475 4Th Avenue Brooklyn NY, 11215

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475 4Th Avenue Brooklyn NY, 11215 475 4th Avenue Brooklyn NY, 11215 JOHN BRENNAN RICHARD SODEKE THE Vice President Investments Investment Associate BRENNAN [email protected] [email protected] License: NY: 10401237299 License: NY: 10401297095 JB TEAM 718.475. 4373 718.475.4365 [ ] CONFIDENTIALITY AGREEMENT CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. TABLE OF CONTENTS FINANCIAL ANALYSIS………………………………………….5 J-51 TAX ANALYSIS……………………………………………..8 PROPERTY OVERVIEW…………………………………………9 MARKET OVERVIEW……………………………………………16 FINANCIAL ANALYSIS RENT ROLL 475 4TH AVENUE Unit Status Type Approx. Current Rent Current/SF Lease Pro-Forma Pro-Forma Square Expiration Rent /SF Feet 1R RS 2BR – 1,035 $3,595.00 $41.68 12.31.2018 $4,000.00 $46.38 Garden Access 1L RS 2BR – 1,035 $3,540.67 $41.05 8.31.2018 $3,800.00 44.06 Garden Access 2R RS 2BR 690 $3,110.84 $54.10 9.30.2018 $3,300.00 $57.39 2L RS 2BR 690 $2,800.00 $48.70 5.31.2018 $3,300.00 $57.39 3R RS 2BR 690 $3,307.50 $57.52 9.30.2018 $3,307.50 $57.52 3L RS 2BR 690 $2,850.00 $49.57 2.28.2019 $3,300.00 $57.39 4R RS 4BR – 1,325 $4,596.38 $41.63 7.31.2018 $5,000.00 $45.28 Duplex 4L RS 4BR – 1,325 $4,515.00 $40.89 3.31.2018 $5,000.00 $45.28 Duplex CURRENT MONTHLY $28,315.39 PRO-FORMA MONTHLY $31,007.50 CURRENT ANNUAL $339,784.68 PRO-FORMA ANNUAL $372,090.00 *Pro-forma numbers reflect a projected market rent of $44-$57/SF depending on unit type. th *All rent-stabilized units in 475 4 Avenue have temporary preferential rent-riders and legal rents that are higher than pro- forma numbers. PAGE 5 FINANCIAL ANALYSIS OPERATING STATEMENT CURRENT Year 1 Gross Scheduled Rent $339,784.68 $372,090.00 Less: Vacancy/ Deduction 3.00% ($10,193.54) 3.00% ($11,162.70) Total Effective Rental Income $329,591.14 $360,927.30 Other Income $0 $0 Effective Gross Income $329,591.14 $360,927.30 Taxes $0.00* $0.00* Fuel $0.00* $0.00* Water & Sewer $3,503.11* $3,503.11* Insurance $8,374.48* $8,374.48* Electric $1,004.85* $1,004.85* Repairs $4,000.00** $4,000.00* Payroll $3,200.00** $3,200.00* Management $9,887.73** $10,827.82** Less: Total Expenses 9.09% ($29,970.17) 8.56% ($30,910.26) Net Operating Income $299,620.97 $330,017.04 CAP Rate 4.99% 5.50%1 Debt Service $207,459.00 $207,459.00 Net Cash Flow After Debt Service 4.29% $92,161.97 5.70% $122,558.04 *Actual Expense Experienced by Owner ** Projected Expense 1 Year 1 cap rate factors in projected market rent of $44-$57/SF depending on unit type. PAGE 6 FINANCIAL ANALYSIS $6,000,000 8 Residential Units 9,665 Total Gross Square Feet 3,295 Square Feet of Available Air Rights $750,000 Per Unit $620.80 Per Square Foot $462.96 Per Buildable Square Foot CURRENT METRICS PRO-FORMA METRICS CAP RATE……………………… 4.99% CAP RATE……………………….…… 5.50%1 GRM …………………………….17.66 GRM ………………………………….16.13 CASH-ON-CASH ……………....4.29% CASH-ON-CASH …………………….5.70% LTV FINANCING QUOTE Loan Amount: $3,850,000 36% Term: 5 years Interest Rate 3.50% Monthly Payment $17,288 64% Amortization 30 Years Non-Recourse Debt Equity Fixed- rate loans with terms of 7, 10, 15 and 20 years may also be available for this asset. Additionally, other non-standard terms may be available including reduced pre-payment costs, interest-only periods, and expedited funding timelines. *For Financing Inquiries, please contact Lior Goldberg of Marcus & Millichap Capital Corporation – 718.475.4375 1Year 1 cap rate factors in projected market rent of $44-$57/SF depending on unit type. PAGE 7 J-51 TAX ANALYSIS Tax Year Benefit Phase Taxable J-51 Taxable Tax rate Total Tax Tax Due Abatement Year Out Value Exemption Value Granted (Before J-51) 2011-2012 N/A 0% $100,054 $0 $100,054 13.433% $13,440 $0 $0 2012-2013 Year 1 100% $102,653 $36,899 $65,754 13.181% $8,667 $0 $8,667 2013-2014 Year 2 100% $102,653 $38,943 $63,710 13.145% $8,375 $0 $8,375 2014-2015 Year 3 100% $109,187 $45,494 $63,693 12.855 % $8,188 $0 $8,188 2015-2016 Year 4 100% $117,921 $47,602 $70,319 12.883% $9,059 $0 $9,059 2016-2017 Year 5 100% $127,354 $52,003 $75,351 12.892% $9,714 $0 $9,714 2017-2018 Year 6 100% $133,448 $54,721 $78,727 12.892% $10,149 $0 $10,149 2018-2019 Year 7 100% $136,117 $55,542 $80,575 12.956% $10,440 $0 $10,440 2019-2020 Year 8 100% $138,839 $56,375 $82,464 13.021% $10,738 $0 $10,738 2020-2021 Year 9 100% $141,616 $57,221 $84,396 13.086% $11,044 $0 $11,044 2021-2022 Year 10 100% $144,448 $58,079 $86,370 13.152% $11,359 $0 $11,359 2022-2023 Year 11 80% $147,337 $58,950 $88,387 13.218% $11,683 $2,337 $9,346 2023-2024 Year 12 60% $150,284 $59,834 $90,450 13.284% $12,015 $4,806 $7,209 2024-2025 Year 13 40% $153,290 $60,732 $92,558 13.350% $12,357 $7,414 $4,943 2025-2026 Year 14 20% $156,356 $61,643 $94,713 13.417% $12,707 $10,166 $2,541 2026-2027 N/A 0% $159,483 $0 $159,483 13.484% $21,504 $21,504 N/A Remaining Amount to Be Saved from J-51 $67,620 Assumptions: *J-51 exemption amount is expected to grow 1.5% per annum *Assessment Value is expected to grow at 2% per annum *Tax Rate is expected to increase at 0.50% per annum PAGE 8 PROPERTY OVERVIEW Marcus & Millichap has been exclusively engaged to represent ownership in the sale of 475 4th Avenue, a five-story apartment building located between 11th and 12th Streets in the Park Slope neighborhood of Brooklyn, NY (Block: 1022, Lots: 05). The property is comprised of 8 residential units of occupied high-quality residential apartments. 475 4th Avenue is completely rent-stabilized due to a J-51 tax abatement set to expire in 2027. The property generates a gross income of $339,784.68. 475 4th Avenue totals approximately 9,665 square feet, and measures 27 feet wide by 64 feet deep, on a lot that is 80 feet deep. This building totals approximately 9,665 gross square feet, with 3,295 of unused air rights based on current R8A zoning. Annual collected income for this property is $339,784.68, with a DHCR legal income of $458,574.48 as of 2017. The subject offering is a rare opportunity to acquire a cash-flowing & highly financeable apartment building in one of New York City’s premier submarkets. The asset is turn-key with extensive upgrades throughout the building, allowing a new investor to attract high-quality housing demand for the foreseeable future. 475 4th Avenue offers a new investor multiple options to reposition this asset, or can simply be held at an attractive 4.99% cap rate with minimal management.
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