140 Palmetto Street Bushwick, Brooklyn, NY
D SEN
AVE NER RDE GA
S ST MA THO
140 Palmetto Street Bushwick, Brooklyn, NY
ST
AVE
N TOW
TT SCO
ST
ST RY T HE R YS HON ANT ST DY R A B LOM
6-Unit Multifamily Building with Immediate Upside
FOR SALE Property Information
VAN
AVE TH SPE MA
AVE RT VOO DER METROP
OLITAN A VE
SO N
ST HA RM AN
AV E
EN
ST
ST
GA TE S
ND
LI
25' x 100'
(approx.)
Building Dimensions:
25' x 65'
(approx.)
Stories:
3
Gross Square Footage:
4,875
Residential Units:
6
Total Units:
6
Zoning:
R6
FAR:
2.20
Lot Size:
2,500
Total Buildable Sq. Ft.:
5,500
sq. ft. (approx.)
Minus Existing Structure: 4,875
sq. ft. (approx.)
R ST
ST
$53,094
Tax Rate:
12.8830%
Taxes: (16/17):
$6,840
(approx.)
Property Highlights
ST
IL SO N
Public transportation is available within three blocks at the Gates Avenue JMZ Station and five blocks to Myrtle-Wyckoff Station, offering convenient access to Williamsburg and Manhattan within 20 minutes. The property also benefits from close proximity to many of Bushwick’s already flourishing art galleries, night life, and dining options. Take advantage of this opportunity to own an investment property in one of Brooklyn’s most rapidly growing neighborhoods.
PE R
ST
AV E
O CO
CH M O AU FF NC AT EY ST ST ST NG
BR OA DW AY
RD AVE
GAL ST MACDOU
AB AV ER E DE EN ST
PI LL I ST IT E
GR AN
AV E
ON BLVD R GAST MOTHE
GA AVE
SUMPTE
Assessment (16/17):
IE LD
W
BU SH W IC K
BR OA DW AY
ST MARION
625
AN
AV E
AY AVE ROCKAW
SARATO
HOWA
AVE RALPH
WOODBINE STREET
Available Air Rights:
EI RF W
ST
EN
AV E
ND ST BOYLA THOMAS 100’
RD AVE
ST MACON
R ST DECATU
EY ST CHAUNC
ST
RE
ST OUGH MACDON
ST BRIDGE
AV E
ASKING PRICE: $1,850,000
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: LL ST HU
HERKIMER STRE ET
FULTON STRE ET
ST SOMERS
HERKIMER STRE ET
DJ JOHNSTON (718) 307 6515 PACIFIC
PACIFIC ST
HOWARD AVE
ST
RALPH AVE
ST MARKS AVE
AN ST
MAC LEE
BRYAN KIRK
(718) 606 7050
(718) 307 6516
Senior Associate PACIFIC ST
[email protected]
Associate
[email protected]
Cushman & Wakefield 1 Pierrepont Plaza, Fl. 9, STE. 2 Brooklyn, New York 11201 phone: +1 718 238 8999 nyinvestmentsales.com
DEAN ST
BERGEN ST
RA
STERLING PL
STERLING
SARATOGA AV E
PARK PL
BU
AVE
STERLING PL
ROCHESTER AV E
ST MARKS AVE PROSPEC& Cushman Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject T PL PROSPECT PL 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 reprePROSPECT PL PARK PL sentation as to the condition of the property (or properties) in question.
UTICA AVE
SCHENECTADY
BUFFALO AVE
AVE
ROCHESTER AV E
Director
[email protected] ST [email protected] DE ST MARKS AVE
3350 / 22
Lot Dimensions:
The subject property is a three-story walk-up multifamily building with six residential units located on the south side of Palmetto Street between Evergreen and Central Avenues in Bushwick, Brooklyn.
