557-561 Manhattan Avenue
MARKETING TEAM
Shaun Riney 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
Michael Salvatico 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4358 Fax: (646) 349-2282 [email protected]
Jim Saros 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4343 Fax: (646) 349-2282 [email protected]
Matthew Steinberg 16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (516) 662-5142 Fax: (646) 349-2282 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
557- 561 Manhattan Avenue
INVESTMENT OVERVIEW
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Investment Overview
557-561 Manhattan Avenue is being offered for:
$4,800,000 Investment Highlights •
4,102 SF in unused air rights
•
All tenants on month to month leases allowing an immediate ability to reposition the asset
•
Corner, mixed use building on dominant Greenpoint retail corridor
•
Directly in front of McCarren Park
•
Retail rents achieving up to $95 P/SF
•
Residential rents achieving up to $60 P/SF
•
Short walk to Northside Williamsburg & Bedford L-Train
•
1 Block from G Train at Nassau Avenue
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
PRICING + FINANCIAL ANALYSIS
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Financial Overview INCOME
CURRENT
PRO FORMA
Gross Potential Residential Rent
$48,000
$126,000
PRICING METRICS OFFERING PRICE
Gross Potential Commercial Rent
$114,000
$192,000
Num ber of Units
Vacancy / Collection Loss
($1,440)
($3,780)
Effective Gross Incom e
$160,560
$314,220
$4,800,000 3
Price/Unit
$1,600,000
Gross Square Feet
5,720
Price / SF
EXPENSES
$839
Pro Form a Cap Rate
Property Taxes
5.62%
$23,194
$23,194
$0
$0
Insurance Water and Sew er
$1,350 $2,700
$1,350 $2,700
SCHEDULE OF INCOME Total
%
Rent
Repairs and Maintenance
$2,250
$2,250
Total RS Units
0
0%
$0
Common Electric (PSF)
$1,430
$1,430
Total RC Units
0
0%
$0
Super Salary
$1,200
$1,200
Total FM Units
2
67%
$4,000
$6,422
$12,569
Total Commercial
1
33%
$9,500
$38,546 $122,014
$44,693 $269,527
Total Units
3
100%
$13,500
Fuel - Gas
Management Fee Total Expenses Net Operating Incom e
Pro Form a GRM
Unit Breakdown
15.1
GROSS POTENTIAL INCOME BY TYPE EXPENSES BY TYPE Property Taxes
17%
Resi. 30%
Fuel - Gas Insurance
3% 4%
Water and Sewer
6% 60% 7%
3%
Repairs and Maintenance
Comm. 70%
Common Electric (PSF) Super Salary Management Fee
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Rent Roll COMMERCIAL UNIT#
TENANT NAME
Ground Floor
Bar
NOTES Month to Month
SF 2,523
LEASE START
2,523
Monthly Commercial Revenue
ACTUAL $9,500
PRO FORMA $16,000
$9,500
$16,000
$/PSF $76
RESIDENTIAL UNIT# 2nd Floor
LEASE STATUS FM
NOTES MTM | Convertible 4 BR
BEDROOMS 2 Bedroom
ROOMS 4
SF 1,275
ACTUAL
PRO FORMA
$/PSF
$2,000
$5,250
$49
3rd Floor
FM
MTM | Convertible 4 BR
2 Bedroom
4
1,275
$2,000
$5,250
$49
4
8
2,550
$4,000
$10,500
Annual Residential Revenue
$48,000
$126,000
Annual Commercial Income
$114,000
$192,000
$162,000
$318,000
Monthly Residential Revenue
Total Annual Revenue There are
0
The super
lives off site
Vacant units currently in the building
*There are an additional 4,100 SF of air rights available.
