702 NOSTRAND AVENUE
702 NOSTRAND AVENUE
CROWN HEIGHTS, BROOKLYN, NY
FOR SALE
Vacant Mixed-Use Building With Air Rights BUILDING FEATURES LOCATION
West side of Nostrand Ave. between St. Marks Ave. and Prospect Pl.
BLOCK & LOT
1226 / 45
LOT SIZE
16.5’ x 100’
LOT SF
1,650
ZONING
R6A / C2-4
FAR
3.0
BUILDING SIZE
16.5’ x 75’
GROUND FLOOR
16.5’ x 75’
SECOND FLOOR
16.5’ x 60’
BUILDING SF
2,228
STORIES / UNITS
2/2
BUILDABLE SF
4,950
AVAILABLE AIR RIGHTS
2,722
TAXES (‘14/’15)
$6,245
PROVIDED / PROJECTED EXPENSES
PROPERTY FEATURES The subject property is a 16.5 foot wide, 2-story mixed-use building located on the west side of Nostrand Avenue between St. Marks Avenue and Prospect Place in Crown Heights, Brooklyn. The property offers additional air rights within mixed-use zoning permitting an additional 2,722 buildable square feet. Public transportation is available within 5 blocks of the property to the 3 Nostrand Avenue Station on Eastern Parkway and 4 ½ blocks to the Long Island Railroad’s Nostrand Avenue Station on Atlantic Avenue, offering access to Downtown Brooklyn and Manhattan within 15-20 minutes. Take advantage of this opportunity to own an investment property in one of Brooklyn’s most rapidly growing neighborhoods.
EXPENSE
METRICS
PROJECTED
REAL ESTATE TAXES
DOF BILL
$6,245
INSURANCE
$1.00/ GSF
$2,228
WATER / SEWER
$0.75 / GSF
$1,671
GAS HEAT
Tenants Pay
---
COMMON ELECTRIC
$0.20 / GSF
$446
REPAIRS / MAINTENANCE
$450 / UNIT
$900
MANAGEMENT
5% of EGI
$4,161
TOTAL
$15,651
EFFECTIVE GROSS INCOME:
$83,220
LESS EXPENSES
($15,651)
NET OPERATING INCOME
$67,569
ASKING PRICE
$1,300,000
FOR MORE INFORMATION, PLEASE CONTACT: Michael Amirkhanian Executive Director (718) 606-7073 [email protected]
Stephen Palmese Vice Chairman (718) 307-6552 [email protected]
DJ Johnston Associate Director (718) 307-6515 [email protected]
Robert Moore Associate Director (718) 606-7046 [email protected]
CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
Michael Mazzara Associate Director (718) 606-7052 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, 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 C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
702 NOSTRAND AVENUE
<XXX> SF AVAILABLE (3 LINES MAXIMUM)
Vacant Mixed-Use Building For Sale With Air Rights PROJECTED RENT ROLL UNIT
TYPE
SIZE (SF)
RENT / SF
RENT
ANNUAL RENT
Vacant Retail
1,119
$48.26
$4,500
$54,000
Vacant Residential
891
$37.71
$2,800
$33,600
2,010
$43.58
$7,300
$87,600
VACANCY & CREDIT LOSS @ 5%
($365)
($4,380)
EFFECTIVE GROSS INCOME
$6,935
$83,220
GROUND FLOOR 2ND FLOOR TOTAL
Nostrand Avenue Station
Franklin Avenue
2 3 4 5 S Botanic Garden Station 3 Nostrand Avenue Station 3 Kingston Avenue Station
2 5 President Street Station
ASKING PRICE: $1,300,000 FOR MORE INFORMATION, PLEASE CONTACT: Michael Amirkhanian Executive Director (718) 606-7073 [email protected]
Stephen Palmese Vice Chairman (718) 307-6552 [email protected]
DJ Johnston Associate Director (718) 307-6515 [email protected]
Robert Moore Associate Director (718) 606-7046 [email protected]
CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
Michael Mazzara Associate Director (718) 606-7052 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, 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 C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
CROWN HEIGHTS, BROOKLYN, NY
FOR SALE
Vacant Mixed-Use Building With Air Rights BUILDING FEATURES LOCATION
West side of Nostrand Ave. between St. Marks Ave. and Prospect Pl.
