1903 Kings Hwy Offering Memorandum
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RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 $2,699,000 Mixed- Use Building For Sale FOR SALE FEATURES • National Tenant Dunkin Donuts • Excellent location in Midwood OM • High level of foot and vehicular traffic • Excellent Opportunity for an Investor ORLDWIDE.C AREA Midwood is a neighborhood in the south-central part of the New York City CBCW borough of Brooklyn. It is bounded on the north by the Bay Ridge Branch tracks just above Avenue I and by the Brooklyn College campus of the City University of New York, and on the south by Avenue P and Kings Highway. The eastern border consists of parts of Nostrand Avenue, Flatbush Avenue, and Coney Island Avenue; parts of McDonald Avenue and Ocean Parkway mark the western boundary. OFFICE Joseph Giordano 718 921 3100 [email protected] ©2020 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker Commercial logos are COLDWELL BANKER COMMERCIAL trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are RELIABLE REAL ESTATE independently owned and operated. The Coldwell Banker System fully supports the principles of the Equal 7428 5th Avenue, Brooklyn, NY 11209 Opportunity Act. 718.921.3100 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE OFFERING SUMMARY PROPERTY OVERVIEW Coldwell Banker Reliable Real Estate Commercial Division is pleased to offer for Sale Price: $2,699,000 sale, 1903 Kings Hwy, Brooklyn, NY 11229. This mixed-use offering includes Dunkin Donuts Tenant, which currently occupies the commercial space, as well as Number Of Units: 3 2 three-bedroom apartments, totaling 5,600 sq. ft. The property is zoned R7A/C2. Currently, all tenants have leases. All spaces are in excellent condition, making the property an excellent investment, with huge upside potential. Location Cap Rate: 4.22% Highlights: Kings Hwy is in Midwood. It has high foot traffic, located in a densely populated area. Conveniently located close to Shopping, Restaurants, Roads and Public Transportation. NOI: $113,940 PROPERTY HIGHLIGHTS Lot Size: 1892.0 Acres • National Tenant Dunkin Donuts • Excellent location in Midwood Year Built: 1925 • High level of foot and vehicular traffic Building Size: 5,600 SF • Excellent Opportunity for an Investor Zoning: R7A, C2-3 Price / SF: $481.96 CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE PROPERTY DESCRIPTION Coldwell Banker Reliable Real Estate Commercial Division is pleased to offer for sale, 1903 Kings Hwy, Brooklyn, NY 11229. This mixed-use offering includes Dunkin Donuts Tenant, which currently occupies the commercial space, as well as 2 three-bedroom apartments, totaling 5,600 sq. ft. The property is zoned R7A/C2. Currently, all tenants have leases. All spaces are in excellent condition, making the property an excellent investment, with huge upside potential. Location Highlights: Kings Hwy is in Midwood. It has high foot traffic, located in a densely populated area. Conveniently located close to Shopping, Restaurants, Roads and Public Transportation. LOCATION DESCRIPTION Midwood is a neighborhood in the south-central part of the New York City borough of Brooklyn. It is bounded on the north by the Bay Ridge Branch tracks just above Avenue I and by the Brooklyn College campus of the City University of New York, and on the south by Avenue P and Kings Highway. The eastern border consists of parts of Nostrand Avenue, Flatbush Avenue, and Coney Island Avenue; parts of McDonald Avenue and Ocean Parkway mark the western boundary. CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE PROPERTY DESCRIPTION OFFERING SUMMARY Coldwell Banker Reliable Real Estate Commercial Division is Sale Price: $2,699,000 pleased to offer for sale, 1903 Kings Hwy, Brooklyn, NY 11229. This mixed-use offering includes Dunkin Donuts Tenant, which Number of Units: 3 currently occupies the commercial space, as well as 2 Lot Size: 1,892 Acres three-bedroom apartments, totaling 5,600 sq. ft. The property is zoned R7A/C2. Currently, all tenants have leases. All spaces are in Building Size: 5,600 SF excellent condition, making the property an excellent investment, NOI: $113,940.00 with huge upside potential. Location Highlights: Kings Hwy is in Cap Rate: 4.22% Midwood. It has high foot traffic, located in