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Cash Flow Building Size (SF) Number of Units
INCOME Gross Potential Income Gross Potential Residential Rent Gross Potential Commercial Rent Vacancy / Collection Loss Effective Gross Income Average Residential Rent/Month/Unit EXPENSES Property Taxes Fuel - Gas Insurance Water and Sew er Repairs and Maintenance Common Electric (PSF) Super Salary Management Fee Total Expenses Net Operating Incom e
Separate Boilers
5,720
Commercial Units
1
3
Residential Units
2
PRO FORMA
ACTUAL $48,000 $114,000 ($1,440) $160,560 $2,000
%EGI 29.63% 70% 3%
$/Unit / $/SF $16,000 $38,000 ($480) $53,520
$23,194 $0 $1,350 $2,700 $2,250 $1,430 $1,200 $6,422
14% 0% 1% 2% 1% 1% 1% 4%
$7,731 $0 $450 $900 $750 $0.25 $400 $2,141
$38,546
24%
$12,849
$122,014
$126,000 $192,000 ($3,780) $314,220 $5,250
%EGI 39.62% 60% 3%
$/Unit / $/SF $42,000 $64,000 ($1,260) $104,740
$23,194 $0 $1,350 $2,700 $2,250 $1,430 $1,200 $12,569
7% 0% 0% 1% 1% 0% 0% 4%
$7,731 $0 $450 $900 $750 $0.25 $400 $4,190
$44,693
14%
$14,898
$269,527
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
PROPERTY DESCRIPTION
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Address: City:
557-561 Manhattan Avenuei Brooklyni
State:
NYi
Block & Lot:
2679 / 34i
Lot Dimensions: Lot SF:
46.58 x 48.4 Irregular Lot 3,274
Building Dimensions:
46.58 x 48.4
Building SF:
5,720
Zoning:
C2-4/R6Ai
Max FAR:
3.0
Available Air Rights:
4,102
Landmark District:
Nonei
Historic District:
Nonei
Annual Tax Bill:
$23,194__i
Tax Class:
4i
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description
557-561 Manhattan Avenue SUBJECT PROPERTY
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Exteriors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Exteriors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Residential Interiors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Residential Interiors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description
MARKETING TEAM
Shaun Riney 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
Michael Salvatico 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4358 Fax: (646) 349-2282 [email protected]
Jim Saros 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4343 Fax: (646) 349-2282 [email protected]
Matthew Steinberg 16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (516) 662-5142 Fax: (646) 349-2282 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
557-561 Manhattan Avenue
Shaun Riney 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
Michael Salvatico 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4358 Fax: (646) 349-2282 [email protected]
Jim Saros 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4343 Fax: (646) 349-2282 [email protected]
Matthew Steinberg 16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (516) 662-5142 Fax: (646) 349-2282 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
557- 561 Manhattan Avenue
INVESTMENT OVERVIEW
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Investment Overview
557-561 Manhattan Avenue is being offered for:
$4,800,000 Investment Highlights •
4,102 SF in unused air rights
•
All tenants on month to month leases allowing an immediate ability to reposition the asset
•
Corner, mixed use building on dominant Greenpoint retail corridor
•
Directly in front of McCarren Park
•
Retail rents achieving up to $95 P/SF
•
Residential rents achieving up to $60 P/SF
•
Short walk to Northside Williamsburg & Bedford L-Train
•
1 Block from G Train at Nassau Avenue
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
PRICING + FINANCIAL ANALYSIS
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Financial Overview INCOME
CURRENT
PRO FORMA
Gross Potential Residential Rent
$48,000
$126,000
PRICING METRICS OFFERING PRICE
Gross Potential Commercial Rent
$114,000
$192,000
Num ber of Units
Vacancy / Collection Loss
($1,440)
($3,780)
Effective Gross Incom e
$160,560
$314,220
$4,800,000 3
Price/Unit
$1,600,000
Gross Square Feet
5,720
Price / SF
EXPENSES
$839
Pro Form a Cap Rate
Property Taxes
5.62%
$23,194
$23,194
$0
$0
Insurance Water and Sew er
$1,350 $2,700
