Six-Unit Multifamily Building For Sale
Six-Unit Multifamily Building For Sale 102 Patchen Avenue Bedford-Stuyvesant, Brooklyn, NY 11221 Location:
On the west side of Patchen Avenue between Gates Avenue and Monroe Street.
Block & Lot:
1637 / 37
Zoning / FAR:
R6B / 2.0
Lot Size:
37.17’ x 54’ (Approx.)
Lot SF:
2,007 SF (Approx.)
Bldg. Size:
37’ x 42’ (Approx.)
Bldg. SF:
4,662 SF (Approx.)
Stories / Units:
Property Description: The subject property is a 37 foot wide, 3-story multifamily building located in Bedford-Stuyvesant. The building contains 5 one-bedroom units, and 1 twobedroom duplex unit. Month to month tenants are currently paying below market which could be immediate upside to an investor. Building has been completely renovated and benefits from side windows allowing for excellent light and air throughout. Public transportation is available within 3 blocks of the J train at Gates Avenue Station on Broadway, offering access to Williamsburg, Downtown Brooklyn, and Manhattan within 20 minutes. Property is also located within close proximity to restaurants, bars, grocery, and nightlife along the Broadway retail corridor. Take advantage of this opportunity to own a cash flowing investment property in one of Brooklyn’s most rapidly growing neighborhoods.
3/6
R.E. Taxes:
$6,490 (’14/’15)
Assessment:
$50,490 (’14/’15)
PROJECTED EXPENSES
MK Metrics
ANNUALIZED
Real Estate Taxes (’14/’15)
DOF Property Tax Bill
$6,490
Water/Sewer
$0.75 / SF
$3,497
Insurance
$1.00 / SF
$4,662
Fuel
Tenants Pay
-
Electric
$0.15 / SF
$700
Super
$400 / Unit
$2,400
$350 / Month
$4,000
4%
$5,028
Maintenance & Repairs Management Total:
$26,777
Gross Annual Income:
$125,700
Less Estimated Expenses:
Exp. Ratio: 21.30%
Net Operating Income:
$26,777
$98,923
ASKING PRICE: $1,900,000
For complete offering information or inspection, please contact Exclusive Agents: Michael Amirkhanian Director of Sales [email protected] Tel: (718) 606-7073
Stephen Preuss Vice President of Sales [email protected] Tel: (718) 512-2118
DJ Johnston Senior Associate [email protected] Tel: (718) 307-6515
Robert Moore Senior Associate [email protected] Tel: (718) 606-7046
William Cheng Senior Associate [email protected] Tel: (718) 606-7037
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com www.cushmanwakefield.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Six-Unit Multifamily Building For Sale 102 Patchen Avenue Bedford-Stuyvesant, Brooklyn, NY 11221 COLLECTED INCOME Unit
Status
Lease Exp.
Net SF
$/S.F.
Monthly Rent
Annual Rent
1A
Occupied
5/31/15
700
$29.14
$1,700
$20,400
1B Dup.
Vacant*
n/a
1,100
$22.91
$2,100
$25,200
2A
Occupied
Month to Month
700
$28.29
$1,650
$19,800
2B
Occupied
7/31/15
700
$28.29
$1,650
$19,800
3A
Occupied
Month to Month
700
$27.43
$1,600
$19,200
3B
Occupied
6/30/15
700
$30.43
$1,775
$21,300
4,600
$27.33
$10,475
$125,700
Total: *Vacant Unit – Rent is Projected
J Kosciusko Street Station
J
Gates Avenue Station
J Halsey Street Station
ASKING PRICE: $1,900,000 For complete offering information or inspection, please contact Exclusive Agents: Michael Amirkhanian Director of Sales [email protected] Tel: (718) 606-7073
Stephen Preuss Vice President of Sales [email protected] Tel: (718) 512-2118
DJ Johnston Senior Associate [email protected] Tel: (718) 307-6515
Robert Moore Senior Associate [email protected] Tel: (718) 606-7046
William Cheng Senior Associate [email protected] Tel: (718) 606-7037
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com www.cushmanwakefield.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
On the west side of Patchen Avenue between Gates Avenue and Monroe Street.
Block & Lot:
1637 / 37
Zoning / FAR:
R6B / 2.0
Lot Size:
37.17’ x 54’ (Approx.)
Lot SF:
2,007 SF (Approx.)
Bldg. Size:
37’ x 42’ (Approx.)
Bldg. SF:
4,662 SF (Approx.)
Stories / Units:
Property Description: The subject property is a 37 foot wide, 3-story multifamily building located in Bedford-Stuyvesant. The building contains 5 one-bedroom units, and 1 twobedroom duplex unit. Month to month tenants are currently paying below market which could be immediate upside to an investor. Building has been completely renovated and benefits from side windows allowing for excellent light and air throughout. Public transportation is available within 3 blocks of the J train at Gates Avenue Station on Broadway, offering access to Williamsburg, Downtown Brooklyn, and Manhattan within 20 minutes. Property is also located within close proximity to restaurants, bars, grocery, and nightlife along the Broadway retail corridor. Take advantage of this opportunity to own a cash flowing investment property in one of Brooklyn’s most rapidly growing neighborhoods.
3/6
R.E. Taxes:
$6,490 (’14/’15)
Assessment:
$50,490 (’14/’15)
PROJECTED EXPENSES
MK Metrics
ANNUALIZED
Real Estate Taxes (’14/’15)
DOF Property Tax Bill
$6,490
Water/Sewer
$0.75 / SF
$3,497
Insurance
$1.00 / SF
$4,662
Fuel
Tenants Pay
-
Electric
$0.15 / SF
$700
Super
$400 / Unit
$2,400
$350 / Month
$4,000
4%
$5,028
Maintenance & Repairs Management Total:
$26,777
Gross Annual Income:
$125,700
Less Estimated Expenses:
Exp. Ratio: 21.30%
Net Operating Income:
$26,777
$98,923
ASKING PRICE: $1,900,000
For complete offering information or inspection, please contact Exclusive Agents: Michael Amirkhanian Director of Sales [email protected] Tel: (718) 606-7073
Stephen Preuss Vice President of Sales [email protected] Tel: (718) 512-2118
DJ Johnston Senior Associate [email protected] Tel: (718) 307-6515
Robert Moore Senior Associate [email protected] Tel: (718) 606-7046
William Cheng Senior Associate [email protected] Tel: (718) 606-7037
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com www.cushmanwakefield.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Six-Unit Multifamily Building For Sale 102 Patchen Avenue Bedford-Stuyvesant, Brooklyn, NY 11221 COLLECTED INCOME Unit
Status
Lease Exp.
Net SF
$/S.F.
Monthly Rent
Annual Rent
1A
Occupied
5/31/15
700
$29.14
$1,700
$20,400
1B Dup.
Vacant*
n/a
1,100
$22.91
$2,100
$25,200
2A
Occupied
Month to Month
700
$28.29
$1,650
$19,800
2B
Occupied
7/31/15
700
$28.29
$1,650
$19,800
3A
Occupied
Month to Month
700
$27.43
$1,600
$19,200
3B
Occupied
6/30/15
700
$30.43
$1,775
$21,300
4,600
$27.33
$10,475
$125,700
Total: *Vacant Unit – Rent is Projected
J Kosciusko Street Station
J
Gates Avenue Station
J Halsey Street Station
ASKING PRICE: $1,900,000 For complete offering information or inspection, please contact Exclusive Agents: Michael Amirkhanian Director of Sales [email protected] Tel: (718) 606-7073
Stephen Preuss Vice President of Sales [email protected] Tel: (718) 512-2118
DJ Johnston Senior Associate [email protected] Tel: (718) 307-6515
Robert Moore Senior Associate [email protected] Tel: (718) 606-7046
William Cheng Senior Associate [email protected] Tel: (718) 606-7037
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.masseyknakal.com www.cushmanwakefield.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
