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9802 Foster Ave Forsalesetup&Comparables.Xlsx CANARSIE CORNER MIXED USE BROOKLYN INVESTMENT. FOR SALE: ASKING PRICE Submit all offers! $1,200,000 Seller will Accept all Cash: $1,000,000 5.41% Cap Rate Proforma: 8.3% 13% = Long Term Projected Proforma Future Cash On Cash ROI (Before CC&MCI) 5% Immediate Proforma Cash on Cash ROI Proforma: 13% 25% = Long Term Projected Proforma Future Cash On Cash ROI (Before CC&MCI) True Initial Cash On Cash ROE Return on Equity Investment Net Income PLUS 9% Principal Reduction Proforma: 17% 28% = Long Term Projected Proforma ROE True Initial Cash On Cash Return on Equity Investment Including Net Income After Debt Service PLUS Add Back Vacancy Allowance, Collection Loss, Replacement Reserves, TILC, 5% Management Fee 10% Plus Amortization Principal Reduction From Debt Service 13 = GRM Gross Income Multiplier Proforma GRM xRR: 16.22 14.9215 = Long Term Projected Gross Rent Multiplier $418 = Price Per Square Foot $333,333 = Price Per Unit $219 Price Per Maximum Usable Buildable Square Footage and Air Rights as Residential Building $438 Price Per Square Foot of Land Area Square Feet Square Feet Subject Property Address Being Sold, Location and Description Property Address: 9802 Foster Avenue Neighborhood: Neighborhood Section of City, State, Zipcode: Canarsie Brooklyn, NY 11236 Location: (SE Corner of East 98th Street and Foster) Block & Lot # Block: 8148 Lot: 28 DESCRIPTION: Property Is A 2 Story, Three Unit Mixed Use Building Located In The Canarsie Neighborhood Of Brooklyn. The Property Consists Of Two Residential Apartments Totaling 1,445 Square Feet, A 945 Square Foot Commercial Unit Plus A Garage. CERTIFICATE OF OCCUPANCY INFORMATION: CERTIFICATE OF OCCUPANCY READS: No C of O or Icards Available. Property built Pre C of O Page 1 of 7 Property and Land Lot Size, Square Footage, Zoning, etc. Zoning District: R4-1 Year Built: 1920 From Property Shark E-Designation: None Historic District: None Landmark: None R4-1 districts permit only one- and two-family detached and semi-detached residences. Despite a narrower lot requirement of 25 feet for detached homes, houses on R4-1 Building Class Now: PRIMARILY 2 FAMILY WITH 1 STORE OR OFFICE Existing FAR Community facility FAR districts tend to be larger than those in R3-1 districts because of the higher floor area ratio of 0.75 plus an attic allowance. The perimeter wall may rise to 25 feet, compared Maximum Allowed FAR: 2 to 21 feet in R3-1 districts, before sloping on being set back to a maximum building FAR As Built: 1.05 height of 35 feET. Square Footage Feet Wide Width Feet Deep Depth Lot Size Land Square Footage & Land Dimensions: 2,284 24.83 92 Square Feet Residential Square Footage 1,445 Retail 945 TOTAL EXISTING USABLE BUILDING Square Footage NOW: 2,390 TOTAL Residential as of right maximum FAR Buildable 4,569 Square Feet Layout of EXISTING Apartment Units and Estimated Comparable Rentals of Different Unit Sizes: Market Value Each Apartment Total Monthly Market Value Of Each Layout Comparable Quality Rental Apartment Unit Layout # of Each APARTMENT LAYOUTS: Apartments Rooms Baths Total # of Rooms 1 2 Bedroom 1 Bathroom $1,888 4.0 1.00 4 $1,888 1 3 Bedroom & 1 Bath $2,283 5.0 2.00 5 $2,283 2 TOTAL Apartments On Owner's Rent Roll Listed As Rented With # of Rooms 9 $4,171 TOTAL NUMBER OF Apartments As provided by owner/seller Annually $50,050 9 TOTAL NUMBER OF ROOMS Market Rate Average Apt. Rent/Month $2,085 Layout Summary: (1/2 Bedrooms), (1/3 Bedrooms) 2 # of Free Market Rent Decontrolled Destabilized Apartments 100% % of Total Page 2 of 7 Financial Overview AB (as of ) Long Term Future PROFORMA Projected Income: 1/1/2017 Square Feet Potential Gross Annual Income Assuming Upgrading Existing Apartments to Tenants # of Units Occupancy Rate Estimate CURRENT TOTAL Now Similar Quality Comparable Rentals at Market Value # of Apartments RESIDENTIAL INCOME: 2 ACTUAL RENTS FROM RENTED APARTMENTS Occupied Apartments 100% 1,445 $36,000 $50,050 Average Rent Per Month $1,500 $2,085 Residential Rent Per Square Foot Per Year $24.91 $34.64 Square Feet 2 TOTAL GROSS ANNUAL RENTAL INCOME: 100% 1,445 $36,000 $50,050 Square Feet # of Units COMMERCIAL, RETAIL AND ALL NON-RESIDENTIAL INCOME: 1 Number of Parking Spaces $180 /Month/Space $2,160 $3,000 Unit: Retail Ground 1 Store (5% Annual Increase) Level 100% 945 $37,800 $55,848 CAM Reimbursement (70% Water & Sewer) $2,800 $2,800 2 TOTAL COMMERCIAL/RETAIL GROSS ANNUAL RENTAL INCOME: 100% 945 $42,760 $61,648 Square Feet Commercial & Retail Rent Per Square Foot Per Year $40.00 $59.10 3 TOTAL GROSS ANNUAL RENTAL INCOME ACTUAL & PROJECTED ALL SOURCES: $78,760 $111,698 EXPENSES: (Estimated Ordinary Operating Expenses) NYC R.E. Taxable Asssesment Valuation 2016/2017 $57,809 $57,809 NYC Tax Class 2 Tax Rate: 2016/2017 12.8920% 12.8920% 2016/2017 Real Estate Taxes $7,453 $7,453 Expenses: (Estimated Ordinary Operating Excluding Capital Expenses & Improvements) Real Estate Taxes 2016/2017 $7,453 $7,453 Water & Sewer $4,000 $4,000 Insurance $500 /Unit $1,500 $1,500 Heating Fuel Common Areas: $0.75 /SF $1,793 $1,793 Utilities: Electricity Common Areas: $0.50 /SF $1,195 $1,195 Labor Payroll: Visiting Super $300 /Month $3,600 $3,600 Repair & Maintenance: $550 /Unit $1,650 $4,950 Management Fee (Estimate For New Buyer) 3% $2,363 $3,351 Residential Replacement Reserves Per/unit/year Underwriting Analysis $200 $400 $400 Commercial & Retail TILC Tenant Improvement Leasing Commissions Replacement Reserves $/PSF/year $0.75 $709 $709 UdTOTAL ii AORDINARY l i OPERATING EXPENSES: (Estimated) $24,662 $28,950 Expenses Per Unit Per Year ($8,221) ($9,650) Expenses Per Square Foot Per Year ($26.10) ($30.63) Expenses As Percentage of EGI 31% 26% NET INCOME Before Debt Service Annually: NOI BDS NOI BDS: (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.) $54,098 $82,748 Page 3 of 7 A) PRICING METRICS PRICE Seller will Accept All Cash $1,000,000 $1,000,000 A) Cap Rate: (All Cash Purchase Cash On Cash Return On Investment): (Projected Estimate Based On Above A) Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) 5.4% 8.3% GRM = Gross Rent Multiplier 12.70 8.95 Price Per Unit $333,333 $333,333 Price Per Square Foot $418 $418 A) Cap Rate: (All Cash Purchase Cash On Cash Worst Case 5% Return On Investment): (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) $1,081,964 $1,654,961 B) Cap Rate: (All Cash Purchase Cash On Cash Best Case 4% Return On Investment): (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $1,352,455 $2,068,702 Appraisers: A survey of appraisers results in summary conclusion that for this zipcode multifamily property will likely be appraised at a capitalized valuation “likely 6’s to low/mid 7’s” C) Cap Rate: (All Cash Purchase Cash On Cash Reasonable 4.5% Return On Investment): (Projected Estimate Based On Above Information Conclusion Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) $1,202,183 $1,838,846 GRM = Gross Rent Multiplier 15 16 Price Per Unit $400,728 $612,949 Price Per Square Foot $503 $769 B) B) True Value To Efficient Hands On Self Managed Buyers, but All Lenders, Appraisers will not value it based on the following: NET INCOME Before Debt Service Annually: NOI BDS NOI BDS: (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.) $54,098 $82,748 B) Add Back Vacancy, Collection, TILC, Replacement Reserves & Management Fee $3,472 $4,460 B) NET INCOME CURRENT PROJECTED (Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) $57,570 $87,208 B) Cap Rate All Cash Purchase; Cash On Cash Return On Investment (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) 5.8% 8.7% B1) PROJECTED POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY: B1) Projected Resale Value of Property: Projected Resale Cap Rate: 4.50% $1,202,183 $1,838,846 Projected Resale Profit: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $202,183 $838,846 Projected Resale Profit Markup: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) 20% 84% Projected Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) 58% 240% Page 4 of 7 D2) PROPOSED NEW FINANCING: (Subject to lender approval & closing.) Optional Possible PRE-APPROVED FINANCING offered via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing. 5 Year US Treasury Index Yield 1.94% As of Date: 1/5/17 subject to change until rate locked. Spread 1.81% FIXED INTEREST RATE: 3.75% FIXED FOR 5+5 YEARS WITH 30 YEAR AMORTIZATION SCHEDULE Amortization Schedule in Years 30 AB First Mortgage Offer Proposed by Lender of Mortgage Broker Andrew Lichtenstein, Inc. $650,000 $650,000 Loan to Purchase Price 65% 65% NET INCOME Before Debt Service Annually: NOI BDS NOI BDS: (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.) $54,098 $82,748 Debt Service Principal & Interest Payments Annually: (Projected Estimate D2) DS: Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error) ($36,123) ($36,123) Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed] 5.56% 5.56% DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service] (1.50) (2.29) Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 8.32% 12.73% LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 54% 35% NET INCOME AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.
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