Fulton Street Brooklyn, Ny 11208 Cypress Hills Mixed Use Building for Sale | Exclusive Offering 3137 Fulton Street, Brooklyn, Ny 11208

EXCLUSIVE OFFERING SUMMARY

FULTON STREET BROOKLYN, NY 11208 CYPRESS HILLS MIXED USE BUILDING FOR SALE | EXCLUSIVE OFFERING 3137 FULTON STREET, BROOKLYN, NY 11208

Built in 1920, this 2‐story mixed use building with two apartments and store consists of 3,368± SF. It is located on the northwest corner of Fulton Street and Norwood Avenue, immediately adjacent to the Norwood Avenue Station on the [J, Z] trains. The building is in good condition, with no major capital improvements necessary. Gas boiler and hot water heater are new. There is income from a third apartment on the ground floor, which could be repositioned to extend the retail space.

PROPERTY OVERVIEW AKA Address 184 Norwood Avenue Neighborhood Cypress Hills Block & Lot 3931 / 57 Single or Multiple Dwelling with Stores or Building Class Offices (S9) Tax Class 2A Lot & Built Size 20.25’ x 83.17’ built full Built Area 3,368± SF Stories 2 Layout 1 2-BR, 1 1-BR Zoning R6B, C2-4, EC-6 FAR (Built/Allowed) 2 / 2 Assessment/ $75,184 / $9,482 Taxes (2018/19) Price: $1,060,000

WOODHAVEN

CYPRESS HILLS

OZONE PARK

EAST NEW YORK

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Jay Bernstein Ron Cohen Paul J. Nigido Associate Chief Sales Officer Senior Financial Analyst (646) 951-8406 (646) 424-5317 (646) 424-5350 [email protected] [email protected] [email protected] RC042319 CYPRESS HILLS MIXED USE BUILDING FOR SALE | EXCLUSIVE OFFERING 3137 FULTON STREET, BROOKLYN, NY 11208

REVENUE AMOUNT Residential $37,000 Commercial $51,950 EFFECTIVE GROSS INCOME $88,950

ESTIMATED EXPENSES Real Estate Taxes (18/19) $9,500 Water & Sewer $3,000 Payroll & Benefits $1,800 Fuel (oil) $2,700 Insurance $1,800 Utilities $1,000 Management Fee (3%) $2,650 METRICS Repairs & Maintenance $3,000 Average / Rent Apartment $1,028 TOTAL EXPENSES $25,450 Price / SF $315 Gross Rent Multiplier (x) 11.9 NET OPERATING INCOME $63,500 Cap Rate (%) 6.0

RENT ROLL UNIT TENANT RENT BEDROOMS LXP STATUS 1R* Tenant 1 $900.00 2 12/31/2019 FM 2F** Tenant 2 $884.07 1 N/A RC / S8 2R Tenant 3 $1,300.00 2 10/31/2019 FM Residential Monthly Total : $3,084.07 Residential Annual Total : $37,008.84 * Unit located at rear behind store, not on CO ** Section 8 subsidy is $760.00, tenants pays balance COMMERCIAL UNIT TENANT RENT LXP SQ. FT. $ / SF OPTIONS Gr. Fl. David's Check Cashing $4,329.19 12/31/2019 1,200 $43.29 One 5-yr* Commercial Annual Total : $51,950.28 * Rent increases +4% upon renewal at Jan 1, 2020 to $4,502 ($54,000/year) and at +4% annually for the duration of the term. The tenant intends to exercise their renewal option.

381 Park Avenue South, 15th Floor, New York, NY 10016 | Tel: 212.689-8488 | Fax: 212.689-9518 | www.besengroup.com CYPRESS HILLS MIXED USE BUILDING FOR SALE | EXCLUSIVE OFFERING 3137 FULTON STREET, BROOKLYN, NY 11208

INTERIOR PHOTOS

FLOOR PLANS

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Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.

ABOUT CYPRESS HILLS Cypress Hills serves as a border between Brooklyn and Queens, sitting between the easternmost reaches of Bushwick and the borders of Queens’ Woodhaven and Ozone Park neighborhoods. A subsection of the much larger East New York neighborhood, Cypress Hills has a similar flavor, with a polyglot shaped land area.

The neighborhood, which occupies less than a square mile, contains an impressive stock of historic row houses for its small size. The northern border of the neighborhood is the eponymous Cypress Hills Cemetery, which crosses into Queens and was one of the first non-sectarian and nondenominational cemeteries in the two outer boroughs.

Historically, Cypress Hills was a part of New Lots, one of Brooklyn’s former towns. Before being absorbed into New Lots, Cypress Hills was known as Union Place after its popular Union Course horse-racing track, which opened along the border of the area and Woodhaven, Queens, in 1821. The Cypress Hills title is taken from the cemetery, which in turn is thought to have been named for the abundance of cypress trees in the area.

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381 Park Avenue South, 15th Floor, New York, NY 10016 | Tel: 212.689-8488 | Fax: 212.689-9518 | www.besengroup.com