505 E 22nd Street, Brooklyn, NY
FOR SALE
505 E 22nd Street, Brooklyn, NY 15 Residential Units | Corner Property FOR SALE
PROPERTY FEATURES Location
Located on the southeast corner of Ditmas Avenue & E 22nd Street
Block & Lot
5208 / 1
Lot Dimensions
39.42' x 90'
(Approx., Public Record)
Lot SF
3,555
(Approx., Public Record)
Zoning
R7A
Residential FAR
3.45 (4.60 w/ Inclusionary Housing)
Building Dimensions
30' x 80'
(Approx., Public Record)
Building SF
14,000
(Approx., Public Record)
Stories
4
Units
15
Assessment ('17/'18)
$220,320
(Dept. of Finance)
R.E. Taxes ('17/'18)
$28,404
(Dept. of Finance)
FINANCIAL OVERVIEW GROSS ANNUAL INCOME
$275,181
LESS EXPENSES
$90,718
NET OPERATING INCOME
$184,462
PROPERTY HIGHLIGHTS Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 505 E 22nd Street, a brick multifamily building on the corner of Ditmas Avenue & E 22nd Street, in the Flatbush neighborhood of Brooklyn. The building consists of 15 residential units, of which 14 are rent stabilized, and one is renovated/free market. The property is ideally located just blocks from prime Flatbush Avenue retail (including Stop & Shop, Sears, Gap, Old Navy, Staples, CVS, & Kings Theater, to name a few). Public transportation is also available nearby, with the Q, 2 & 5 trains offering access to Downtown Brooklyn and Lower Manhattan within 35 minutes.
505 E 22nd Street
For More Information, Please Contact: Robert W. Moore Director (718) 606 7046 [email protected]
Thomas Gammino Executive Managing Director (212) 660 7727 [email protected]
Edward Gevinski Jr. Senior Director (718) 307 6502 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
Brian Streilein Director (718) 307 6505 [email protected]
Salvatore Falcone Associate (718) 307 6503 [email protected]
ASKING PRICE
$4,250,000
(Cap Rate: 4.34%)
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.
505 E 22nd Street, Brooklyn, NY REVENUE UNIT
STATUS
EXPIRATION
BEDROOMS
RENT / MO.
RENT / YR.
1A
RS (Renovated)
6/30/2018
1
$2,020
$24,240
1B
RS (Renovated)
8/31/2017
1
$1,850
$22,200
1L
RS
6/1/3017
Studio
$973
$11,676
1LL
RS
3/31/2017
1
$1,082
$12,983
2A
RS (Renovated)
5/31/2017
1
$1,616
$19,388
2B
RS
7/31/2017
2
$1,139
$13,667
2L
RS
10/31/2018
Studio
$1,008
$12,091
2M
RS
5/31/2018
1
$1,250
$15,000
3A
RS (Renovated)
11/30/2017
3
$1,317
$15,800
3B
RS
9/2/2017
1
$1,425
$17,100
3L
RS
3/31/2017
Studio
$991
$11,889
3M
RS
7/31/2018
1
$1,442
$17,307
4B
RS (Renovated)
12/31/2017
2
$2,300
$27,600
4L
RS (Renovated)
7/31/2017
Studio
$1,495
$17,940
4R
Free Market (Renovated)
8/31/2018
4
$3,025
$36,300
$22,932
$275,181
TOTAL PROJECTED EXPENSES Real Estate Taxes
Per NYC Department of Finance
$28,404
Insurance
Estimated @ $400 / Unit
$6,000
Heat & Hot Water
Estimated @ $1.25 / SF
$17,500
Water & Sewer
Estimated @ $1.00 / SF
$14,000
Common Electric
Estimated @ $0.20 / SF
$2,800
Repairs & Maintenance
Estimated @ 3% of Gross Annual Income
$8,255
Management & Vacancy
Estimated @ 5% of Gross Annual Income
$13,759
TOTAL
$90,718
GROSS ANNUAL INCOME
$275,181
LESS EXPENSES
$90,718
NET OPERATING INCOME
$184,462
For More Information, Please Contact:
ASKING PRICE
$4,250,000
(Cap Rate: 4.34%)
CUSHMAN & WAKEFIELD One Pierrepont Plaza, 9th Floor, Brooklyn, NY 11201 nyinvestmentsales.com
Robert W. Moore Director (718) 606 7046 [email protected]
Thomas Gammino Executive Managing Director (212) 660 7727 [email protected]
Edward Gevinski Jr. Senior Director (718) 307 6502 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
Brian Streilein Director (718) 307 6505 [email protected]
Salvatore Falcone Associate (718) 307 6503 [email protected]
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.
