BROOKLYN , NEW YORK 11209€¦ · BROOKLYN , NEW YORK 11209 Exclusive Offering Memorandum. PRESENTED BY: _____ NON-ENDORSEMENT AND DISCLAIMER ... • Large 2 Bedroom 2 Bathroom Apartments

656 72nd Street

BROOKLYN , NEW YORK 11209

Exclusive Offering Memorandum

PRESENTED BY:

_____________________

NON-ENDORSEMENT AND DISCLAIMER NOTICE

Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored

by, or endorsed by any commercial tenant or

lessee identified in this marketing package. The

presence of any corporation's logo or name is not

intended to indicate or imply affiliation with, or

sponsorship or endorsement by, said corporation

of Marcus & Millichap, its affiliates or subsidiaries, or

any agent, product, service, or commercial listing

of Marcus & Millichap, and is solely included for

the purpose of providing tenant lessee information

about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT

ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP

AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR

COMPARATIVE MARKET ANALYSIS OF VALUE AND

SHOULD NOT BE CONSIDERED AN APPRAISAL. This

information has been secured from sources we

believe to be reliable, but we make no

representations or warranties, express or implied,

as to the accuracy of the information. References

to square footage or age are approximate. Buyer

must verify the information and bears all risk for

any inaccuracies. Marcus & Millichap is a service

mark of Marcus & Millichap Real Estate Investment

Services, Inc. © 2018 Marcus & Millichap. All rights

reserved.

JOHN BRENNAN

Licensed Real Estate Salesperson

[email protected]

License: NY 10401237299

718.475.4373

CONNOR WOLFE


[email protected]

License: NY 10401311185

718.475.4336

Financial Analysis 656 72nd Street

Rent Roll

John Brennan

718.475.4373

Connor Wolfe 718.475.4336

3

RES Units 2

Commercial Units 2

Gross SF: 6,156

Rentable SF: 5,540

Tenant Unit Status Type Approx. SF Current Current /

SFYear 1

Year 1/

SF

Apartment 1 FM 2 BR 1,078 $2,000 $22.26 $2,200 $24.49

Apartment 2 FM 3BR 1,078 $2,000 $22.26 $2,200 $24.49

Medical Office

1First Floor Dr.'s Office 2,000 $4,000 $24.00 $4,000 $24.00

Medical Office

2Below Ground Dr.'s Office 2,000 $3,400 $20.40 $5,000 $30.00

Monthly $11,400 $13,400

Annual $136,800 $160,800

Tenant Lease Abstract

Medical Office 1Owner Occupied - Tenant is willing to deliver the

space vacant or negotiate a sale-leaseback

Medical Office 2 Long Term Tenant - No lease in place


FINANCIAL ANALYSIS

John Brennan

718.475.4373


Operating Statement

4

Actual Year 1

Gross Scheduled Rent $136,800.00 $160,800.00

Less: Vacancy 3.00% ($4,104.00) 3.00% ($4,824.00)

Plus: Other Income $0.00 $0.00

Plus: Tenant Reimbursement $3,867.54 $3,867.54

Effective Gross Income $136,563.54 $159,843.54

Taxes ($35,976.00) ($35,976.00)

Gas Fuel ($5,427.00) ($5,427.00)

Water & Sewer ($1,800.00) ($1,800.00)

Insurance ($1,500.00) ($1,500.00)

Common Electric ($1,108.08) ($1,108.08)

Repairs ($1,000.00) ($1,000.00)

Payroll ($800.00) ($800.00)

Management 5.00% ($6,828.18) 5.00% ($7,992.18)

Less: Total Expenses 39.86% ($54,439.26) 34.79% ($55,603.26)

