Presentation title - Agorafy
FOR SALE
5002 4th AVENUE Sunset Park, Brooklyn, 11220 CORNER MIXED-USE BUILDING Asking Price
$2,000,000 Property Highlights The subject property is located on the southwest corner of 50th Street and 4th Avenue in Sunset Park, Brooklyn. The building contains 4 residential units with leases that are month to month and 2 ground floor commercial units. 2 of the residential units were recently renovated. Recent capital improvements include: • • • •
roof (4 years) hot water heater (3 years) electrical upgrade (2 years) boiler (2 years)
The building is 3,944 SF with an additional 2,564 square feet of air rights. The subject is conveniently located 8 blocks from the Park. It is only 3 blocks from the 53rd Street R subway station and right next to the B11 bus.
Building Features Location
Located on the southwest corner of 50th Street and 4th Avenue
Block / Lot
790 / 37
Lot Size
20.33’ x 80’
Lot SF
1,626
Building Size (1st Floor)
20.33’ x 80’
Building Size
(2nd
Revenue
ACTUAL PROJECTED
Potential Gross Income
$116,070
$137,991
($3,482)
($4,140)
$112,588
$133,852
Per NYC Dept of Finance
($16,649)
($16,649)
Vacancy & Collection
3.00%
Effective Gross Income
20.33’ x 57’
Floor)
Stories
Projected Expenses
3
Real Estate Taxes ('15/'16)
Residential Units
4
Water/Sewer
Estimated at $0.60/SF
($2,366)
($2,366)
Commercial Units
2
Insurance
Estimated at $1.00/SF
($3,944)
($3,944)
Fuel
Estimated at $1.60/SF
($6,310)
($6,310)
Gross SF
3,944 SF
Common Area Electric
Estimated at $0.25/SF
($986)
($986)
Additional Air Rights
2,564 SF
Repairs & Maintenance
Estimated at $550/unit
($3,300)
($3,300)
Zoning
R7A (C2-4) Overlay
Management & Reserve
Estimated at 4% of EGI
($4,504)
($5,354)
($38,059)
($38,910)
Residential FAR/ Comm. FAR
4.0 / 2.0
Assessment (15/16)
$129,517
Effective Gross Income
$112,588
$133,852
Total Expenses
($38,059)
($38,910)
Net Operating Income
$74,529
$94,942
Total Expenses
Taxes (15/16)
$16,649
For More Information, Please Contact: Aaron Warkov Director (718) 307 6551 [email protected]
Clint Olsen Director (212) 660 7747 [email protected]
Adam Ecker Senior Associate (718) 606 7049 [email protected]
Eric Sears Associate (212) 660 7781 [email protected]
Cushman & Wakefield 205 Montague Street, 3rd Floor Brooklyn, NY 11201 phone: +1 718 238 8999 nyinvestmentsales.com
Daniel Arnel Associate (718) 606 7077 [email protected]
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 & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
5002 4th Avenue Brooklyn, NY 11220
5002 4th Avenue
ACTUAL / PROJECTED RENT ROLL UNIT Store #1* Store #2 Apt #2F Apt #2R Apt #3F Apt #3R
UNIT TYPE
COLLECTED RENTS EXPIRATION DATE
S.F.
4th Avenue Pharmacy 11/30/2022 1,230 Grupo El Paraiso 11/30/2015 + 2 year option 410 2 Bedroom MTM 650 1 Bedroom + Terrace MTM 350 3 Bedroom MTM 650 1 Bedroom MTM 350
MONTHLY RENT
$/S.F.
ANNUAL RENT
PROJECTED RENTS MONTHLY RENT
$3,623 $35.34 $43,470 $3,749 $1,350 $39.51 $16,200 $1,350 $1,500 $27.69 $18,000 $1,900 $800 $27.43 $9,600 $1,350 $1,300 $24.00 $15,600 $1,900 $1,100 $37.71 $13,200 $1,250 $9,673 $116,070 $11,499 *Current rent for the pharmacy is $3,622.50/mo and it increases 12/1/2015 to $3,749.28/mo, with 3.5% annual increases
$/S.F. $36.58 $39.51 $35.08 $46.29 $35.08 $42.86
ANNUAL RENT $44,991 $16,200 $22,800 $16,200 $22,800 $15,000 $137,991
REAR RETAIL 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.