AV E
25’
22
3356 BAIN
AV E
CENTRAL AVENUE
ST HALSEY
ER
Y
AV E
BU SH W IC K
AVE
HOWA
EN AVE PATCH
ST OUGH MACDON
(718) 307 6552 DEAN BERGEN ST
Block / Lot:
RM
E
ST HALSEY
RA L
EV ER G
JE F
PUTNAM
G
EL DE RT
CE NT
N
AV E
AVE ERSON JEFF PALMETTO STREET K ST HANCOC
R ST DECATU
M CO AV RN E EL IA ST
AD IS O N
M
AV E
CK
AV E
TN A
EE N
IR VI N
HA NC O CK
IL
ST
W
PU
ER GR
AV E
Vice Chairman PACIFI C ST ST
Located on the east side of Palmetto St. between Evergreen Ave. & Central Ave.
AV E
AV E
ER BO
BR OA DW AY
EY ST CHAUNC
UTICA AVE
SCHENECTADY
EAN ST
NE CA
FU
AV RALPH
VD LM X BL MALCO
AVE ESANT STUYV
AVE LEWIS
IDGE ST
SE
AV E
KN IC K
EV
E ST MONRO
ST MACON
AV E
M
140 Palmetto St.
STEPHEN P.E PALMESE ATL ANTIC AVENU
ERGEN ST
AVE
MYRTLE AV E
SO N
ST HALSEY
BAINBR
FF
AV E
LM
IL
J Z J
EN AVE PATCH
UE EEN AVEN EVERGR
AVE ESANT STUYV
K ST HANCOC
AV E
AV E
NE CA
DW AR D
AV E
BU SH W IC K
N ST MADISO
E SON AV JEFFER
G
W YC KO
O
HO
W
AVE
BU SH W IC K
FULTON STRE ET
ACIFIC ST
ER
ST
CK
ON AVE LEXINGT
N ST MADISO
AV E
W O NK
HA LS E
TR O
DE
KA LB
AV E
ER BO
ND ER DO
SE
IR VI N
NE AVE
ST QUINCY
FF
O
AV E
FE RS O
AV E
EN AVE PATCH
VD LM X BL MALCO
UE TTE AVEN LAFAYE REN ST VAN BU
W YC KO
NE CA
KA LB ST O AV CK E HO ST LM AN HO ST HI P M E RO ST D HA ST RM AN ST HI M RO D
EE N
KO SC IS KO ZK SS O ST UT H PL ET TE AV E
AY
ST MACON
ST
EV ER GR
AVE GATES
EY ST
FF
W
R
DE
DA CE
LA FA Y
B
GREE
AV E
MYRTLE
M
JROADZ J W
KO ST
KN IC K
AV E
RA L
AV E
CY PR ES S
CE NT
E ST MONRO
AVE
ER SO
N SO N
SE
AV E
AV E
AV E
AN ST ST AR R ST IL LO U SU GH YD BY AM AV HA ST E RT ST
IL
AV E
KA LB
E AVENU
TES AVE
ECT PL
DE
I ST
SZ KOSCIU
AVE ESANT STUYV
E
SU YD AM HA RT ST LA ST W TO N ST
AVE ESANT STUYV
NT
JE
ST
ST
ON E ME RS AV ST BU FE Y SH JEF AN HB TM W IC OU UG K TR O L AV ST IL E M W A YD AVE SU MYRTLE ST T R BR HA OA VE DW AY
DEKALB
ER
G
M
TR O ST
PULASK
CK
ST
W
IR VI N
UT
JE F
FE
RS O
N
EL M
AV E
ST
ST
E
LL
O RG
GE
NO
ST EST
RO SE
RT ST BOGA
E ST WHIT
RA L
E OS LR
ST
TAN ST GRAT
UE EN AV G KN HIN IC US KE L F RB O
CE NT
ST TH
PL
E
E AV ER CK BO ER AVE G AN MOR
ST ART
ISON HARR
CY PR ES S
RT AV
K IC KN
BOG
ST HAM
UT
ON
INGRA
VE CK A VARI
JOHNS
DW AR D
VE ON A
A STEW
S JOHN
AVE
ST
LPH
ST AR R
AVE
T RT S
AVE
DO
RAN
O
GR OV E
W O
CO VE RT SC ST HA EF DE ER CA ST TU R ST
L ERO
AVE
ICK VAR
N RGA MO
MES
140 Palmetto Street
Location:
Building Information
T ES