Net Operating Income $82,124.28 $104,240.28

Taxes Dept. of Finance Tax Bill

Gas Fuel $1.25/ RSF

Water & Sewer $900/ Unit

Insurance $750/ RES Unit

Common Electric $0.20/ RSF

Repairs $500/ Unit

Payroll $400/ Unit

Management 5% of EGI


John Brennan

718.475.4373


Contact Irina Furmanskaya for Financing Inquiries at 718.475.4385

Financial Overview

5

OFFERING PRICE

$1,700,0002 Residential Units

2 Commercial Units

6,156 Gross SF

5,540 Rentable SF

$425,000 Per Unit

$276.15 Per SF

Zoning R4-1, BR

Block \ Lot 5911 / 31

Built Dimensions 20 ft x 100 ft

Residential FAR 0.9

Facility FAR 2

FAR as Built 2.53

Current MetricsCAP Rate 4.83%

GRM 12.43

Year 1 MetricsCAP Rate 6.13%

GRM 10.57

Proposed Financing

Loan Amount: (0%) LTV $0

Term: 5 years

Interest Rate: 4.25%

Amortization: 30 years

Interest Only: None

Annual Debt Service: $0

Prepayment Penalty: 5%-4%-3%-2%-1% Step Down

Investment Overview 656 72nd Street

FINANCIAL ANALYSIS

• Bay Ridge 2 Apartments & 2 Medical Offices• Large 2 Bedroom 2 Bathroom Apartments Have Been Upgraded/Renovated

in the Last 5 Years• Strong Location 2 Blocks From Bay Ridge Avenue and Adjacent to the

Gowanus Expressway• Well Maintained Building with Recently Renovated Electric, Plumbing, Boiler

and Water Tanks Installed• Total of 5 Exam Rooms, 2 X-Ray Rooms, 2 Consultation Rooms, 2 Waiting

Rooms, 2 Main Offices, and 4 Bathrooms• No Residential Leases and Month to Month Medical Office Lease Provide

Major Investor Upside

Marcus and Millichap has been selected to exclusively represent ownership in the sale of 656 72nd Street, a 3 story corner mixed-use building comprised of 2 two bedroom apartments and 2 medical office units. The property is located on the

corner of 7th Avenue and 72nd Street in the Bay Ridge neighborhood of Brooklyn.

The subject property totals approximately 6,156 gross square feet, measuring 20 feet by 100 feet on the ground and below ground floors, and 20 feet by 55 feet on the 2nd and 3rd floors. The lot measures 26 feet by 100 feet, and is zoned R4-1, BR.

656 72nd Street presents a new investor the rare chance to purchase an exceptionally well-managed corner building in Bay Ridge. With 0 violations and no deferred maintenance to a new buyer. The subject offering is a stable cash-flowing property in a reliably strong location of Brooklyn.

John Brennan

718.475.4373


Investment Highlights

6


FINANCIAL ANALYSIS

John Brennan

718.475.4373


Property Description

7

Zoning R4-1, BR

Block/ Lot 5911 / 31

Building Dimensions 20 ft x 100 ft

Building Gross SF 6,156

Lot Dimensions 26.5 ft x 100 ft

Residential FAR 0.9

Facility FAR 2

FAR as Built 2.53

Annual Tax Bill $35,976

Tax Class 4


FINANCIAL ANALYSIS

John Brennan

718.475.4373


Local Map

8

Property Photos656 72nd Street

John Brennan

718.475.4373


Master Bedroom/Bath & Kitchen


John Brennan

718.475.4373


Living Areas


John Brennan

718.475.4373


Medical Offices


John Brennan

718.475.4373


Mechanicals

JOHN BRENNAN


[email protected]

License: NY: 10401237299

718.475.4373

CONNOR WOLFE


[email protected]

License: NY 10401311185

718.475.4336

PRESENTEDBY

Documents

BROOKLYN , NEW YORK 11209€¦ · BROOKLYN , NEW YORK 11209 Exclusive Offering Memorandum. PRESENTED BY: _____ NON-ENDORSEMENT AND DISCLAIMER ... • Large 2 Bedroom 2 Bathroom Apartments