267 9TH STREET BROOKLYN, NY 11215 Eight Family Walk-up
PROPERTY FEATURES The subject property is a four-story, multi-family walk-up building located on the north side of 9th Street between 4th and 5th Avenues in Park Slope, Brooklyn. The property currently features eight spacious apartments. Currently, the eight units are rent stabilized, however, the average in-place rent for the building is approximately $32/SF, whereas the market rate is $50/SF. The property is located in the heart of beautiful Park Slope and approximately half a block from the 4th Avenue subway station (at 9th Street) where the F and G trains are accessible and only one block from the 9th Street station where the R train is accessible. The B63 bus, which runs along 5th Avenue, and the B103 bus, which runs along 4th Avenue, are also easily accessible. Additionally, the property benefits from its proximity to the prime retail corridor of 5th Avenue and Prospect Park. This is a great opportunity to own a piece of this desirable area.
BUILDING FEATURES LOCATION
Located on the north side 9th Street between 4th and 5th Avenues
BLOCK / LOT
1004 / 62
ZONING
R6A/C2-4
FAR
3.00
LOT SIZE
25’ x 90’ SF (Approx.)
LOT SF
2,250 SF (Approx.)
BUILDING DIMENSIONS
25’ x 65’ SF (Approx.)
BUILDING SIZE
6,612 SF (Approx.)
STORIES
4
UNITS
8
ASKING PRICE
ASSESSMENT (15/16)
$112,425
$3,550,000
TAXES (15/16)
$14,452
FOR MORE INFORMATION, PLEASE CONTACT: Aaron Warkov Director (718) 307 6551
[email protected] Winfield Clifford Director (718) 606 7054
[email protected] James Singleton Associate Director (718) 606 7047
[email protected] Adam Ecker Senior Associate (718) 606 7049
[email protected] Daniel Arnel Associate (718) 606 7077
[email protected] CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client.
267 9TH STREET, BROOKLYN NY 11215
<XXX> SF AVAILABLE (3 LINES MAXIMUM)
Eight Family Walk-Up for Sale ACTUAL REVENUE SUBHEAD GROSS INCOME
$180,636
VACANCY & COLLECTION
2.00%
($3,613)
EFFECTIVE GROSS INCOME
$177,023
PROJECTED EXPENSES Per NYC Dept. of Finance
($14,452)
WATER AND SEWER
Estimated at $0.65/SF
($4,298)
INSURANCE
Estimated at $1.00/SF
($6,612)
FUEL
Estimated at $1.50/SF
($9,918)
COMMON AREA ELECTRIC
Estimated at $0.25/SF
($1,653)
REPAIRS AND MAINTENANCE
Estimated at 3% of EGI
($5,311)
MANAGEMENT AND RESERVE
Estimated at 3% of EGI
($5,311)
REAL ESTATE TAXES (15/16)
TOTAL EXPENSES
($47,554)
NET OPERATING INCOME EFFECTIVE GROSS INCOME
$177,023
TOTAL EXPENSES
($47,554)
N.O.I
$129,469
ASKING PRICE
$3,550,000 Revenue Unit
Status
Lease Expiration
Layout
N.S.F*
P.P.S.F
Monthly Rent
Annual Rent
1L
RS
06/30/2015
2BR 1BA
703
$11
$639
$7,668
1R
RS
08/31/2015
2BR 1BA
703
$39
$2,300
$27,600
2L
RS
08/31/2015
2BR 1BA
703
$31
$1,825
$21,900
2R
RS
08/31/2015
2BR 1BA
703
$33
$1,950
$23,400
3L
RS
08/31/2015
2BR 1BA
703
$35
$2,039
$24,468
3R
RS
01/31/2016
2BR 1BA
703
$38
$2,250
$27,000
4L
RS
08/31/2015
2BR 1BA
703
$32
$1,850
$22,200
4R
RS
05/31/2016
2BR 1BA
703
$38
$2,200
$26,400
5,620
$32
$15,053
$180,636
TOTAL
*Estimated N.S.F utilizing a 15% loss factor FOR MORE INFORMATION, PLEASE CONTACT: Aaron Warkov Director (718) 307 6551
[email protected] Winfield Clifford Director (718) 606 7054
[email protected] James Singleton Associate Director (718) 606 7047
[email protected] Adam Ecker Senior Associate (718) 606 7049
[email protected] Daniel Arnel Associate (718) 606 7077
[email protected] CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client.