M JE AN FF ER ST W ST IL SO LO N SU UG ST FL YD ST H US BY AM HI GR A DE ST N VE HA EE G ST KA RT NE AV O BL LB C S EN EE AV KH T AV SU CK UE E ST O E YD TR LM AN ER HI O A M ST HO M UT ST RO S S HA M PE TA T AN D HA RR RM ST ST RT ST ST AN ST W O ST IL M ST CK EN LO HO UG AH ST HB LM AN AN GR Y ST ST HO OV AV PE E E HI LI BL ST M ND ST EE RO GR EN CK EE D GA ER ST ST NE M HA TE EN ST HA RM AV S PA A D AV RT E HA AN EK LM E ST AL N ET ST LI W ST ST ND TO B O GR O O AV EN ST CK DB OV E HO ST IN E E ST ST GA LM HA ST AN TE ST RM PA HO S AV AN LM PE HI E ET M LI W ST ST RO ND TO O O D EN ST DB ST ST IN E ST
AVE
ST
RT WA STE
GG STA
ST O CK
M
ST
NER
ST OW EAD
VE TT A SCO
EYC
TEN
T KS
D GAR
ST ND GRA
Address:
140 Palmetto Street Bushwick, Brooklyn, NY
6-Unit Multifamily Building with Immediate Upside FOR SALE REVENUE Unit
Type
Lease Exp.
Size (SF)*
Rent
Rent/SF
Annual Rent
Apt. 1
2 BR
VACANT
1,073
$3,200
$36
$38,400
Apt. 2
4 BR Duplex
VACANT
1,073
$3,200
$36
$38,400
Apt. 3
2 BR
RS
715
$500
$8
$6,000
Apt. 4
3 BR
RS
715
$500
$8
$6,000
Apt. 5
2 BR
RS
715
$932
$16
$11,184
Apt. 6
3 BR
VACANT
715
$2,750
$46
$33,000
5,006
$11,082
$27
$132,984
TOTAL:
*Net Square Footage assuming a 12% for common loss
EXPENSES Revenue Potential Gross Income:
$132,984
Vacancy & Credit Loss:
3.0%
-$3,990
Effective Gross Income:
$128,994
Expenses (Estimated)
C & W Metrics
Projected
$/SF
$/Unit
Real Estate Taxes (16/17)
Full Taxes
$6,840
$1.40
$1,140
Insurance
$400 / Unit
$2,400
$0.49
$400
Water & Sewer
$1.00 / GSF
$4,875
$1.00
$813
Heating Fuel*
$1.25 / GSF
$2,681
$0.55
$447
Electric (Common)
$0.15 / GSF
$731
$0.15
$122
Repairs & Maintenance
$450 / Unit
$2,700
$0.55
$450
Superintendent
$250 / Month
$3,000
$0.62
$500
Management
4.0%
of EGI
$5,160
$1.06
$860
Total:
Exp. Ratio:
22.01%
$28,387
$5.82
$4,731
*Free market units pay heating fuel Effective Gross Income:
$128,994
Less Expenses:
$28,387
Net Operating Income:
$100,607
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: STEPHEN P. PALMESE
DJ JOHNSTON
MAC LEE
BRYAN KIRK
(718) 307 6552
(718) 307 6515
(718) 606 7050
(718) 307 6516
[email protected]
[email protected]
[email protected]
[email protected]
Vice Chairman
Director
Senior Associate
Associate
Cushman & Wakefield 1 Pierrepont Plaza, Fl. 9, STE. 2 Brooklyn, New York 11201 phone: +1 718 238 8999 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
AVE NER RDE GA
S ST MA THO
140 Palmetto Street Bushwick, Brooklyn, NY
ST
AVE
N TOW
TT SCO
ST
ST RY T HE R YS HON ANT ST DY R A B LOM
6-Unit Multifamily Building with Immediate Upside
FOR SALE Property Information
VAN
AVE TH SPE MA
AVE RT VOO DER METROP
OLITAN A VE
SO N
ST HA RM AN
AV E
EN
ST
ST
GA TE S
ND
LI
25' x 100'
(approx.)
