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.

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

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

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

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.

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. 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. The neighborhood is conveniently served by the East River Ferry and New York City subway lines “G”, “J”, “L”, and “M,” which provide access to Manhattan, Queens, and other parts of Brooklyn.

187 Kent Avenue 187 Kent Avenue, located just south of the new development at 25 Kent, is a new mixed-use residential building that will top out at seven floors. Standing 85 feet tall, the building will contain 140,036 total square feet and 96 total units. Over- sized arches will surround the base, and the corners of the building will be set back to allow for landscaped roof decks and outdoor terraces with views of the Manhattan skyline and nearby waterfront. Completion is expected by mid-2019.

25 Kent Steps from 98 Bedford Avenue is 25 Kent Avenue, a full-block office building that will contain over half a million square feet of office space when completed. Future tenants will be able to enjoy outdoor terraces, landscaped rooftops, and 15-foot high ceilings while enjoying waterfront views of Manhattan. Included will be a 48,582 square foot parking garage as well as bike storage, showers, and locker rooms for workers. The building will top out with an 11,936 square foot rooftop terrace, and the entire project is expected to be completed at some point in 2019.

215 N 10th Street A seven-story residential building is planned to rise at 215 N 10th Street, just two blocks from McCarren Park. The structure will consist of 116,000 total square feet, 32,700 of which dedicated to residential use, 31,980 to commercial use, and the re- maining space dedicated to 77 parking spots. There will be a total of 30 apartments averaging 1,090 square feet each, and amenities will include a pet grooming room, playroom, accessory storage, a music room, and shared terraces. The commercial space will be both retail and office, and completion for the project has not yet been announced.

510 Driggs Avenue After being an empty lot for a decade, 510 Driggs Avenue will now be home to a six-story, 79,500 square foot mixed-use building. With 44 condominiums and 12,820 square feet of retail, the building will also incorporate 25 private terraces overlooking the street and shared terraces on the fourth, sixth, and seventh floors. Plans also include a laundry room, space for up to 82 bicycles, a 111-car garage, outdoor recreation space, fitness center, and rooftop terrace. Completion is -ex pected by Q1 2020.

Presented by:

Matthew Fotis Senior Managing Director Senior Director, National Multi Housing Group Manhattan Office Office: (212) 430-5234 Cell: (917) 837-7467 License: NY: 10301207136 [email protected] www.marcusmillichap.com/MatthewFotis

Tyler Workman Licensed Real Estate Salesperson National Multi Housing Group Manhattan Office Office: (646) 805-1432 Cell: (908) 229-9075 License: NY: 10401307658 [email protected] www.marcusmillichap.com/TylerWorkman

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