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2156 Cortelyou Road, Brooklyn, Ny 11226 8,641 4 13 2156 CORTELYOU ROAD, BROOKLYN, NY 11226 13 Unit, Walk-up Building with 11 Newly Renovated Free Market Apartments | FOR SALE PROPERTY INFORMATION Block / Lot 5165 / 28 Lot Dimensions 28.65' x 100' Lot Size 2,865 Sq. Ft. (Approx.) Building Dimensions 28' x 90' Stories 4 Units 13 Building Size 8,641 Sq. Ft. (Approx.) Zoning R6A FAR 3.00 Buildable Area 8,595 Sq. Ft. (Approx.) Air Rights None Sq. Ft. (Approx.) Tax Class 2 Assessment (19/20) $335,149 Real Estate Taxes (19/20) $42,269 8,641 4 13 FLATBUSH Gross SF Stories Units Location PROPERTY DESCRIPTION Ariel Property Advisors is pleased to present 2156 Cortelyou Road, a 13-unit There is heavy foot traffic along the Cortelyou and Flatbush Ave intersection multifamily property located on the corner of East 22nd and Cortelyou Road in with many choices including restaurants, medical offices and stores. The area is Flatbush. well served by public transportation with the Q, 2, 5 trains and B41, B49 buses all located within walking distance to the subject property. The building stands 4 stories tall and encompasses approximately 8,641 gross square feet with 28’ of frontage and 90’ deep on a 100’ lot. Of the 13 units, 2156 Cortelyou Road presents the rare opportunity to acquire a strong cash there are eleven free-market apartments and 2 rent-stabilized apartments. The flowing, free-market property in the rapidly growing neighborhood of Flatbush. residential unit mix consists of 13 fully occupied apartments, with one (1) studio, three (3) one-bedrooms, seven (7) two-bedrooms and two (2) three-bedrooms. All residential units have spacious bedrooms and living/kitchen areas with large windows which allow substantial light and air. Additionally, the property carries an assumable mortgage of approximately $1,970,000 with a rate of 3.875% through May 2024 with a five (5) year extension. PROPERTY HIGHLIGHTS • 11 FREE MARKET UNITS • WALKING DISTANCE TO PUBLIC TRANSPORTATION (Q, 2, AND 5 • APPROX. $1,970,000 LOAN W/ POTENTIAL TO BE ASSUMED SUBWAYS, AS WELL AS B41 AND B49 BUSES) • RECENT INDIVIDUAL APARTMENT IMPROVEMENTS (IAI) $3,300,000 $382 $253,846 5.00% 12.11 212.544.9500 Asking Price $/SF $/Unit Cap Rate GRM arielpa.nyc For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info Lawrence Sarn x54 Victor Sozio x12 Oliver Elihu x21 Matthew Dzbanek x48 [email protected] [email protected] [email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 7 November 2019 11:20 pm 2156 CORTELYOU ROAD, BROOKLYN, NY 11226 13 Unit, Walk-up Building with 11 Newly Renovated Free Market Apartments | FOR SALE CURRENT ROLL EXPENSES (ESTIMATED) Scheduled Gross Income: $272,592 Real Estate Taxes (19/20) $42,269 Less Vacancy Rate Reserve (3.00%): ($8,178) Water & Sewer $13,679 Gross Operating Income: $264,414 Less Expenses: ($99,525) 37% of SGI Insurance $5,200 Net Operating Income: $164,890 5.