Building Dimensions:
25' x 65'
(approx.)
Stories:
3
Gross Square Footage:
4,875
Residential Units:
6
Total Units:
6
Zoning:
R6
FAR:
2.20
Lot Size:
2,500
Total Buildable Sq. Ft.:
5,500
sq. ft. (approx.)
Minus Existing Structure: 4,875
sq. ft. (approx.)
R ST
ST
$53,094
Tax Rate:
12.8830%
Taxes: (16/17):
$6,840
(approx.)
Property Highlights
ST
IL SO N
Public transportation is available within three blocks at the Gates Avenue JMZ Station and five blocks to Myrtle-Wyckoff Station, offering convenient access to Williamsburg and Manhattan within 20 minutes. The property also benefits from close proximity to many of Bushwick’s already flourishing art galleries, night life, and dining options. Take advantage of this opportunity to own an investment property in one of Brooklyn’s most rapidly growing neighborhoods.
PE R
ST
AV E
O CO
CH M O AU FF NC AT EY ST ST ST NG
BR OA DW AY
RD AVE
GAL ST MACDOU
AB AV ER E DE EN ST
PI LL I ST IT E
GR AN
AV E
ON BLVD R GAST MOTHE
GA AVE
SUMPTE
Assessment (16/17):
IE LD
W
BU SH W IC K
BR OA DW AY
ST MARION
625
AN
AV E
AY AVE ROCKAW
SARATO
HOWA
AVE RALPH
WOODBINE STREET
Available Air Rights:
EI RF W
ST
EN
AV E
ND ST BOYLA THOMAS 100’
RD AVE
ST MACON
R ST DECATU
EY ST CHAUNC
ST
RE
ST OUGH MACDON
ST BRIDGE
AV E
ASKING PRICE: $1,850,000
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: LL ST HU
HERKIMER STRE ET
FULTON STRE ET
ST SOMERS
HERKIMER STRE ET
DJ JOHNSTON (718) 307 6515 PACIFIC
PACIFIC ST
HOWARD AVE
ST
RALPH AVE
ST MARKS AVE
AN ST
MAC LEE
BRYAN KIRK
(718) 606 7050
(718) 307 6516
Senior Associate PACIFIC ST
[email protected]
Associate
[email protected]
Cushman & Wakefield 1 Pierrepont Plaza, Fl. 9, STE. 2 Brooklyn, New York 11201 phone: +1 718 238 8999 nyinvestmentsales.com
DEAN ST
BERGEN ST
RA
STERLING PL
STERLING
SARATOGA AV E
PARK PL
BU
AVE
STERLING PL
ROCHESTER AV E
ST MARKS AVE PROSPEC& Cushman Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject T PL PROSPECT PL 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 reprePROSPECT PL PARK PL sentation as to the condition of the property (or properties) in question.
UTICA AVE
SCHENECTADY
BUFFALO AVE
AVE
ROCHESTER AV E
Director
[email protected] ST [email protected] DE ST MARKS AVE
3350 / 22
Lot Dimensions:
The subject property is a three-story walk-up multifamily building with six residential units located on the south side of Palmetto Street between Evergreen and Central Avenues in Bushwick, Brooklyn.
