CBC - Offering Memorandum (P) · CARROLL GARDENS- FOR SALE 230 Smith Street, Brooklyn, NY 11231. CBRCD.COM Joseph T. Hamdan 718 921 3100 [email protected] RELIABLE REAL ESTATE

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4-UNIT MULTI-FAMILYCARROLL GARDENS- FOR SALE

AVAILABLE SPACE4,000 SF

ASKING PRICE$2,999,000

OFFICE

Joseph T. Hamdan718 921 [email protected]

©2020 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker Commercial logos aretrademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company ownedoffices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which areindependently owned and operated. The Coldwell Banker System fully supports the principles of the EqualOpportunity Act.

COLDWELL BANKER COMMERCIALRELIABLE REAL ESTATE7428 5th Avenue, Brooklyn, NY 11209718.921.3100

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SALE PRICE $2,999,000

OFFERING SUMMARY

Number Of Units: 4

Cap Rate: 3.76%

NOI: $112,655

Lot Size: 0.02 Acres

Year Built: 1920

Building Size: 4,000 SF

Zoning: R6B, C2-4

Market: Brooklyn

Submarket: Cobble Hill

Price / SF: $749.75

PROPERTY OVERVIEW

Coldwell Banker Reliable Commercial Division is pleased to present for saleapproximately 4,000 SF four Unit Multi-Family Building located at 230 SmithStreet in the Carroll Gardens section of Brooklyn, NY. The property 20 x 50 issituated on a 20 x 50 lot and features four large 1,000 SF units on each floor.Located in prime Carroll Gardens on Smith Street, one of the busiest well-knownshopping strips in Brooklyn. The property is in close proximity to publictransportation and major anchor tenants Including Starbucks, Chase Bank, AppleBank, and many of Smith Street's well-known restaurants among others. For moreinformation including financials or to schedule a tour, please contact ExclusiveListing Broker Coldwell Banker Reliable Commercial Division.

LOCATION OVERVIEW

Carroll Gardens is a neighborhood in the northwestern portion of the New YorkCity borough of Brooklyn. Taking up around 40 city blocks, it is bounded byDegraw and Warren Streets (north), Hoyt and Smith Streets (east), Ninth Street orthe Gowanus Expressway (south), and Interstate 278, the Gowanus andBrooklyn–Queens Expressways (west). The neighborhoods that surround it areCobble Hill to the northwest, Boerum Hill to the northeast, Gowanus to the east,Red Hook to the south and southwest, and the Columbia Street WaterfrontDistrict to the west.

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4-UNIT MULTI-FAMILYCARROLL GARDENS- FOR SALE230 Smith Street, Brooklyn, NY 11231

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LOCATION INFORMATION

Building Name 4 Unit Multi-Family CarrollGardens- For Sale

Street Address 230 Smith Street

City, State, Zip Brooklyn, NY 11231

County Kings

Market Brooklyn

Sub-market Cobble Hill

Cross-Streets Douglass St.

Signal Intersection No

BUILDING INFORMATION

NOI $112,655.00

Cap Rate 3.76

Occupancy % 75.0%

Tenancy Multiple

Number of Floors 4

Average Floor Size 1,000 SF

Year Built 1920

Gross Leasable Area 4,000 SF

Construction Status Existing

Condition Good

Free Standing No

Number of Buildings 1

PROPERTY HIGHLIGHTS

• Excellent Location Close Proximity toRoads and Public Transportation

• Free Market Rents

• Four Large 1,000 SF Residential Units

• Prime Carroll Gardens Smith Street Brooklyn

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INVESTMENT OVERVIEW

Price $2,999,000

Price per Unit $749,750

GRM -

CAP Rate 3.8%

Cash-on-Cash Return (yr 1) 3.76 %

Total Return (yr 1) $112,655

Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income $141,600

Total Scheduled Income $141,600

Operating Expenses $28,945

Net Operating Income $112,655

Pre-Tax Cash Flow $112,655

$2,999,000

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INCOME SUMMARY

Apt. 1 $31,200

Apt. 2 $36,000

Apt. 3 $34,800

Apt. 4 $39,600

Gross Income $141,600

EXPENSE SUMMARY

Property Tax $14,800

Insurance $2,575

Water & Sewer $2,490

Heating $3,730

Common Electric $950

Repairs and Maintenance $4,400

Gross Expenses $28,945

Net Operating Income $112,655

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

1 2 1 1,000 $2,600 $2.60 $3,000 $3.00 $2,600

2 3 1 1,000 $3,000 $3.00 $3,300 $3.30 $3,300

3 3 1 1,000 $2,900 $2.90 $3,300 $3.30 $3,300

4 3 1 1,000 $3,300 $3.30 $3,300 $3.30 $3,300

Totals/Averages 4,000 $11,800 $2.95 $12,900 $3.22 $12,500

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POPULATION 0.25 MILES 0.5 MILES 1 MILE

Total Population 9,543 39,430 114,571

Average age 34.7 35.2 35.3

Average age (Male) 34.2 34.0 34.7

Average age (Female) 35.0 36.0 35.8

HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE

Total households 4,314 17,205 51,430

# of persons per HH 2.2 2.3 2.2

Average HH income $124,375 $132,321 $128,458

Average house value $970,745 $936,234 $854,522

* Demographic data derived from 2010 US Census

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CONFIDENTIALITY AGREEMENT

This offering has been prepared solely for informational purposes. It is designed to assist a potentialinvestor in determining whether it wishes to proceed with an in-depth investigation of the subjectproperty. While the information contained herein is from sources deemed reliable, it has not beenindependently verified by the Coldwell Banker Commercial affiliate or by the Seller.

The projections and pro forma budget contained herein represent best estimates on assumptionsconsidered reasonable under the circumstances. No representations or warranties, expressed orimplied, are made that actual results will conform to such projections.

This document is provided subject to errors, omissions and changes in the information and is subjectto modification or withdrawal. The contents herein are confidential and are not to be reproducedwithout the express written consent.

Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALLFAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/orafter contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspectand investigate the Property and all improvements thereon, either independently or through agents ofthe buyer’s choosing.

The Seller reserves the right to withdraw the Property being marketed at any time without notice, toreject all offers, and to accept any offer without regard to the relative price and terms of any other offer.Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated ina formal written contract of purchase and sale to be prepared by the Seller and executed by bothparties; and (iii) approved by Seller and such other parties who may have an interest in the Property.Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase andsale, which contract shall supersede prior discussions and writings and shall constitute the soleagreement of the parties.

Prospective buyers shall be responsible for their costs and expenses of investigating the Property andall other expenses, professional or otherwise, incurred by them.

Documents

CBC - Offering Memorandum (P) · CARROLL GARDENS- FOR SALE 230 Smith Street, Brooklyn, NY 11231. CBRCD.COM Joseph T. Hamdan 718 921 3100 [email protected] RELIABLE REAL ESTATE