505 E 22nd Street, Brooklyn, NY 15 Residential Units | Corner Property FOR SALE
PROPERTY FEATURES Location
Located on the southeast corner of Ditmas Avenue & E 22nd Street
Block & Lot
5208 / 1
Lot Dimensions
39.42' x 90'
(Approx., Public Record)
Lot SF
3,555
(Approx., Public Record)
Zoning
R7A
Residential FAR
3.45 (4.60 w/ Inclusionary Housing)
Building Dimensions
30' x 80'
(Approx., Public Record)
Building SF
14,000
(Approx., Public Record)
Stories
4
Units
15
Assessment ('17/'18)
$220,320
(Dept. of Finance)
R.E. Taxes ('17/'18)
$28,404
(Dept. of Finance)
FINANCIAL OVERVIEW GROSS ANNUAL INCOME
$275,181
LESS EXPENSES
$90,718
NET OPERATING INCOME
$184,462
PROPERTY HIGHLIGHTS Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 505 E 22nd Street, a brick multifamily building on the corner of Ditmas Avenue & E 22nd Street, in the Flatbush neighborhood of Brooklyn. The building consists of 15 residential units, of which 14 are rent stabilized, and one is renovated/free market. The property is ideally located just blocks from prime Flatbush Avenue retail (including Stop & Shop, Sears, Gap, Old Navy, Staples, CVS, & Kings Theater, to name a few). Public transportation is also available nearby, with the Q, 2 & 5 trains offering access to Downtown Brooklyn and Lower Manhattan within 35 minutes.
505 E 22nd Street
For More Information, Please Contact: Robert W. Moore Director (718) 606 7046 [email protected]
Thomas Gammino Executive Managing Director (212) 660 7727 [email protected]
Edward Gevinski Jr. Senior Director (718) 307 6502 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
Brian Streilein Director (718) 307 6505 [email protected]
Salvatore Falcone Associate (718) 307 6503 [email protected]
ASKING PRICE
$4,250,000
(Cap Rate: 4.34%)
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.
505 E 22nd Street, Brooklyn, NY REVENUE UNIT
STATUS
EXPIRATION
BEDROOMS
RENT / MO.
RENT / YR.
1A
RS (Renovated)
6/30/2018
1
$2,020
$24,240
1B
RS (Renovated)
8/31/2017
1
$1,850
$22,200
1L
RS
6/1/3017
Studio
$973
$11,676
1LL
RS
3/31/2017
1
$1,082
$12,983
2A
RS (Renovated)
5/31/2017
1
$1,616
$19,388
2B
RS
7/31/2017
2
$1,139
$13,667
2L
RS
10/31/2018
Studio
$1,008
$12,091
2M
RS
5/31/2018
1
$1,250
$15,000
3A
RS (Renovated)
11/30/2017
3
$1,317
$15,800
3B
RS
9/2/2017
1
$1,425
$17,100
3L
RS
3/31/2017
Studio
$991
$11,889
3M
RS
7/31/2018
1
$1,442
$17,307
4B
RS (Renovated)
12/31/2017
2
$2,300
$27,600
4L
RS (Renovated)
7/31/2017
Studio
$1,495
$17,940
4R
Free Market (Renovated)
8/31/2018
4
$3,025
$36,300
$22,932
$275,181
TOTAL PROJECTED EXPENSES Real Estate Taxes
Per NYC Department of Finance
$28,404
Insurance
Estimated @ $400 / Unit
$6,000
Heat & Hot Water
Estimated @ $1.25 / SF
$17,500
Water & Sewer
Estimated @ $1.00 / SF
$14,000
Common Electric
Estimated @ $0.20 / SF
$2,800
Repairs & Maintenance
Estimated @ 3% of Gross Annual Income
$8,255
Management & Vacancy
Estimated @ 5% of Gross Annual Income
$13,759
TOTAL
$90,718
GROSS ANNUAL INCOME
$275,181
LESS EXPENSES
$90,718
NET OPERATING INCOME
$184,462
For More Information, Please Contact:
ASKING PRICE
$4,250,000
(Cap Rate: 4.34%)
CUSHMAN & WAKEFIELD One Pierrepont Plaza, 9th Floor, Brooklyn, NY 11201 nyinvestmentsales.com
Robert W. Moore Director (718) 606 7046 [email protected]
Thomas Gammino Executive Managing Director (212) 660 7727 [email protected]
Edward Gevinski Jr. Senior Director (718) 307 6502 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
Brian Streilein Director (718) 307 6505 [email protected]
Salvatore Falcone Associate (718) 307 6503 [email protected]
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.