AV E
25’
22
3356 BAIN
AV E
CENTRAL AVENUE
ST HALSEY
ER
Y
AV E
BU SH W IC K
AVE
HOWA
EN AVE PATCH
ST OUGH MACDON
(718) 307 6552 DEAN BERGEN ST
Block / Lot:
RM
E
ST HALSEY
RA L
EV ER G
JE F
PUTNAM
G
EL DE RT
CE NT
N
AV E
AVE ERSON JEFF PALMETTO STREET K ST HANCOC
R ST DECATU
M CO AV RN E EL IA ST
AD IS O N
M
AV E
CK
AV E
TN A
EE N
IR VI N
HA NC O CK
IL
ST
W
PU
ER GR
AV E
Vice Chairman PACIFI C ST ST
Located on the east side of Palmetto St. between Evergreen Ave. & Central Ave.
AV E
AV E
ER BO
BR OA DW AY
EY ST CHAUNC
UTICA AVE
SCHENECTADY
EAN ST
NE CA
FU
AV RALPH
VD LM X BL MALCO
AVE ESANT STUYV
AVE LEWIS
IDGE ST
SE
AV E
KN IC K
EV
E ST MONRO
ST MACON
AV E
M
140 Palmetto St.
STEPHEN P.E PALMESE ATL ANTIC AVENU
ERGEN ST
AVE
MYRTLE AV E
SO N
ST HALSEY
BAINBR
FF
AV E
LM
IL
J Z J
EN AVE PATCH
UE EEN AVEN EVERGR
AVE ESANT STUYV
K ST HANCOC
AV E
AV E
NE CA
DW AR D
AV E
BU SH W IC K
N ST MADISO
E SON AV JEFFER
G
W YC KO
O
HO
W
AVE
BU SH W IC K
FULTON STRE ET
ACIFIC ST
ER
ST
CK
ON AVE LEXINGT
N ST MADISO
AV E
W O NK
HA LS E
TR O
DE
KA LB
AV E
ER BO
ND ER DO
SE
IR VI N
NE AVE
ST QUINCY
FF
O
AV E
FE RS O
AV E
EN AVE PATCH
VD LM X BL MALCO
UE TTE AVEN LAFAYE REN ST VAN BU
W YC KO
NE CA
KA LB ST O AV CK E HO ST LM AN HO ST HI P M E RO ST D HA ST RM AN ST HI M RO D
EE N
KO SC IS KO ZK SS O ST UT H PL ET TE AV E
AY
ST MACON
ST
EV ER GR
AVE GATES
EY ST
FF
W
R
DE
DA CE
LA FA Y
B
GREE
AV E
MYRTLE
M
JROADZ J W
KO ST
KN IC K
AV E
RA L
AV E
CY PR ES S
CE NT
E ST MONRO
AVE
ER SO
N SO N
SE
AV E
AV E
AV E
AN ST ST AR R ST IL LO U SU GH YD BY AM AV HA ST E RT ST
IL
AV E
KA LB
E AVENU
TES AVE
ECT PL
DE
I ST
SZ KOSCIU
AVE ESANT STUYV
E
SU YD AM HA RT ST LA ST W TO N ST
AVE ESANT STUYV
NT
JE
ST
ST
ON E ME RS AV ST BU FE Y SH JEF AN HB TM W IC OU UG K TR O L AV ST IL E M W A YD AVE SU MYRTLE ST T R BR HA OA VE DW AY
DEKALB
ER
G
M
TR O ST
PULASK
CK
ST
W
IR VI N
UT
JE F
FE
RS O
N
EL M
AV E
ST
ST
E
LL
O RG
GE
NO
ST EST
RO SE
RT ST BOGA
E ST WHIT
RA L
E OS LR
ST
TAN ST GRAT
UE EN AV G KN HIN IC US KE L F RB O
CE NT
ST TH
PL
E
E AV ER CK BO ER AVE G AN MOR
ST ART
ISON HARR
CY PR ES S
RT AV
K IC KN
BOG
ST HAM
UT
ON
INGRA
VE CK A VARI
JOHNS
DW AR D
VE ON A
A STEW
S JOHN
AVE
ST
LPH
ST AR R
AVE
T RT S
AVE
DO
RAN
O
GR OV E
W O
CO VE RT SC ST HA EF DE ER CA ST TU R ST
L ERO
AVE
ICK VAR
N RGA MO
MES
140 Palmetto Street
Location:
Building Information
T ES