% Cap Rate Fuel $15,000 Electric $1,300 SCHEDULED INCOME Repairs & Maintenance $6,500 STATUS # OF AVG. RENT MONTHLY ANNUAL Super $5,000 TYPE UNITS $/UNIT INCOME INCOME FM 11 $1,850 $20,345 $244,140 Legal/Miscellaneous $2,644 RS 2 $1,186 $2,371 $28,452 Management $7,932 TOTAL MONTHLY INCOME $22,716 TOTAL ANNUAL INCOME $272,592 GROSS OPERATING EXPENSES $99,525 RENT ROLL # OF ACTUAL / MONTHLY LEASE UNIT STATUS BEDROOMS PROJECTED RENT EXPIRATION 1 FM 1 Actual $1,625 5/30/2020 2 FM 1 Actual $1,600 4/30/2020 3 FM 1 Actual $1,625 2/28/2020 3A FM Studio Actual $1,420 3/31/2020 4 FM 2 Actual $1,800 5/31/2020 5 FM 2 Actual $1,850 6/30/2020 6 FM 2 Actual $1,950 3/31/2020 7 FM 2 Actual $2,250 6/30/2021 8 FM 2 Actual $1,925 4/30/2020 9 FM 3 Actual $1,950 12/31/2019 10 FM 3 Actual $2,350 8/31/2020 11 RS 2 Actual $1,370 6/30/2020 12 RS 2 Actual $1,001 6/30/2021 TOTAL MONTHLY INCOME $22,716 TOTAL ANNUAL INCOME $272,592 $3,300,000 $382 $253,846 5.00% 12.11 212.544.9500 Asking Price $/SF $/Unit Cap Rate GRM arielpa.nyc For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info Lawrence Sarn x54 Victor Sozio x12 Oliver Elihu x21 Matthew Dzbanek x48 [email protected] [email protected] [email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 7 November 2019 11:20 pm TO E57/ R V MADISON AV G C E N R 5 AV Northern Blvd 23 St 23 St W N W Queensboro 1 28 St 6 7 Plaza 33 St E 34 ST Q18 to Astoria F V CONCORD ST MADISON AV 44 DR E R Q104 to R V W 14 ST 23 St 6 E V Queens Astoria BACACA 45 Rd V G G 1 28 St 7 Plaza 46 AV Court 7 39 AV 65 St Jackson Hts FEDERAL N R House Sq Long Island City 58 ST 14 St A C 18 St G Roosevelt Av LEXINGTON AV E 28 ST Court Sq 44 ST BROADWAY BUILDING L 8 Av 23 St 6 46 ST E F R LOVE LA W 47 AV 61 ST E G THOMSON AV 48 ST 14 Av 23 St E 34 ST VERNON BLVD SKILLMAN AV MONROE PL 21 St V G B D FERRY JACKSON AV TILLARY ST 37 ST 64 ST F V Vernon Blvd - 35 ST GOLD ST 14 St 1 2 Jackson Av SUNNYSIDE 39 ST 38 AV N Q EIGHTH AV 40 ST LIRR PIERREPONT ST ROTUNDA 33 St 42 ST WOODSIDE M R HENRY ST 3 7 YARD 43 AV 69 St GALLERY CADMAN PLAZA WEST L WATERSIDE BORDEN AV QUEENS BLVD Woodside - 61 St 6 Av BROADWAY 21 ST Q32 to E 23 ST 7 7 MONTAGUETER PARK AV PLAZA FERRIES TO MANHATTAN LIRR 40 St 7 TILLARY ST UNION 2 ST HUNTERSPOINT AV 7 Jackson E 34 ST, PIER 11 LIRR 46 St 74 St - 54 AV LONG Hunters 7 WOODSIDE AV Heights Bway BROOKLYN SQUARE Point AV 7 ROOSEVELT AV52 St ISLAND CITY 30 ST 31 ST 7 30 PL FLATBUSH AV VING PL 50 AV 7 58 ST HISTORICAL PARK 3 AV 49 AV IR ST 69 14 St VAN DAM ST 47 AV MONTAGUE ST SOCIETY CHRISTOPHER ST SEVENTH AV SOUTH Union Sq L