BLOCK & LOT
1226 / 45
LOT SIZE
16.5’ x 100’
LOT SF
1,650
ZONING
R6A / C2-4
FAR
3.0
BUILDING SIZE
16.5’ x 75’
GROUND FLOOR
16.5’ x 75’
SECOND FLOOR
16.5’ x 60’
BUILDING SF
2,228
STORIES / UNITS
2/2
BUILDABLE SF
4,950
AVAILABLE AIR RIGHTS
2,722
TAXES (‘14/’15)
$6,245
PROVIDED / PROJECTED EXPENSES
PROPERTY FEATURES The subject property is a 16.5 foot wide, 2-story mixed-use building located on the west side of Nostrand Avenue between St. Marks Avenue and Prospect Place in Crown Heights, Brooklyn. The property offers additional air rights within mixed-use zoning permitting an additional 2,722 buildable square feet. Public transportation is available within 5 blocks of the property to the 3 Nostrand Avenue Station on Eastern Parkway and 4 ½ blocks to the Long Island Railroad’s Nostrand Avenue Station on Atlantic Avenue, offering access to Downtown Brooklyn and Manhattan within 15-20 minutes. Take advantage of this opportunity to own an investment property in one of Brooklyn’s most rapidly growing neighborhoods.
EXPENSE
METRICS
PROJECTED
REAL ESTATE TAXES
DOF BILL
$6,245
INSURANCE
$1.00/ GSF
$2,228
WATER / SEWER
$0.75 / GSF
$1,671
GAS HEAT
Tenants Pay
---
COMMON ELECTRIC
$0.20 / GSF
$446
REPAIRS / MAINTENANCE
$450 / UNIT
$900
MANAGEMENT
5% of EGI
$4,161
TOTAL
$15,651
EFFECTIVE GROSS INCOME:
$83,220
LESS EXPENSES
($15,651)
NET OPERATING INCOME
$67,569
ASKING PRICE
$1,300,000
FOR MORE INFORMATION, PLEASE CONTACT: Michael Amirkhanian Executive Director (718) 606-7073 [email protected]
Stephen Palmese Vice Chairman (718) 307-6552 [email protected]
DJ Johnston Associate Director (718) 307-6515 [email protected]
Robert Moore Associate Director (718) 606-7046 [email protected]
CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
Michael Mazzara Associate Director (718) 606-7052 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, 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 C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
702 NOSTRAND AVENUE
<XXX> SF AVAILABLE (3 LINES MAXIMUM)
Vacant Mixed-Use Building For Sale With Air Rights PROJECTED RENT ROLL UNIT
TYPE
SIZE (SF)
RENT / SF
RENT
ANNUAL RENT
Vacant Retail
1,119
$48.26
$4,500
$54,000
Vacant Residential
891
$37.71
$2,800
$33,600
2,010
$43.58
$7,300
$87,600
VACANCY & CREDIT LOSS @ 5%
($365)
($4,380)
EFFECTIVE GROSS INCOME
$6,935
$83,220
GROUND FLOOR 2ND FLOOR TOTAL
Nostrand Avenue Station
Franklin Avenue
2 3 4 5 S Botanic Garden Station 3 Nostrand Avenue Station 3 Kingston Avenue Station
2 5 President Street Station
ASKING PRICE: $1,300,000 FOR MORE INFORMATION, PLEASE CONTACT: Michael Amirkhanian Executive Director (718) 606-7073 [email protected]
Stephen Palmese Vice Chairman (718) 307-6552 [email protected]
DJ Johnston Associate Director (718) 307-6515 [email protected]
Robert Moore Associate Director (718) 606-7046 [email protected]
CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor Brooklyn, NY 11201 nyinvestmentsales.com
Michael Mazzara Associate Director (718) 606-7052 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, 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 C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