M JE AN FF ER ST W ST IL SO LO N SU UG ST FL YD ST H US BY AM HI GR A DE ST N VE HA EE G ST KA RT NE AV O BL LB C S EN EE AV KH T AV SU CK UE E ST O E YD TR LM AN ER HI O A M ST HO M UT ST RO S S HA M PE TA T AN D HA RR RM ST ST RT ST ST AN ST W O ST IL M ST CK EN LO HO UG AH ST HB LM AN AN GR Y ST ST HO OV AV PE E E HI LI BL ST M ND ST EE RO GR EN CK EE D GA ER ST ST NE M HA TE EN ST HA RM AV S PA A D AV RT E HA AN EK LM E ST AL N ET ST LI W ST ST ND TO B O GR O O AV EN ST CK DB OV E HO ST IN E E ST ST GA LM HA ST AN TE ST RM PA HO S AV AN LM PE HI E ET M LI W ST ST RO ND TO O O D EN ST DB ST ST IN E ST
AVE
ST
RT WA STE
GG STA
ST O CK
M
ST
NER
ST OW EAD
VE TT A SCO
EYC
TEN
T KS
D GAR
ST ND GRA
Address:
140 Palmetto Street Bushwick, Brooklyn, NY
6-Unit Multifamily Building with Immediate Upside FOR SALE REVENUE Unit
Type
Lease Exp.
Size (SF)*
Rent
Rent/SF
Annual Rent
Apt. 1
2 BR
VACANT
1,073
$3,200
$36
$38,400
Apt. 2
4 BR Duplex
VACANT
1,073
$3,200
$36
$38,400
Apt. 3
2 BR
RS
715
$500
$8
$6,000
Apt. 4
3 BR
RS
715
$500
$8
$6,000
Apt. 5
2 BR
RS
715
$932
$16
$11,184
Apt. 6
3 BR
VACANT
715
$2,750
$46
$33,000
5,006
$11,082
$27
$132,984
TOTAL:
*Net Square Footage assuming a 12% for common loss
EXPENSES Revenue Potential Gross Income:
$132,984
Vacancy & Credit Loss:
3.0%
-$3,990
Effective Gross Income:
$128,994
Expenses (Estimated)
C & W Metrics
Projected
$/SF
$/Unit
Real Estate Taxes (16/17)
Full Taxes
$6,840
$1.40
$1,140
Insurance
$400 / Unit
$2,400
$0.49
$400
Water & Sewer
$1.00 / GSF
$4,875
$1.00
$813
Heating Fuel*
$1.25 / GSF
$2,681
$0.55
$447
Electric (Common)
$0.15 / GSF
$731
$0.15
$122
Repairs & Maintenance
$450 / Unit
$2,700
$0.55
$450
Superintendent
$250 / Month
$3,000
$0.62
$500
Management
4.0%
of EGI
$5,160
$1.06
$860
Total:
Exp. Ratio:
22.01%
$28,387
$5.82
$4,731
*Free market units pay heating fuel Effective Gross Income:
$128,994
Less Expenses:
$28,387
Net Operating Income:
$100,607
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: STEPHEN P. PALMESE
DJ JOHNSTON
MAC LEE
BRYAN KIRK
(718) 307 6552
(718) 307 6515
(718) 606 7050
(718) 307 6516
[email protected]
[email protected]
[email protected]
[email protected]
Vice Chairman
Director
Senior Associate
Associate
Cushman & Wakefield 1 Pierrepont Plaza, Fl. 9, STE. 2 Brooklyn, New York 11201 phone: +1 718 238 8999 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
