67 sutton street
FOR SALE
67 SUTTON STREET Brooklyn, NY 11222
GREENPOINT 8-UNIT APARTMENT BUILDING FOR SALE
Property Information
Block / Lot
2689 / 19
Lot Size
25.5' x 100'
Lot SF (Approx.)
2,550
Building Dimensions SF (Approx.)
25.5' x 69.5' Irr.
Building Gross SF (Approx.)
6,548
Stories
4
Residential Units
8
Zoning
R6B
Air Rights (Approx.)
None
Historic District
None
RE Assessment (16/17)
$76,423 (Tax Class 2B)
RE Taxes (16/17)
$9,852 (Tax Class 2B)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a fully-occupied four-story, walk-up apartment building located on the west side of Sutton Street between Driggs Avenue and Nassau Avenue. The building consists of eight two-bedroom apartments. All of the apartments are "railroad" 2-bedrooms one of which has an in-unit washer and dryer and has exclusive access to the rear yard which commands a premium rent. Of the eight units, three are RS, two are RC, and three are FM. The common areas of the building have been recently upgraded and un-used lower level mechanical areas could allow for duplexed units in the future. The three FM units were recently gut renovated and feature new hardwood floors throughout, stainless steel appliances, recessed LED lighting, bathrooms with quartz tiles, and ample storage. The average in-place rent is $30 per square foot which is approximately 40% below market. It is located less than two blocks from McGolrick Park and neighborhood hot spots such as Greenpoint Heights, Little Dokebi, Variety Cofee, and Selamat Pagi. Additionally, the property is only a short walk from the Nassau Avenue G train station offering direct access to BedStuy and Downtown Brooklyn or an easy transfer to the 7 train for service into Midtown Manhattan. This is a great opportunity to acquire a multi-family building in the heart of Greenpoint with significant long-term upside in a neighborhood set to spur especially when the L train is under renovation.
ASKING PRICE
$3,750,000
James Nelson, Vice Chairman Brendan Maddigan, Executive Managing Director 212.696.2500 x7710 // [email protected] 718.307.6507 // [email protected] Mitchell Levine, Director 212.660.7761 // [email protected]
Ethan Stanton, Associate Director 718.307.6553 // [email protected]
Brandon Polakoff, Associate Director 212.660.7755// [email protected]
Michael Gigante, Senior Associate 718.307.6555 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
67 SUTTON STREET Brooklyn, NY 11222
RESIDENTIAL REVENUE UNIT
STATUS
TYPE
LXP
NSF
MONTHLY RENT
RENT/SF
ANNUAL RENT
1L
FM
2BR + Garden
Jul-17
700
$3,500
$60
$42,000
1R
RS
2BR/1BA
Mar-17
700
$1,736
$30
$20,838
2L
RC
2BR/1BA
N/A
700
$122
$2
$1,458
2R
FM
2BR/1 BA
May-17
700
$3,000
$51
$36,000
3L
RS
2BR/1BA
Feb-18
700
$1,421
$24
$17,048
3R
RC
2BR/1BA
N/A
700
$132
$2
$1,586
4L
RS
2BR/1BA
Apr-17
700
$1,316
$23
$15,796
4R
FM
2BR/1BA
Jan-18
700
$3,000
$51
$36,000
5,600
$14,227
$30
$170,726
TOTAL
EXPENSES
METRIC
AMOUNT
Actual
$9,852
Common Electric
Projected @ $0.25/SF
$1,637
Water & Sewer
Projected @ $1.00/SF
$6,548
Insurance
Projected @ $1.00/SF
$6,548
Heating
Projected @ $1.50/SF
$9,822
Repairs & Maintenance
Projected @ $500/Unit
$4,000
Super
Projected @ $300/Month
$3,600
Management
Projected @ $400/Month
$4,800
RE Taxes
TOTAL
$46,807
Effective Gross Income
$170,726
Less Expenses
($46,807)
Net Operating Income
$123,919
Cushman & Wakefield copyright 2017. 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.
