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Exclusive Listing By Shay Zach | Senior Associate Broker [email protected] | (646) 278-4621 2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison Residential Building 1 Asking Price: $23,500,000 Asking Price: $12,750,000

2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison ...images2.loopnet.com/d2/W9vI2RHSK3Llr2LFhM87eTbK9WcZm6...Brooklyn, NY 11229 New construction. Two contiguous buildings consisting

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Page 1: 2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison ...images2.loopnet.com/d2/W9vI2RHSK3Llr2LFhM87eTbK9WcZm6...Brooklyn, NY 11229 New construction. Two contiguous buildings consisting

Exclusive Listing By Shay Zach | Senior Associate Broker

[email protected] | (646) 278-4621

2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison Residential Building

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Asking Price: $23,500,000 Asking Price: $12,750,000

Page 2: 2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison ...images2.loopnet.com/d2/W9vI2RHSK3Llr2LFhM87eTbK9WcZm6...Brooklyn, NY 11229 New construction. Two contiguous buildings consisting

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Property Description

Property Description 2151-2155 Ocean Avenue Brooklyn, NY 11229

New construction. Two contiguous buildings consisting of 24 apartments, 2 medical offices, parking spaces and laundry unit. 2155 Ocean Ave is a condo building. Property has 421A tax abatements for each lot that expires in June 2027 and June 2024 separately. There is a $5.9 million loan with Investors Bank at 3.5% with maturity in July 2023 and a 5-year option. The property is located four blocks from the Kings Highway [B, Q] train station.

Lot Dimensions 60’ X 110’

Lot SF 6,600 SF

Built Dimensions 60’ X 74’

Built SF 31,080 SF (Estimated)

Zoning R7A/R3-2

FAR 4 (4.7 As Built)

Block/Lot 6783/55, 54 (1101-1119)

Assessment $1,299,678

Taxes (17/18) $28,024

Taxes Before 421A $164,733

Asking Price $12,750,000

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Financials

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INCOME Gross Residential Income (Actual) $570,164 Gross Residential Income (Projected) Gross Commercial Income (Actual) $56,904 Parking $19,200 Laundry $3,708 Effective Gross Income $649,976

EXPENSES Property Taxes (17/18) $28,024 Water and Sewer $29,639 Insurance $12,648 Utilities $15,854 Internet $850 Telephone $2,437 Elevator $8,014 Fire Alarm $1,742 Total Expenses $98,355 Net Operating Income $551,621 Cap 4.3%

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Rent R

oll

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2151 OCEAN AVE RENT ROLL

Unit Room Status Lease End Legal Rent Act. Rent/Mo Rent/Yr

2B 4 RS 8/31/2017 $2,042 $2,000 $24,000

3B 4 RS 9/30/2019 $1,731 $1,731 $20,771

4B 4 RS 8/31/2017 $1,681 $1,681 $20,168

5B 4 RS 8/31/2017 $2,000 $2,000 $24,000

6B 4 RS 7/31/2018 $1,966 $1,800 $21,600

7B* 6 RS 8/31/2017 $3,163 $2,875 $34,500

2F 4 RS 9/30/2017 $2,095 $1,850 $22,200

3F 4 RS 6/30/2018 $2,086 $2,000 $24,000

4F 4 RS 10/31/2017 $1,766 $1,766 $21,187

5F 4 RS 8/31/2019 $2,124 $1,887 $22,644

6F 4 RS 5/31/2018 $2,086 $1,850 $22,200

7F* 6 RS 7/31/2017 $2,904 $2,875 $34,500

Parking - - - - $400 $4,800

Total 52 $24,714 $296,570

*The penthouses were converted to 4-bedroom units.

Page 5: 2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison ...images2.loopnet.com/d2/W9vI2RHSK3Llr2LFhM87eTbK9WcZm6...Brooklyn, NY 11229 New construction. Two contiguous buildings consisting

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Rent R

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2155 OCEAN AVE RENT ROLL

Unit Room Status Lease End Legal Rent Act. Rent/Mo Rent/Yr

B1 4 RS 10/31/2017 $1,715 $1,715 $20,580

B2 4 RS 3/31/2018 $1,769 $1,769 $21,233

C1 4 RS 10/31/2017 $1,750 $1,750 $21,000

C2 4 RS 8/31/2017 $1,651 $1,651 $19,816

D1 4 RS 9/30/2017 $1,836 $1,836 $22,032

D2 4 RS 6/30/2018 $1,870 $1,800 $21,600

E1 4 RS 9/30/2019 $1,717 $1,717 $20,600

E2 4 RS 11/9/2017 $1,667 $1,667 $19,998

F1 4 RS 7/31/2017 $1,768 $1,768 $21,210

F2 4 RS 6/30/2018 $1,727 $1,727 $20,725

G1* 6 RS 8/31/2017 $3,426 $2,950 $35,400

G2* 6 RS 5/31/2018 $3,163 $2,850 $34,200

Med. A - Office 4/30/2021 - $3,000 $36,000

Med. B - Office 3/31/2021 - $1,742 $20,904

Parking - - - - $1,200 $14,400

Laundry - - - - $309 $3,708

Total 52 $29,450 $353,406

*The penthouses were converted to 4-bedroom units.

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Neighborhood H

ighlights

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Madison is a small neighborhood with a suburban feel, bounded by commercial thoroughfares. With large, grassy yards featuring dense trees, sculpted hedges and even topiary, its terrace homes, coupled with their Spanish-tile roofs and stucco exteriors, are truly grand-style residential properties. The neighborhood also includes plenty of less expensive detached single-family homes, most with large floor plates and spacious units. Multi-family properties are mostly scattered along Ocean Avenue and Nostrand Avenue. Stores, church, school and restaurants are within walking distances in the area. The nearest subway station is the [B, Q] trains. Marine Park is just steps away.

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Com

pany Overview

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EPIC Commercial Realty prides itself on providing quality and excellence to all our clients, specializing in investment sales in the bustling New York metropolitan area. We provide the highest level of professionalism, comprehensive and innovative real estate solutions to investors, property owners, and corporations to ensure optimum, fast, and smooth transactions. Based in Soho, NY our clients include storefront owners, retail chains, institutional landlords and real estate developers. EPIC is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide. The measure of our successes is determined by the quality of business relationships we forge. A multi-tier approach allows every aspect of our service to manage transactions for each client with specialized attention to maintaining our focus on timing and the market place. Collectively, EPIC professionals bring nearly 70 years of commercial real estate experience to your portfolio. Not surprisingly, such teamwork produces results beyond expectations as we consistently deliver full consultation services based on detailed research and evaluation. Our talented and accomplished professionals perform well beyond the industry standard for commercial real estate firms, producing with distinction and providing expert brokerage services. EPIC continues to expand and share it’s expertise of commercial real estate investments with valued customers throughout the Greater New York Metropolitan Area.

Shay Zach Senior Associate Broker

Page 8: 2151-2155 Ocean Ave, Brooklyn, NY 11229 Madison ...images2.loopnet.com/d2/W9vI2RHSK3Llr2LFhM87eTbK9WcZm6...Brooklyn, NY 11229 New construction. Two contiguous buildings consisting

Epic Commercial Realty 580 Broadway, Suite 1107

New York, NY 10012 Tel: (212) 226-9000

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Shay Zach Senior Associate Broker

(646) 278-4621 [email protected]