,680
3% 3%
$ 102,764 $ 18,500 $ 5,000 $ 8,000 $ 6,062 $ 17,540 $ 17,540 $ 175,407 $ 584,680 $ 175,407 $ 409,274
For More Information Please Contact Exclusive Agents:
Adam Hess
Partner [email protected]
Edward Setton
Vice President [email protected]
Kirill Galperin
Senior Associate [email protected]
Jared Anderson
Senior Associate [email protected]
718-310-3296
457 15th Street
Asking Price $10,000,000 TerraCRG I Licensed Real Estate Brokers I 634 Dean Street, Brooklyn, NY 11238 I P: 718-310-3296 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by theowner of the property or was obtained from sources wedeem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel . Prospectivebuyer and tenants should carefully verify each item of information herein.
