721 Henry Street Red Hook Brooklyn, Ny
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721 HENRY STREET RED HOOK BROOKLYN, NY CORNER FOUR-STORY MIXED-USE BUILDING BRICK CORNER FOUR-STORY EIGHT-UNIT MIXED-USE BUILDING WITH GARAGE PARKING 721 HENRY STREET RED HOOK, BROOKLYN NY ASKING PRICE: $2,795,000 INQUIRE WITHIN FOR ADDITIONAL INFORMATION PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis for the sale of 721 Henry Street in Red Hook, Brooklyn. It is located on the northeast corner of Henry Street and W 9th Street. PROPERTY HIGHLIGHTS 721 Henry Street is a four-story mixed-use building with eigh units consist-ing of one retail unit and seven residential units, plus on-site BLOCK / LOT 536 / 01 garage parking with two covered spaces. LOT DIMENSIONS 24.45’ X 84.87’ approx. LOT SQUARE FOOTAGE (SQ. FT.) 2,057 sq. ft., approx. Six of the seven units are leased and under rent stabilization guidlines with one vacant unit. All units are two-bedroom apartments. The retail BUILDING DIMENSIONS 23’ X 84.83’ approx. space is currently vacant and is approximately 472 square feet (net). It BUILDING SQ. FT. 5,309 approx. was previ-ously operating as a convenience store. GARAGE / COMMERCIAL SQ. FT. 1,284 sq. ft., approx. Red Hook has been getting a lot of attention as a potential vessel RESIDENTIAL SQ. FT. 4,025 sq. ft., approx. for new transportation services including ferry service, possible subway COMMERCIAL UNITS 1 line extension from lower Manhattan, and a streetcar service. AECOM’S 7 RESIDENTIAL UNITS proposal has also been in the works for a revamp of the Red Hook PARKING GARAGE UNITS 2 waterfront. A total 30-acres on the waterfront would be redeveloped into STORIES 4 a 45,000 unit mega-developoment with a new subway connection. ZONING R5 721 Henry Street is in a convenient location within a 0.4 mile walk to the REAL ESTATE TAXES $7,683 F & G subway trains at Smith-9th Street station and a 0.6 mile walk to the Carroll Street station. Site inspections are by appointment only, please inquire within. 721 HENRY STREET 721 HENRY STREET PROPERTY FINANCIALS RED HOOK, BROOKLYN Commercial Rent ADDRESS UNIT TENANT LEASE EXPIRATION NET SF (APPROX.) $ / SF MONTHLY RENT ANNUAL RENT 721 Henry Street Retail - Ground Floor Vacant Vacant (N/A) 472 $89 $3,500 $42,000 721 Henry Street Garage Occupied November 2020 733 $20 $1,236 $14,832 GROSS INCOME $4,736 $56,832 Residential Rent UNIT STATUS LEASE EXPIRATION BEDROOM COUNT NET SF (APPROX.) $ / SF MONTHLY RENT ANNUAL RENT LEGAL RENT 1F RS (1) September 2019 Two-Bedroom 472 $43 $1,700 $20,400 $32,045.88 2L RS (1) December 2019 Two-Bedroom 472 $30 $1,173 $14,076 $24,878.28 2R RS (1) January 2020 Two-Bedroom 472 $45 $1,800 $21,600 $44,103.00 3L RS (1) September 2019 Two-Bedroom 472 $53 $2,100 $25,200 $44,059.08 3R RS (1) December 2018 Two-Bedroom 472 $30 $1,173 $14,076 $19,704.84 4L RS (1) December 2018 Two-Bedroom 472 $32 $1,257 $15,084 $27,742.20 4R RS (1) Expired Two-Bedroom 472 $23 $900 $10,800 $23,125.32 GROSS INCOME $12,403 $121,236 $215,658.60 (1) Rent-Stabilized Expenses Per Ownership GROSS INCOME $178,068 VACANCY & CREDIT LOSS @ 3% / GROSS INCOME ($5,342) Property Taxes $7,444 Fuel $2,009 EFFECTIVE GROSS INCOME $172,726 Insurance $6,657 Water / Sewer $4,000 LESS GROSS EXPENSES $31,744 Repairs & Maintenance $1,250 NET OPERATING INCOME $140,982 Common Electric $1,200 Super - Salary $1,250 Management Fee $7,934 GROSS EXPENSES $31,744 721 HENRY STREET P lan d o m e R d E Sh o r d e v R l d B n r e h t r o N M id d le N e ck Rd r D y t i Middle Neck Rd S n u B mm ay o v C iew A ve L a ke vi ll rvice Rd e Se Rd N S Service Rd y xp E r d n D a l y s I a g w r n i o a L F y k ve Th P s A e rcu r t a o a M St gs rn the N or N ve e A ck us arc B d y M r y v p i k B l x d P el B g l Bl E d d vd e n lv n g la B r n ll i Is e e B d s h r s t a o r r o H C N e c a r o H C ro ss Isla C nd l Pk e y Litt a le r v N i ew e c k P E 26th Ave k x y p y C l C e l a e r a v r ie v 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