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98 Bedford Avenue Williamsburg Brooklyn, New York 98 Bedford Avenue Williamsburg Brooklyn, New York OfferingThis information has beenMemorandum secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 & p. 1 Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Non-endorsement Notice 98 Bedford Avenue Marcus & 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. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 2 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 98 Bedford Avenue - Williamsburg Brooklyn, New York Pricing and Financial Analysis 98 Bedford Avenue Financial Overview Value Indicators Annual Income Current Price $4,500,000 Residential Gross Potential Income $221,400 Gross Square Feet 6,500 Vacancy/Collection Loss (3%) ($6,642) Price Per SF $692.31 Other Income $0 # Units 8 Effective Gross Income $214,758 Price Per Unit $562,500 Current Cap Rate 3.88% Annual Expenses Current Current GRM 20.33 Property Taxes $10,236 Fuel $6,500 Water & Sewer $6,800 Insurance $3,600 Repairs & Maintenance $4,000 Common Area Electric $975 On Site Payroll $1,500 Management Fee (3%) $6,443 Total Expenses $40,054 Net Operating Income $174,704 Unit Mix Analysis Unit Type No. of Units Avg Rent Avg Rent PSF Monthly Rent OO RS FM 2 Bedroom 8 $2,306.25 $38.16 $18,450.00 1 7 0 Total 8 $38.16 $18,450 1 7 0 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 4 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 98 Bedford Avenue Rent Roll 98 Bedford Avenue, Williamsburg, Brooklyn, NY Apartments Unit Bedrooms Approx SF Status Current Rent Rent PSF Lease Expiration 1R 2 700 RS $1,320.00 $22.63 - 1L 2 700 RS $1,480.00 $25.37 - 2R 2 730 RS $1,650.00 $27.12 - 2L 2 730 RS $1,600.00 $26.30 - 3R 2 730 RS $1,900.00 $31.23 - 3L 2 730 OO $3,500.00 $57.53 Delivered Vacant 4R 2 730 RS $3,500.00 $57.53 Vacant 4L 2 730 RS $3,500.00 $57.53 Vacant Residential Monthly Income $18,450.00 Total Annual Income $221,400.00 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 5 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 98 Bedford Avenue Income & Expenses Building Gross Square Footage 6,500 Number of Units 8 Approximate Available Air Rights (SF) 0 Current Potential Income Current Gross Potential Income $221,400 Vacancy/Collection Loss (3%) ($6,642) Other Income $0 Effective Gross Income $214,758 Total Effective Gross Income $214,758 Expenses Current %EGI Per SF Property Taxes $10,236 4.77% $1.57 Fuel $6,500 3.03% $1.00 Water & Sewer $6,800 3.17% $1.05 Insurance $3,600 1.68% $0.55 Repairs & Maintenance $4,000 1.86% $0.62 Common Area Electric $975 0.45% $0.15 On Site Payroll $1,500 0.70% $0.23 Management Fee (3%) $6,443 3.00% $0.99 Total Expenses $40,054 18.65% $6.16 Net Operating Income $174,704 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 6 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Property Description 98 Bedford Avenue - Williamsburg Brooklyn, New York Property Description 98 Bedford Avenue Investment Overview Investment Highlights Marcus & Millichap is pleased to offer 98 Bedford Avenue, located between North 11th Street and • Rare Prime Bedford Avenue Apartment Building North 12th Street in the Williamsburg section of • Only Two Subway Stops into Manhattan | Four Brooklyn, New York. Blocks to “L” Subway Line The subject property, 98 Bedford Avenue, is a four- • Five Rent Regulated Apartments | Three Vacant story multi-family building that consists of 8 two- bedroom apartments. The property is built 25 feet Apartments by 65 feet on the first through fourth floors and sits on a 25 foot by 100 foot lot with approximately 6,500 • Attractive Unit Mix, Low Average Rent gross square feet. The property is zoned R6A (Block: • Building in Good Condition 2290, Lot: 19) • Steps from McCarren Park This property offers investors the rare opportunity • Located on a Main Williamsburg Retail Corridor to purchase a prime apartment building on a main retail corridor steps from McCarren Park in the Williamsburg section of Brooklyn, New York. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 8 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Property Description 98 Bedford Avenue Property Summary The Offering Property Address 98 Bedford Avenue Brooklyn, NY 11249 Accessor’s Parcel Number 02290-0019 Zoning R6A Site Description Number of Units 8 Number of Buildings 1 Number of Stories 4 Year Built 1910 Gross Square Feet 6,500 Lot Size 25 ft. x 100 ft. Type of Ownership Fee Simple This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 9 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Property Description 98 Bedford Avenue Maps This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 10 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Property Description 98 Bedford Avenue Aerial View This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 trademark of Marcus & Millichap p. 11 Real Estate Investment Services of New York, Inc. © 2016 Marcus & Millichap. All rights reserved Property Description 98 Bedford Avenue Neighborhood Overview Williamsburg is an ultra‐trendy neighborhood located in Brooklyn, New York along the East River. The neighborhood is roughly bounded by North 12th Street and Nassau Avenue to the north, Woodpoint Road and Bushwick Avenue to the East, Flushing Avenue to the south and the East River to the west. Williamsburg is viewed as the catalyst to gentrification across Brooklyn, especially its adjacent neighborhoods of Bedford‐ Stuyvesant and Bushwick. Due to its close proximity and accessibility to Manhattan, Williamsburg is an extremely desirable alternative for young, trendy professionals who seek an alternative to the constant rush in Manhattan. Most properties in the neighborhood offer top of the line amenities that are unmatched in their Manhattan counterparts. Residents are not only drawn to the above par living conditions, but also by the neighborhood’s forward‐ thinking artistic and music subculture, which are ever prevalent along Bedford Avenue, where national/international retailers, galleries, and small boutiques line the thoroughfare. In light of all the new development in the area, the neighborhood has still been able to maintain its distinctive industrial charm.
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