337 18th Street GREENWOOD HEIGHTS, BROOKLYN, 11215
Renovated 8-Family Walk-Up FOR SALE Reduced Price
$3,850,000 $3,750,000
5.05% Cap Rate
Property Description The subject property is a 4 story walk-up located on the north side of 18th Street between 6th and 7th Avenues. The building has 8 units, with 6 of them recently renovated and converted from 1 bedroom apartments to 2 bedroom apartments. The ground floor units were converted into 2 bedroom duplexes. The subject property is located on a quiet block in Greenwood Heights. The area is surrounded by great outdoor space, including the Green-Wood Cemetery and Prospect Park. The property is 7 blocks from the Prospect Avenue R train and 9 blocks from the Prospect Park F G trains. Nearby car transportation includes close proximity to an entrance ramp to the Prospect Expressway, providing direct access throughout Brooklyn and to Manhattan in 15-20 minutes. Building Features Location
Located on the north side of 18th Street between 6th and 7th Avenues
Revenue Gross Annual Income
$231,790
Vacancy & Collection
2.00%
($4,636)
Block / Lot
874 / 69
Zoning
R6B
FAR
2.0
Lot Dimensions
Per NYC Dept of Finance
($9,327)
25’ x 92’
Irr. (approx.)
Water/Sewer
Provided by Owner
($5,500)
Lot Size
2,190
(approx.)
Insurance
Provided by Owner
($4,500)
Building Dimensions
25’ x 82.25’
Irr. (approx.)
Building Size
6,433 SF
(approx.)
Stories
4
Units
8
Assessment (16/17)
$72,400
Taxes (16/17)
$9,327
Effective Gross Income
$227,154
Projected Expenses Real Estate Taxes ('16/'17)
Provided by Owner
($6,500)
Common Area Electric
Estimated at $0.25/SF
($1,558)
Repairs & Maintenance
Estimated at $500/unit
($4,000)
Management & Reserve
Estimated at 3% of EGI
($6,508)
Fuel
Total Expenses
($37,893)
Effective Gross Income
$227,154
Total Expenses
($37,893)
Net Operating Income
$189,262
For More Information, Please Contact: Aaron Warkov Director (718) 307 6551
[email protected] Adam Ecker Senior Associate (718) 606 7049
[email protected] Daniel Arnel Associate (718) 606 7077
[email protected] Michael Purcell Associate (718) 307 6650
[email protected] Cushman & Wakefield 205 Montague Street, 3rd Floor Brooklyn, NY 11201 phone: +1 718 238 8999 nyinvestmentsales.com
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, Cushman &change wakefield 2015.or No warranty or representation, implied,and is made to the accuracy or completeness of the information contained herein, and is submitted subject errors, omissions, of price, omissions, of copyright price, rental other conditions, withdrawalexpress withoutornotice, to any special listing conditions imposed by the property owner(s). As same applicable, we make notorepresentation as change to the condition 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. ofrental the property (or properties) in question.
337 18th Street, Brooklyn, NY 11215
337 18th Street
Industry City
Liberty View Industrial Plaza
337 18th Street
Green-Wood Cemetery
Prospect Park RENT ROLL Unit
Layout
Tenant Status
Expiration Date
S.F.*
Monthly Rent
$/S.F.
Annual Rent
1L 1R 2L 2R 3L 3R 4L 4R
2-Bedroom, Duplex 2-Bedroom, Duplex 1-Bedroom 2-Bedroom 1-Bedroom 2-Bedroom 2-Bedroom 2-Bedroom
FM FM RS FM RS FM FM FM
7/1/2017 11/30/2016 6/30/2017 6/15/2017 10/24/2016 6/30/2016 MTM 5/31/2017
1,175 1,175 775 775 775 775 775 775
$3,600 $2,850 $1,059 $2,750 $1,007 $2,650 $2,700 $2,700
$36.77 $29.11 $16.39 $42.58 $15.59 $41.03 $41.81 $41.81
$43,200 $34,200 $12,706 $33,000 $12,084 $31,800 $32,400 $32,400
$19,316
$33.14
$231,790
*Estimated SF 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.
337 18th Street, Brooklyn, NY 11215
Green-Wood Cemetery
Prospect Park
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.
337 18th Street, Brooklyn, NY 11215
Green-Wood Cemetery
Prospect Park
For More Information, Please Contact: Aaron Warkov Director (718) 307 6551
[email protected] Adam Ecker Senior Associate (718) 606 7049
[email protected] Daniel Arnel Associate (718) 606 7077
[email protected] Michael Purcell Associate (718) 307 6650
[email protected] Cushman & Wakefield 205 Montague Street, 3rd Floor Brooklyn, NY 11201 phone: +1 718 238 8999 nyinvestmentsales.com
Cushman Cushman& &Wakefield Wakefield Copyright Copyright2015. 2015.No Nowarranty warrantyororrepresentation, representation, express expressororimplied, implied,isis made madetotothe the accuracy accuracyororcompleteness completenessofof the the information informationcontained contained herein, herein, and andsame sameisis submitted submittedsubject subjecttotoerrors, errors, omissions, omissions,change changeofof price, price, rental rental ororother otherconditions, conditions, withdrawal withdrawalwithout withoutnotice, notice, and and totoany any special speciallisting listing conditions conditions imposed imposedbyby the theproperty property owner(s). owner(s).AsAsapplicable, applicable, wewemake makenonorepresentation representation asas toto the thecondition condition ofof the theproperty property (or(orproperties) properties)inin question. question.