$1,350 $2,700
SCHEDULE OF INCOME Total
%
Rent
Repairs and Maintenance
$2,250
$2,250
Total RS Units
0
0%
$0
Common Electric (PSF)
$1,430
$1,430
Total RC Units
0
0%
$0
Super Salary
$1,200
$1,200
Total FM Units
2
67%
$4,000
$6,422
$12,569
Total Commercial
1
33%
$9,500
$38,546 $122,014
$44,693 $269,527
Total Units
3
100%
$13,500
Fuel - Gas
Management Fee Total Expenses Net Operating Incom e
Pro Form a GRM
Unit Breakdown
15.1
GROSS POTENTIAL INCOME BY TYPE EXPENSES BY TYPE Property Taxes
17%
Resi. 30%
Fuel - Gas Insurance
3% 4%
Water and Sewer
6% 60% 7%
3%
Repairs and Maintenance
Comm. 70%
Common Electric (PSF) Super Salary Management Fee
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Rent Roll COMMERCIAL UNIT#
TENANT NAME
Ground Floor
Bar
NOTES Month to Month
SF 2,523
LEASE START
2,523
Monthly Commercial Revenue
ACTUAL $9,500
PRO FORMA $16,000
$9,500
$16,000
$/PSF $76
RESIDENTIAL UNIT# 2nd Floor
LEASE STATUS FM
NOTES MTM | Convertible 4 BR
BEDROOMS 2 Bedroom
ROOMS 4
SF 1,275
ACTUAL
PRO FORMA
$/PSF
$2,000
$5,250
$49
3rd Floor
FM
MTM | Convertible 4 BR
2 Bedroom
4
1,275
$2,000
$5,250
$49
4
8
2,550
$4,000
$10,500
Annual Residential Revenue
$48,000
$126,000
Annual Commercial Income
$114,000
$192,000
$162,000
$318,000
Monthly Residential Revenue
Total Annual Revenue There are
0
The super
lives off site
Vacant units currently in the building
*There are an additional 4,100 SF of air rights available.
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Pricing + Financial Analysis Cash Flow Building Size (SF) Number of Units
INCOME Gross Potential Income Gross Potential Residential Rent Gross Potential Commercial Rent Vacancy / Collection Loss Effective Gross Income Average Residential Rent/Month/Unit EXPENSES Property Taxes Fuel - Gas Insurance Water and Sew er Repairs and Maintenance Common Electric (PSF) Super Salary Management Fee Total Expenses Net Operating Incom e
Separate Boilers
5,720
Commercial Units
1
3
Residential Units
2
PRO FORMA
ACTUAL $48,000 $114,000 ($1,440) $160,560 $2,000
%EGI 29.63% 70% 3%
$/Unit / $/SF $16,000 $38,000 ($480) $53,520
$23,194 $0 $1,350 $2,700 $2,250 $1,430 $1,200 $6,422
14% 0% 1% 2% 1% 1% 1% 4%
$7,731 $0 $450 $900 $750 $0.25 $400 $2,141
$38,546
24%
$12,849
$122,014
$126,000 $192,000 ($3,780) $314,220 $5,250
%EGI 39.62% 60% 3%
$/Unit / $/SF $42,000 $64,000 ($1,260) $104,740
$23,194 $0 $1,350 $2,700 $2,250 $1,430 $1,200 $12,569
7% 0% 0% 1% 1% 0% 0% 4%
$7,731 $0 $450 $900 $750 $0.25 $400 $4,190
$44,693
14%
$14,898
$269,527
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 are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap Activity ID Number
PROPERTY DESCRIPTION
557-561 Manhattan Avenue
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Address: City:
557-561 Manhattan Avenuei Brooklyni
State:
NYi
Block & Lot:
2679 / 34i
Lot Dimensions: Lot SF:
46.58 x 48.4 Irregular Lot 3,274
Building Dimensions:
46.58 x 48.4
Building SF:
5,720
Zoning:
C2-4/R6Ai
Max FAR:
3.0
Available Air Rights:
4,102
Landmark District:
Nonei
Historic District:
Nonei
Annual Tax Bill:
$23,194__i
Tax Class:
4i
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description
557-561 Manhattan Avenue SUBJECT PROPERTY
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Exteriors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Exteriors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Bar Matchless
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Residential Interiors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description Residential Interiors
5 5 7 - 5 6 1
M a n h a t t a n
A v e n u e
Property Description
MARKETING TEAM
Shaun Riney 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4369 Fax: (646) 349-2282 [email protected]
Michael Salvatico 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4358 Fax: (646) 349-2282 [email protected]
Jim Saros 16 Court Street, Suite 2A Brooklyn, NY Tel: (718) 475-4343 Fax: (646) 349-2282 [email protected]
Matthew Steinberg 16 Court Street, Suite 2A Brooklyn, NY 11241 Tel: (516) 662-5142 Fax: (646) 349-2282 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
557-561 Manhattan Avenue