PETER 48 AV HUNTERS POINT AV 63 ST 2 AV 27 ST QUEENS BLVD Christopher St 1 W 8 ST 40 ST Sheridan Sq N Q COOPER ARTS AT 5 AV VILLAGE GRACE ST JOHNSON ST R 68 ST 44 AV ST. ANN’S FAMILY A C E W 1 AV 47 ST NY STATE E 8 ST 4 5 E 14 ST BOX ST BORDEN AV NEW Court St COURT GREENPOINT AV 59 ST SUPREME B D F V MCGUINNESS BLVD POLY AVENUE OF THE AMERICAS L CALVARY 4 5 W 4 St 6 FDR DRIVE 50 AV REMSEN ST COURT TECHNIC 8 St NYU 3 Av CEMETERY 49 AV 14 St 48 AV 47 AV M R PRINCE ST WASHINGTON N R Union Sq STUYVESANT BQE UNIVERSITY 1 6 TOWN SQUARE 65 PL W ADAMS ST WEST ST Houston St FREEMAN ST 69 ST Astor Pl L 50 AV 2 3 PARK GREEN ST Jay St 1 Av Borough METRO WHOUSTON ST LAUREL HILL BLVD 65 ST Borough Hall GARFIELD AV Hall JAY ST HURON ST ST FRANCIS TECH BRIDGE ST 52 AV 51 AV A DUFFIELD ST CALVARY TYLER AV 51 AV 51 RD JORA LEMON STCOLLEGE BOROUGH C Bleecker St 52 RD MAURICE AV CENTER MYRTLE AV LAFAYETTE ST CEMETERY HALL F CANAL ST C E 6 CALAMUS AV HICKS ST VARICK ST Greenpoint Av Spring St B D KENT ST G Broadway TOMPKINS ST WEST N R KINGSLANDAV 52 AV Lafayette St E 4 ST GREENPOINT AV REVIEW AV F V SQUARE MT ZION 52 RD Borough 54 AV GARDEN PL Hall W HUMBOLDT ST PEARL ST BROOME ST PARK CEMETERY 4 5 1 Prince St 52 DR HENRY ST Lower East Side 46 ST 72 PL Canal St 2 Av 72 ST LIVINGSTON ST M R A C AVENUE A ST FRANKLIN 55 AV 62 ST COURT ST 6 F V 53 AV SIDNEY ST MANHATTAN AV MESEROLE AV 48 ST Spring St 65 PL E AVENUE B KOSCIUSKO BRIDGE 54 AV 53 RD J M L LONG ISLAND EXPWY Lawrence St WILLOUGHBY ST BROOKLYN CLINTON ST BROOKLYN DOBBIN ST R W Canal St Z Bowery HOUSTON ST NORMAN AV 55 AV 64 ST Q58 to AVENUE C QUEENS EXPWY SCHERMERHORN ST LAW SCHOOL 1 Canal St N Q Flushing G NASSAU AV LONG ISLAND STATE ST Franklin St AVENUE D Nassau Av MEEKER AV 58 ST 69 ST COLLEGE LAWRENCE ST Canal St LAFAYETTE ST J M ESSEX ST NORTH 13 ST 56 RD JAY AV Chambers St 6 EAST HULL AV HOSPITAL Z Canal St F Delancey St 2 3 RIVER HAMILTON PL Q59 to ATLANTIC AV 1 2 CANAL ST B D DELANCE NORTH 10 ST DRIGGS AV 56 AV 3 CHURCH ST Grand St PARK MAURICE AV Rego Park TRANSIT WORLD A C LOMBARDI ST 60 ST 56 RD Hoyt St GOLD ST ENGERT AV MUSEUM FINANCIAL Park Place J M MASPETH AV 56 DR BARCLAY ST BROADWAY Y ST NORTH 7 ST CENTER 2 3 Z Essex St R W ALLEN ST McCARREN PACIFIC ST City GRAND ST FULTON ST FLEET ST Hall 4 5 J M DIVISION PL PARK 48 ST NY STATE WORLD TRADE Brklyn THE BROOKLYN 6 Chambers St BEDFORD AV RUST ST E Br Z BOWERY CRIMINAL WTC F East 49 ST HOSPITAL CENTER SITE Broadway RICHARDSON ST FROST ST E BROADWAY L Q38 to COURT LIVINGSTON STHOYT ST CENTRE PARK ROW GRAHAMAV 58 AV Corona SCHERMERHORN ST DEKALB AV Cortlandt St Bedford Av PAGE PL (Temporarily closed) WILLIAMSBURG BRIDGE FLUSHING61 ST AV Q ATLANTIC AV R W MASPETH AV MT.
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