595 clinton street
RED HOOK RETAIL BUILDING FOR SALE
595 CLINTON STREET Brooklyn, NY 11231 6-7% capitalization rate in less than 2 years
TWO-STORY COMMERCIAL BUILDING PROPERTY FEATURES
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a two-story commercial building located at 595 Clinton Street in Red Hook, Brooklyn. This corner property measures approximately 22,000 SF with an additional 5,000 SF rooftop children’s play area. The building is currently leased to the City of New York through April 2017 and is used as a child day care center. The City has a 90-day “right of first refusal” to purchase the property during the lease term. Offering approximately 240 feet of frontage, the subject property is located within three blocks of the Smith-9th subway stop, accessible to the F and G trains, and right beside a stop for the B57 and B61 buses. The Hamilton Avenue Footbridge, which connects pedestrians with the popular shopping and restaurants of Brooklyn's Carroll Gardens neighborhood (such as Buttermilk Channel, Court Street Grocers, Frankies 452, and Prime Meats to name a few), is within walking distance as well.
Location
Subject property is located on the southeast corner of Clinton Street and Mill Street
Block / Lot
552 / 5
Lot Dimensions
100’ x 140’
Lot SF
14,000 approx.
Building Dimensions
100’ x 140’
Building SF
22,000 approx.
Stories
2
Zoning
R5 / M1-1 / C1-3
Residential FAR
1.25
Manufacturing FAR
1.00
Assessment (15/16)
$2,344,083
Taxes (15/16)
$249,785 (paid by the City)
ACTUAL REVENUE UNIT
S.F.
$ / S.F.
MONTHLY RENT
ANNUAL RENT
Day Care
22,000
$12.72
$23,323
$279,870
$11.35
$20,815
$249,785
22,000
$24.08
$44,138
$529,655
UNIT
S.F.
$ / S.F.
MONTHLY RENT
ANNUAL RENT
Day Care
22,000
$30.00
$55,000
$660,000
TOTAL
22,000
$30.00
$55,000
$660,000
ACTUAL
PROJECTED
$249,785
$99,000 *
INSURANCE
-
$22,000
WATER & SEWER
-
-
OWNER'S SHARE OF EXPENSES
$42,350
$20,000
REPAIRS & MAINTENANCE (3%)
$15,890
$19,800
PROPERTY MANAGEMENT & VACANCY (5%)
$26,483
$33,000
TOTAL
$334,507
$193,800
GROSS ANNUAL INCOME
$529,655
$660,000
LESS EXPENSES
$334,507
$193,800
NET OPERATING INCOME
$195,148
$466,200
Passthroughs TOTAL
F
G
Red Hook
PROJECTED REVENUE
595 CLINTON STREET
F EXPENSES REAL ESTATE TAXES (15/16)
6-7% capitalization rate in less than 2 years
G
D R N Ikea Express Ferry
F
G
For more information, please contact:
* Estimate of tax bill based on 15% of gross income
ASKING PRICE
$7,000,000 205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: +1 718 238 8999 cushmanwakefield.com
Brendan Maddigan Director of Sales 718.307.6507
Winfield Clifford Director of Sales 718.307.7054
[email protected]
[email protected]
Mark Lively Associate Director 718.307.6524
Ethan Stanton Senior Associate 718.307.6553
[email protected]
[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.
595 CLINTON STREET Brooklyn, NY 11231 6-7% capitalization rate in less than 2 years
TWO-STORY COMMERCIAL BUILDING PROPERTY FEATURES
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a two-story commercial building located at 595 Clinton Street in Red Hook, Brooklyn. This corner property measures approximately 22,000 SF with an additional 5,000 SF rooftop children’s play area. The building is currently leased to the City of New York through April 2017 and is used as a child day care center. The City has a 90-day “right of first refusal” to purchase the property during the lease term. Offering approximately 240 feet of frontage, the subject property is located within three blocks of the Smith-9th subway stop, accessible to the F and G trains, and right beside a stop for the B57 and B61 buses. The Hamilton Avenue Footbridge, which connects pedestrians with the popular shopping and restaurants of Brooklyn's Carroll Gardens neighborhood (such as Buttermilk Channel, Court Street Grocers, Frankies 452, and Prime Meats to name a few), is within walking distance as well.
Location
Subject property is located on the southeast corner of Clinton Street and Mill Street
Block / Lot
552 / 5
Lot Dimensions
100’ x 140’
Lot SF
14,000 approx.
Building Dimensions
100’ x 140’
Building SF
22,000 approx.
Stories
2
Zoning
R5 / M1-1 / C1-3
Residential FAR
1.25
Manufacturing FAR
1.00
Assessment (15/16)
$2,344,083
Taxes (15/16)
$249,785 (paid by the City)
ACTUAL REVENUE UNIT
S.F.
$ / S.F.
MONTHLY RENT
ANNUAL RENT
Day Care
22,000
$12.72
$23,323
$279,870
$11.35
$20,815
$249,785
22,000
$24.08
$44,138
$529,655
UNIT
S.F.
$ / S.F.
MONTHLY RENT
ANNUAL RENT
Day Care
22,000
$30.00
$55,000
$660,000
TOTAL
22,000
$30.00
$55,000
$660,000
ACTUAL
PROJECTED
$249,785
$99,000 *
INSURANCE
-
$22,000
WATER & SEWER
-
-
OWNER'S SHARE OF EXPENSES
$42,350
$20,000
REPAIRS & MAINTENANCE (3%)
$15,890
$19,800
PROPERTY MANAGEMENT & VACANCY (5%)
$26,483
$33,000
TOTAL
$334,507
$193,800
GROSS ANNUAL INCOME
$529,655
$660,000
LESS EXPENSES
$334,507
$193,800
NET OPERATING INCOME
$195,148
$466,200
Passthroughs TOTAL
F
G
Red Hook
PROJECTED REVENUE
595 CLINTON STREET
F EXPENSES REAL ESTATE TAXES (15/16)
6-7% capitalization rate in less than 2 years
G
D R N Ikea Express Ferry
F
G
For more information, please contact:
* Estimate of tax bill based on 15% of gross income
ASKING PRICE
$7,000,000 205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: +1 718 238 8999 cushmanwakefield.com
Brendan Maddigan Director of Sales 718.307.6507
Winfield Clifford Director of Sales 718.307.7054
[email protected]
[email protected]
Mark Lively Associate Director 718.307.6524
Ethan Stanton Senior Associate 718.307.6553
[email protected]
[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.