67 SUTTON STREET Brooklyn, NY 11222
GREENPOINT 8-UNIT APARTMENT BUILDING FOR SALE
Property Information
Block / Lot
2689 / 19
Lot Size
25.5' x 100'
Lot SF (Approx.)
2,550
Building Dimensions SF (Approx.)
25.5' x 69.5' Irr.
Building Gross SF (Approx.)
6,548
Stories
4
Residential Units
8
Zoning
R6B
Air Rights (Approx.)
None
Historic District
None
RE Assessment (16/17)
$76,423 (Tax Class 2B)
RE Taxes (16/17)
$9,852 (Tax Class 2B)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a fully-occupied four-story, walk-up apartment building located on the west side of Sutton Street between Driggs Avenue and Nassau Avenue. The building consists of eight two-bedroom apartments. All of the apartments are "railroad" 2-bedrooms one of which has an in-unit washer and dryer and has exclusive access to the rear yard which commands a premium rent. Of the eight units, three are RS, two are RC, and three are FM. The common areas of the building have been recently upgraded and un-used lower level mechanical areas could allow for duplexed units in the future. The three FM units were recently gut renovated and feature new hardwood floors throughout, stainless steel appliances, recessed LED lighting, bathrooms with quartz tiles, and ample storage. The average in-place rent is $30 per square foot which is approximately 40% below market. It is located less than two blocks from McGolrick Park and neighborhood hot spots such as Greenpoint Heights, Little Dokebi, Variety Cofee, and Selamat Pagi. Additionally, the property is only a short walk from the Nassau Avenue G train station offering direct access to BedStuy and Downtown Brooklyn or an easy transfer to the 7 train for service into Midtown Manhattan. This is a great opportunity to acquire a multi-family building in the heart of Greenpoint with significant long-term upside in a neighborhood set to spur especially when the L train is under renovation.
ASKING PRICE
$3,750,000
James Nelson, Vice Chairman Brendan Maddigan, Executive Managing Director 212.696.2500 x7710 // [email protected] 718.307.6507 // [email protected] Mitchell Levine, Director 212.660.7761 // [email protected]
Ethan Stanton, Associate Director 718.307.6553 // [email protected]
Brandon Polakoff, Associate Director 212.660.7755// [email protected]
Michael Gigante, Senior Associate 718.307.6555 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
67 SUTTON STREET Brooklyn, NY 11222
RESIDENTIAL REVENUE UNIT
STATUS
TYPE
LXP
NSF
MONTHLY RENT
RENT/SF
ANNUAL RENT
1L
FM
2BR + Garden
Jul-17
700
$3,500
$60
$42,000
1R
RS
2BR/1BA
Mar-17
700
$1,736
$30
$20,838
2L
RC
2BR/1BA
N/A
700
$122
$2
$1,458
2R
FM
2BR/1 BA
May-17
700
$3,000
$51
$36,000
3L
RS
2BR/1BA
Feb-18
700
$1,421
$24
$17,048
3R
RC
2BR/1BA
N/A
700
$132
$2
$1,586
4L
RS
2BR/1BA
Apr-17
700
$1,316
$23
$15,796
4R
FM
2BR/1BA
Jan-18
700
$3,000
$51
$36,000
5,600
$14,227
$30
$170,726
TOTAL
EXPENSES
METRIC
AMOUNT
Actual
$9,852
Common Electric
Projected @ $0.25/SF
$1,637
Water & Sewer
Projected @ $1.00/SF
$6,548
Insurance
Projected @ $1.00/SF
$6,548
Heating
Projected @ $1.50/SF
$9,822
Repairs & Maintenance
Projected @ $500/Unit
$4,000
Super
Projected @ $300/Month
$3,600
Management
Projected @ $400/Month
$4,800
RE Taxes
TOTAL
$46,807
Effective Gross Income
$170,726
Less Expenses
($46,807)
Net Operating Income
$123,919
Cushman & Wakefield copyright 2017. 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.
