| Building for Sale | 885 East 38th Street Brooklyn, NY 11210
PROPERTY SNAPSHOT
ASKING PRICE :
$ 5,150,000
ADDRESS
885 East 38th Street
LOCATION
The subject property is located on the east side of East 38th Street between Glenwood Road and Avenue H.
BLOCK / LOT
7722 / 29
LOT DIMENSIONS
60’ x 100’
STORIES
6
RESIDENTIAL UNITS
29
GROSS SF
25,200
ZONING
R4
FAR
0.9
LOT SIZE
6,000
SF (Approx)
TOTAL BUILDABLE SF
5,400
SF (Approx)
MINUS EXISTING STRUCTURE
25,200
SF (Approx)
AVAILABLE AIR RIGHTS
None
ASSESSMENT (14/15)
$ 411,648
TAXES (14/15)
$ 54,111
(Approx)
(Approx)
Cushman and Wakefield has been exclusively retained to arrange for the sale of both 885 East 38th Street and 3802 Glenwood Road in Brooklyn, NY. 885 East 38th Street is a six story elevator building in the vibrant neighborhood of East Flatbush. The building is approximately 25,200 square feet and contains 29 residential units all of which are subject to rent stabilization. The property is easily accessible via the and subway lines located at the Flatbush Avenue-Brooklyn College subway station, as well as the B6 Bus stop located at the intersection of Glenwood Road and East 38th Street. In addition to convenient transportation the prime retail corridor of Triangle Junction is within walking distance. | For further information or inspection, please contact Exclusive Agents |
Edward Gevinski
Director of Sales
[email protected] 718.307.6502
Brian Streilein
Senior Associate
[email protected] 718.307.6505
John F. Ciraulo
Vice Chairman
[email protected] 212.660.7700
Hunter L. Moss
Senior Associate
[email protected] 212.589.5136
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
Massey Knakal is now Cushman & Wakefield. For more information visit www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
| Building for Sale | 885 East 38th Street Brooklyn, NY 11210
EXPENSES: (ESTIMATED)
Status
Lease Expiration
Monthly Rent
Annual Rent
1 2 3 4 21 22 23 24 25 31 32 33 34 35 41 42 43 44 45 51 52 53 54 55 61 62 63 64 65
Occupied Occupied Vacant Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Vacant Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Occupied Vacant Occupied
11/30/2015 1/31/2016 11/30/2016 6/30/2015 11/30/2015 11/30/2012 3/12/2016 2/29/2016 11/30/2015
$1,118 $1,090 $1,600 $1,445 $1,200 $1,085 $1,119 $900 $1,380 $1,104
11/30/2015 1/1/2011 1/31/2015 3/31/2016 2/14/2015 1/31/2016 1/31/2016 8/14/2016 2/28/2015 11/30/2016 2/28/2015 1/31/2015 6/7/2016 6/30/2013 2/28/2010 11/30/2016
$1,175 $874 $1,335 $1,235 $1,200 $1,123 $1,600 $1,400 $1,200 $1,267 $1,127 $988 $1,230 $1,075 $1,050 $961 $1,600 $1,284
$13,421 $13,077 $19,200 $17,343 $14,400 $13,020 $13,428 $10,800 $16,560 $13,248 $$14,100 $10,488 $16,020 $14,820 $14,400 $13,476 $19,200 $16,800 $14,400 $15,204 $13,525 $11,856 $14,759 $12,900 $12,600 $11,532 $19,200 $15,408
$33,766
$405,186
TOTAL
Real Estate Taxes Water/Sewer Fuel Electric Insurance Superintendent Repairs & Maintenance Management TOTAL EXPENSES:
(2014/ 2015) $0.75 Per SF $1.25 Per SF $0.35 Per SF $600 Per Unit $500 Per Month $550 Per Unit 4% of Income
$54,111 $18,900 $31,500 $8,820 $17,400 $6,000 $15,950 $16,756 $169,437
$405,186 $169,437 $235,749
GROSS ANNUAL INCOME: Less Expenses: Net Operating Income:
East 39th Street
7722/ 29
Avenue H
Unit
Glenwood Road
RENT ROLL
East 38th Street
*Vacant - Projected Rent *Live in Super *Live in Super
ASKING PRICE :
$ 5,150,000
| For further information or inspection, please contact Exclusive Agents |
Edward Gevinski
Director of Sales
[email protected] 718.307.6502
Brian Streilein
Senior Associate
[email protected] 718.307.6505
John F. Ciraulo
Vice Chairman
[email protected] 212.660.7700
Hunter L. Moss
Senior Associate
[email protected] 212.589.5136
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
Massey Knakal is now Cushman & Wakefield. For more information visit www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER