Brooklyn- 5.6%cap rate SERIOUS buyers only
52 UNIT MULTI- FAMILY WITH APPROVED PLANS TO ADD 5TH FLOOR PENTHOUSES The package consists of three (3) contiguous renovated walk-up buildings consisting of 52 residential units located in the Greenpoint / Williamsburg section of Brooklyn. The gut renovations include a brand new hot water heater servicing all three buildings, painted hallways and washer /dryers in the apartments.The units are comprised of three (3)one-bedroom units, seventeen (17) two-bedroom units, twenty-seven (27) three-bedroom units, and five (5) four-bedroom units. Amongst the 52 units, fifty (50) are free market units and two (2) are rent stabilized units.
In addition to performing high-end renovations to the apartments ownership has secured approved plans to add a fifth floor to each building. The plans are slated to create five (5) four-bedroom, two-bathroom penthouse units and one (1) two-bedroom, two-bathroom penthouse unit by duplexing the fifth floor down to the existing fourth floor units. Further, possessing a C2-4 commercial overlay, the property is permitted for retail use on the ground floor, allowing purchasers to capitalize on high retail rents along this prime rtail corridor.
The properties are ideally located on the same block as the G subway line and off the corner of Greenpoint’s busiest retail corridor. This opportunity provides investors with the opportunity secure a high-end product and establish scale in one of New York City’s top growth markets
PROPERTY HIGHLIGHTS AND UPSIDE VALUE
- Buildings and units have been gut renovated
- Tenants pay their own electric
- Current owner has approved plans by DOB and Landmark Preservation Commission for the addition of +/- 4,200 SF fifth floor penthouses.
- Many of the free market units are currently leased below market value in an initial effort to lease up during renovations
- With a C2-4 commercial overlay, the property is ideally suited for high rental retail use on the ground floor along this prime Brooklyn retail corridor.
- Located on the same block as the "G" subway line and a few blocks from other major subway and bus stops the property is a short ride to Manhattan
- Brooklyn rent growth over the last 3 years was approx. 10% year over year, out-performing Manhattan
Financial Highlights:
INCOME
Residential (Current): $2,103,643
Residential Vacant (6 units): $302,400
Gross Potential Income (52 Units @ avg.FMV $4,200/mo.): $2,620,800
EXPENSES
Taxes: $341,149
Water/Sewer: $26,000
Fuel (Gas): $39,000
Electric (common): $7,200
Insurance: $16,000
Management (3% GPI): $78,624
Repairs/Maintenance: $26,000
NOI: $2,086,827
ALL REASONABLE OFFERS WILL BE CONSIDERD
Minimum Suggested Asking Price: $37,000,000 plus 3% (5.6% cap)