a densely populated area. Conveniently located close to Shopping, Restaurants, Roads and Public Transportation. DEMOGRAPHICS 0.25 MILES 0.5 MILES 1 MILE Total Households 4,235 14,535 45,052 PROPERTY HIGHLIGHTS Total Population 10,259 36,398 123,908 • National Tenant Dunkin Donuts Average HH Income $51,688 $57,478 $65,635 • Excellent location in Midwood • High level of foot and vehicular traffic • Excellent Opportunity for an Investor CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE 1903 Kings Hwy Brooklyn NY Building Name 11229 Property Type Mixed-Use Property Subtype High-Rise Building Size 5,600 SF Lot Size 1,892 Acres Year Built 1925 Number of Floors 3 Free Standing No Coldwell Banker Reliable Real Estate Commercial Division is pleased to offer for sale, 1903 Kings Hwy, Brooklyn, NY 11229. This mixed-use offering includes Dunkin Donuts Tenant, which currently occupies the commercial space, as well as 2 three-bedroom apartments, totaling 5,600 sq. ft. The property is zoned R7A/C2. Currently, all tenants have leases. All spaces are in excellent condition, making the property an excellent investment, with huge upside potential. Location Highlights: Kings Hwy is in Midwood. It has high foot traffic, located in a densely populated area. Conveniently located close to Shopping, Restaurants, Roads and Public Transportation. • National Tenant Dunkin Donuts • Excellent location in Midwood • High level of foot and vehicular traffic • Excellent Opportunity for an Investor CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE UNIT UNIT UNIT CURRENT MARKET NUMBER BED BATH RENT RENT Dunkin Donuts 1 $7,250 $7,250 Apt 1 3 1 $1,900 $2,100 Apt 2 3 1 $1,900 $2,100 Totals/Averages $11,050 $11,450 CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE EXPENSE SUMMARY Property Taxes $13,760 Water / Sewer $2,400 Insurance $2,500 Gross Expenses $18,660 CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE INVESTMENT OVERVIEW Price $2,699,000 Price per Unit $899,666 GRM 20.4 CAP Rate 4.2% Cash-on-Cash Return (yr 1) 4.22 % Total Return (yr 1) $113,940 - OPERATING DATA Gross Scheduled Income $132,600 Other Income - Total Scheduled Income $132,600 Gross Income $132,600 Operating Expenses $18,660 Net Operating Income $113,940 FINANCING DATA - - - - CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE POPULATION 0.25 MILES 0.5 MILES 1 MILE Total Population 10,259 36,398 123,908 Average age 38.9 38.6 36.4 Average age (Male) 37.1 37.0 34.4 Average age (Female) 41.6 40.9 38.4 HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE Total households 4,235 14,535 45,052 # of persons per HH 2.4 2.5 2.8 Average HH income $51,688 $57,478 $65,635 Average house value $548,008 $596,640 $596,965 * Demographic data derived from 2010 US Census CBCWORLDWIDE.COM Joseph Giordano 718 921 3100 [email protected] RELIABLE REAL ESTATE 1903 KINGS HWY BROOKLYN NY 11229 1903 Kings Hwy, Brooklyn, NY 11229 SALE JOSEPH GIORDANO Vice President [email protected] Direct: 718.921.3100 | Cell: 917.650.2647 PROFESSIONAL BACKGROUND Joseph Giordano began his highly-successful real estate career in 1986 and joined Coldwell Banker Reliable Residential & Commercial in 2012. Thereafter, in five short years, Joseph managed to become one of the top agents at his firm. With more than three decades of experience as a professional in the real estate industry, Joseph offers his clients a wealth of unparalleled knowledge and strategies to successfully execute a broad range of residential, investment and commercial real estate sales. Joseph specializes in residential & commercial real estate deals including the sale and lease of multi-family properties, vacant land, development sites, investment properties, luxury properties, single family, and condos. He has repeatedly raised the bar in providing exemplary customer service to his clients by making himself readily available at all times to resolve any and all of his client needs related to the real estate process. As a confident entrepreneur and businessman for more than 30 years, Joseph Giordano has acquired the necessary skills to negotiate and close the most complex and difficult deals. Understanding the importance of showcasing properties, Joseph offers his clients the full advantage of benefits and resources Coldwell Banker Reliable has to offer.