725 Metropolitan Avenue
Asking $3,550,000
Sometimes you walk into a building and say, yes, this is RIGHT.
It's big, it's solid, and it's got character hard to find these days.
725 Metropolitan is that kind of building. Extra wide at 23 feet, the majestic ceilings tower over 11, 10, and 9 feet on each floor. With two floor-through apartments topped by two one bedrooms on the third floor, 725 Met is a successful investment property as built. Delivered vacant, re-rented in today's market and it's a 4.73% cap rate, as good as Williamsburg gets these days. Yet it promises so much more. It can be adapted to suit whatever you want it to be: a PRIME development site, a financial boon as an investment, or a wonderful new home. At one time the building had a fourth floor, so it already has the strength to support another level, as well the additional FAR to build another two.
FIRST FLOOR: 1380 sq ft as built with 11-foot ceilings, it can be converted into a fantastic commercial space. The location, just off the corner of Graham Avenue and inches from the entrance to the L train, almost commands it be, as does the full basement with its 9-foot ceiling. Because the building is within 100 feet of the corner, the ground floor could be extended the full length of the lot, 86 feet, creating just under 2000 sq ft of above-ground commercial space and could easily generate $13,000 per month, or be an ideal owner business/studio.
SECOND FLOOR: The zoning is C2-4/R7A, so the second floor could also be office/commercial space, an end-user apartment, or two one bedroom apartments. An easily-placed terrace off the back on the extended ground floor would create additional value.
THIRD FLOOR: Two well-laid out one bedroom apartments with abundant light, eat-in kitchens, and generously-sized rooms.
ADDITIONAL FAR: One could copy the third floor and create one or two additional floors of one bedroom units, bringing the potential residential roll to $26,000/month. All told that's $39,000 of income per month, $438,000 annually. Purchasing at ask, spending $400 ppsf on hard and soft costs to build out the additional 3778 sq ft to realize the full FAR of 7912, one could enjoy a cap rate of 7.96. Beat THAT anywhere in Williamsburg. Or simply enjoy one huge home with all the room necessary to finally realize the art studio of your dreams, and have space left over for other's dreams, too.
The possibilities are endless. 725 Metropolitan Avenue
Delivered vacant as of February 2016
Building Size: 23 ft x 60 ft
Garden: 23 ft x 26 ft
Lot: 23 ft x 86 ft
Present Building Square Footage: 4134
FAR: 4.0
Maximum Buildable: 7912
Zoning: C2-4/R7A
The Building is taxed as a 6 family Presently it consists of four apartments: 2 one-bedrooms and 2 two-bedrooms An original fourth floor was removed many, many years ago
Yearly Expenses:
Utilities $3,840 RE Tax $8997 Water/Sewer $1,200 Maintenance $2400 Insurance $2,400
Total $18,837
Information provided by the owner and NYC DOB Pro Forma Annual Income (monthly):
As Built Using Additional FAR
Converting Commercial (@$80ppsf) $104,000 ($8667) $160,000 ($13,333)
Second Floor (@$53ppsf) $68,900 ($5742) $75,000 w/terrace ($6250)
Third Floor (@$50ppsf) $65,000 ($5417) $65,000 ($5417)
Fourth floor (@$48ppsf) $62,400 ($5200)
Fifth Floor (@$45ppsf) $58,500 ($4875)
5th Fl Duplexed w/roof deck added value(@$45) $17,640 ($1470)
Total: $237,900 $438,540
Potential Cap Rates
Using $400 ppsf as buildable hard and soft costs for additions. Cap Rates will improve if commercial space assumes standard costs of heating, electric, water/sewer, and RE taxes, and apartments get individual boilers
Annual Income Cap Rate
As Built Remaining Residential $168,000 4.73
As Built w/Commercial Ground Floor
@market value $219,063 6.17
Extend Commercial full to Lot $300,000 7.92
Added 4th Floor $362,400 8.35
Added 5th Floor $420,900 8.60
Duplexing 5th Floor $438,540 8.66 Ideal Zoning of R7A with Commercial Overlay of C2-4
725
Busy Intersection of Two Retail Corridors
Located right by L subway to Manhattan. 10 minutes to Union Square For all inquiries please contact
Eve Levine Paul Rosen Dan Brady
Licensed Associate RE Broker Licensed Associate RE Broker Licensed RE Salesperson
(m) 347.526.1383 (m) 917.536.8893 (m) 917.202.5609
(o) 718.422.2510 (o) 718.422.2503 (o) 718.422.2925 [email protected] [email protected] [email protected]