5002 4th AVENUE Sunset Park, Brooklyn, 11220 CORNER MIXED-USE BUILDING Asking Price
$2,000,000 Property Highlights The subject property is located on the southwest corner of 50th Street and 4th Avenue in Sunset Park, Brooklyn. The building contains 4 residential units with leases that are month to month and 2 ground floor commercial units. 2 of the residential units were recently renovated. Recent capital improvements include: • • • •
roof (4 years) hot water heater (3 years) electrical upgrade (2 years) boiler (2 years)
The building is 3,944 SF with an additional 2,564 square feet of air rights. The subject is conveniently located 8 blocks from the Park. It is only 3 blocks from the 53rd Street R subway station and right next to the B11 bus.
Building Features Location
Located on the southwest corner of 50th Street and 4th Avenue
Block / Lot
790 / 37
Lot Size
20.33’ x 80’
Lot SF
1,626
Building Size (1st Floor)
20.33’ x 80’
Building Size
(2nd
Revenue
ACTUAL PROJECTED
Potential Gross Income
$116,070
$137,991
($3,482)
($4,140)
$112,588
$133,852
Per NYC Dept of Finance
($16,649)
($16,649)
Vacancy & Collection
3.00%
Effective Gross Income
20.33’ x 57’
Floor)
Stories
Projected Expenses
3
Real Estate Taxes ('15/'16)
Residential Units
4
Water/Sewer
Estimated at $0.60/SF
($2,366)
($2,366)
Commercial Units
2
Insurance
Estimated at $1.00/SF
($3,944)
($3,944)
Fuel
Estimated at $1.60/SF
($6,310)
($6,310)
Gross SF
3,944 SF
Common Area Electric
Estimated at $0.25/SF
($986)
($986)
Additional Air Rights
2,564 SF
Repairs & Maintenance
Estimated at $550/unit
($3,300)
($3,300)
Zoning
R7A (C2-4) Overlay
Management & Reserve
Estimated at 4% of EGI
($4,504)
($5,354)
($38,059)
($38,910)
Residential FAR/ Comm. FAR
4.0 / 2.0
Assessment (15/16)
$129,517
Effective Gross Income
$112,588
$133,852
Total Expenses
($38,059)
($38,910)
Net Operating Income
$74,529
$94,942
Total Expenses
Taxes (15/16)
$16,649
For More Information, Please Contact: Aaron Warkov Director (718) 307 6551 [email protected]
Clint Olsen Director (212) 660 7747 [email protected]
Adam Ecker Senior Associate (718) 606 7049 [email protected]
Eric Sears Associate (212) 660 7781 [email protected]
Cushman & Wakefield 205 Montague Street, 3rd Floor Brooklyn, NY 11201 phone: +1 718 238 8999 nyinvestmentsales.com
Daniel Arnel Associate (718) 606 7077 [email protected]
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 & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
5002 4th Avenue Brooklyn, NY 11220
5002 4th Avenue
ACTUAL / PROJECTED RENT ROLL UNIT Store #1* Store #2 Apt #2F Apt #2R Apt #3F Apt #3R
UNIT TYPE
COLLECTED RENTS EXPIRATION DATE
S.F.
4th Avenue Pharmacy 11/30/2022 1,230 Grupo El Paraiso 11/30/2015 + 2 year option 410 2 Bedroom MTM 650 1 Bedroom + Terrace MTM 350 3 Bedroom MTM 650 1 Bedroom MTM 350
MONTHLY RENT
$/S.F.
ANNUAL RENT
PROJECTED RENTS MONTHLY RENT
$3,623 $35.34 $43,470 $3,749 $1,350 $39.51 $16,200 $1,350 $1,500 $27.69 $18,000 $1,900 $800 $27.43 $9,600 $1,350 $1,300 $24.00 $15,600 $1,900 $1,100 $37.71 $13,200 $1,250 $9,673 $116,070 $11,499 *Current rent for the pharmacy is $3,622.50/mo and it increases 12/1/2015 to $3,749.28/mo, with 3.5% annual increases
$/S.F. $36.58 $39.51 $35.08 $46.29 $35.08 $42.86
ANNUAL RENT $44,991 $16,200 $22,800 $16,200 $22,800 $15,000 $137,991
REAR RETAIL 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.
