GFI REALTY EXCLUSIVE OFFERING PROSPECT-LEFFERTS GARDENS (4)-STORY WALK-UP APARTMENT BUILDING
146 FENIMORE street brooklyn, ny
ASKING PRICE: $7,000,000
146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
aerial
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 3 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
GFI Realty Services LLC is pleased to present the exclusive offering of 146 Fenimore Street, a (4)-story walk-up apartment building located in the Prospect-Lefferts Gardens section of Brooklyn. The asset is located on a quiet tree-lined block surrounded by similarly constructed low-rise pre-war buildings and detached one and two-family homes. The property totaling 16,052 sf was constructed in 1910 and resides on a 6,250 sf lot.
The asset is comprised of seventeen apartments configured as nine (2)-bedroom units and eight (3)-bedroom units. The (2)-bedroom units are approximately 800 sf and the (3)-bedroom units are approximately 1,000 sf. Seven of the units are free market and ten are rent stabilized. Two of the units are currently vacant. Some of the units have been gut renovated and completed with high-end finishes including stainless steel appliances and granite counter tops. The renovated units boast hardwood floors throughout, large bedrooms and plenty of closet space.
The average rent of $2,586 for free market units is below market rate allowing for significant upside in the residential rents. The average marketed rents for a (2)-bedroom unit in the area is $2,681 and $3,111 for a (3)-bedroom unit.
The asset is ideally situated just two blocks away from Prospect Park, in proximity to the Brooklyn Botanic Garden and Brooklyn Museum. Flatbush Avenue, a major commercial corridor, is located just half a block away providing residents with access to countless local and national retailers and eateries. Kings County Hospital, SUNY Downstate Medical Center, the United States Post Office and Medgar Evers College are all within walking distance.
The Q, 2 & 5 subway lines are all located within minutes of the asset. Both Midtown and Lower Manhattan are easily accessible via a thirty to forty minute commute via mass transit.
Investment Highlights
• Well Maintained Pre-War Asset • Renovated Units Completed with High-End Finishes • Large Units - Avg Unit Size Appx. 800 SF for a (2)-Bedroom Unit & 1,000 SF for (3)-Bedroom Unit • Cash Flowing Asset with Great Potential Upside • On-Site Laundry Room • Proximity to Prospect Park, Flatbush Avenue and Kings County Hospital
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 4 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
income and expenses
Effective Gross Income Income
Apartments $ 427,974 Laundry $ 600 Apartments: 17 (7 FM & 10 RS) Total $ 428,574 Layout 9/4; 8/5 = 76 Total Rooms Block & Lot 5042/47 Expenses Year Built 1910 Real Estate Taxes (18/19) $ 54,419 Lot Size 50 x 125 Water & Sewer $ 17,000 Built 50 x 114 (approx. 16,052 sf) Fuel $ 21,280 Zoning R6 Electric $ 1,900 Insurance $ 6,375 FAR 2.43 Payroll $ 7,225 FAR as Built 2.57 Repairs, Maint. & Misc. $ 7,225 Tax Class 2 Total $ 115,424 Mortgage Delivered free and clear.
NOI $ 313,150
Asking Price $ 7,000,000
Avg Rent Per Apt $ 2,098 Avg Rent Per Room $ 469
CAP Rate 4.5% GRM 16.3 x RR Price Per Unit $411,765 Price Per Square Foot $436
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 5 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
rent roll
Unit Rent SF Size Status LXP
A1 $ 916.77 1000 5 RS 9/30/18 A2 $ 2,175.00 800 4 RS 12/31/18 A3- Vacant (Projected) $ 2,875.00 800 4 FM A4 $ 1,371.49 1000 5 RS 11/13/19 B $ 2,875.00 800 4 FM 6/30/19 B1 $ 2,900.00 1000 5 FM 3/31/19 B2 $ 2,350.00 800 4 RS 5/31/19 B3 $ 2,300.00 800 4 RS 7/31/19 B4 $ 2,500.00 1000 5 FM 2/28/19 C1 $ 2,400.00 1000 5 FM 8/31/18 C2 $ 2,225.00 800 4 FM 3/31/19 C3 $ 860.79 800 4 RS 6/3/19 C4 $ 2,650.00 1000 5 FM 5/31/19 D1 $ 2,358.11 1000 5 RS 8/31/18 *D2- Vacant (Projected) $ 2,875.00 800 4 RS D3 $ 847.72 800 4 RS 10/31/18 D4 $ 1,184.62 1000 5 RS 1/31/20 Laundry $ 50.00
Total Monthly Income $ 35,714.50 Total Annual Income $ 428,574.00
*In Need of Renovation
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 6 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
property photos
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 7 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
property photos
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 8 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
property photos
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 9 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
property photos
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 10 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
tax map
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 11 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
marketplace overview Prospect-Lefferts Gardens Boasts Diverse Architecture,Local Shops & Eateries
12 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
marketplace overview
rospect-Lefferts Gardens is a culturally diverse residential neighborhood located inP the Flatbush area of Brooklyn. The community is bounded by Empire Boulevard (formerly Malbone Street) to the north, Clarkson Avenue to the south, New York Avenue to the east, and Ocean Avenue/Prospect Park to the west.
The area is in proximity to notable attractions and institutions including Prospect Park, Brooklyn Botanic Gardens, The Brooklyn Museum and Medgar Evers College. Additionally, it contains both Kings County Hospital and SUNY Downstate Medical Center. Residents also enjoy the amenities located on Flatbush Avenue including Kings Theatre, the Brooklyn Junction as well as countless local shops and eateries.
Prospect-Lefferts Gardens is known for its diverse array of architecture which includes detached Victorian houses, two and three-family semi-detached homes and pre- war apartment buildings.
The area has also participated in the recent surge of new developments in Brooklyn. New developments include the Lincoln Apartments, two nine-story rental towers at 510 Flatbush Avenue (now leasing) and 33 Lincoln Road (to open this summer); and the Parkline, at 626 Flatbush Avenue, a 24-story, 254-unit rental completed in 2016.
Residents benefit from the accessibility of Midtown and Lower Manhattan from Prospect-Lefferts Gardens via mass transit, both of which can be reach within forty minutes. Bus lines in the area include the B12, B16, B41, B43, B44, B48 and B49.
13 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
Property Map 146 Fenimore Street | Brooklyn, NY neighborhood map
Medgar Evers College 0.9 mile
New York Ave Lincoln Rd Nostrand Ave
Rogers Ave Lincoln Rd Bedford Ave
Flatbush Ave Maple St 1 Maple St Midwood St
Midwood St Rutland Rd
New York Ave Prospect Park Rutland Rd 146 Fenimore Street Fenimore St Fenimore St Brooklyn, NY
Hawthorne St Nostrand Ave
Rogers Ave
Hawthorne St Bedford Ave Flatbush Ave Winthrop St 1 Kings County Winthrop St Hospital Parkside Ave 1.4 mile
Parkside Ave SUNY Downstate Clarkson Ave Medical Center Parkside Ave 1.4 mile
New York Ave Clarkson Ave Nostrand Ave
Rogers Ave
Bedford Ave Woodruff Ave
Ocean Ave Lenox Rd
Parkside Ave Lenox Rd
Woodruff Ave
Flatbush Ave Linden Blvd
Crooke Ave Linden Blvd E21st St
Ocean Ave 2 Martense St
Caton AveSt Pauls Pl Martense St E18th St 3 E17th St Church Ave E 32nd St
E 31st St Buckingham Rd 1 2 Marlborough Rd Church Ave
Rugby Rd
Nostrand Ave
Erasmus St Rogers Ave Lott St Lott
Argyle Rd
E21st St Bedford Ave Bedford Ocean Ave 2 Snyder Ave 3 Snyder Ave Flatbush Ave Snyder Ave 4 Tennis Ct E19th St 4 E18th St
E 29th St E 28th St Church Ave Albemarle Rd Veronica Pl
Albemarle Rd 5 6 Tilden Ave E17th St Tilden Ave Albemarle Rd Lott St Regent Pl 1 7
Restaurants Retails & Shops Banks & Institutions 1 Allan’s Bakery 1 CVS 1 Bank of America 2 IHOP 2 Blink Flatbush Financial Center 3 Bobby’s Department Store 2 Flatbush Town Hall Theater 4 Gamestop 3 United States Postal Service 5 Cookie’s Department Store 4 New York City 1 Kings Theatre 6 Staples Police Department 7 Sears
Although all information furnished regardingAlthough property all information for sale, furnished rental regarding or financing property sale, ren is talfrom or financing sources is from deemed sources deemed reliable reliable suchsuch informatio informationn has not has not been 1 verified and no express representation is made nor been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to 14 is any to be implied as to the accuracy thereof,errors, change and ofit price,is submitted rental or other subject conditions, toprior errors, to sale, leasechange or financing, of price, or withdrawal rental without or othernotice. conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
transit map
The Prospect-Lefferts Gardens neighborhood is serviced by the New York City Subway’s B, Q, and S trains at the Prospect Park station and the Q train at the Parkside Avenue station (both on the BMT Brighton Line), as well as the Sterling Street and Winthrop Street stations on the IRT Nostrand Avenue Line (2 and 5 trains). Additionally, the B12, B16, B41, B43, B44, B44 SBS, B48, B49 New York City Bus routes serve the area.[
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 15 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 146 fenimore street| brooklyn, NY |prospect-lefferts gardenS
property map
Prospect-Lefferts Gardens is a prime area in Brooklyn which benefits from its proximity to Prospect Park and easy accessibility to Manhattan via mass transit.
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor 16 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice