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$10,500,000 1791 Utica Avenue, Brooklyn, NY

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$10,500,000 1791 Utica Avenue, Brooklyn, NY 1791Title Utica Avenue, Brooklyn, NY AKA 1771 Utica Ave, 1773-1807 Utica Ave & 5001-5011 Avenue J; Northeast Corner of Utica Ave & Ave J $10,500,000 CORNER RETAIL BUILDING 500 FEET OF FRONTAGE FUTURE DEVELOPMENT SITE 5.62% CAP For more information, please contact exclusive broker: George Valliades Director 425 Fifth Avenue, Suite 505 | New York, NY 10016 T: (914) 582-2611 | E: [email protected] www.highcapgroup.com HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Property Profile THE PROPERTY Corner retail building with 500 feet of wraparound frontage. 2 NNN tenants: Rite Aid and New York-Presbyterian/Brooklyn Methodist Hospital. Both Corporate guaranteed leases. Landlord is only responsible for roof and exterior structural walls. Originally built in 1996 and last altered in 2014. The long-terM tenants have leases expiring in 2021 & 2022 respectively. Rite-Aid has strong sales is independently corporately owned and is not owned by Walgreens. This strong retail location is adjacent to the 787-unit Kings Village ApartMent CoMplex. New York-Presbyterian has already asked for a new 10 year lease at higher rent. National tenants within a couple blocks of this property are: McDonald’s, Dollar Tree, KFC, Popeyes, Wendy’s, Dunkin and Staples. Separate on-site parking supported for each tenant. HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Investment Summary Property Specifics: Financials: Asset Type: Commercial Gross Income: # of Units: 2 NNN Rents: $589,802 Block/Lot: 7776/6 Building SF: 16,200 SF Expenses: (Tenants Pay All) Lot Size: 400’ x 100’ R.E. Taxes: $182,633 Lot SF: 40,000 SF Insurance: $10,000 Buildable SF: 50,000 SF Repairs & Misc.: $5,000 # of Stories: 1 Total: $197,633 Zoning: R5, C1-2 F.A.R 1.24 (Built: 0.41) Net Income: $589,802 Tax Class: 4 Assessment: $2,055,600 1st Mortgage: Free and Clear Year Built: 1996/Alt. 2014 HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Rent Roll Address Tenant SF Lease Start Expiration Rent Roll S/SF Notes NNN, One (5) year option with increases, 1791 Utica Rite Aid 11,900 4/13/1995 12/31/2021 $433,748 $36.45 reimbursements for taxes; Rent becomes $495,738 NNN, currently in last option period, 1771 Utica Hospital 4,500 8/1/1997 6/30/2022 $156,054 $34.68 reimburses for taxes * see below note 16,400 $589,802 5.62% CAP Projected Rent in Option Period Address Tenant SF Lease Start Expiration Rent Roll $/SF 1791 Utica Rite Aid 11,900 12/31/2021 12/31/2026 $495,738 $41.66 NYP 1771 Utica 4,500 6/30/2020 6/30/2022 $156,054 $34.68 Hospital has already asked to extend lease Hospital 16,400 $651,792 6.2% CAP *Likely higher with a new NYP lease HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Development Address: 1791 Utica Avenue Location: Corner of Avenue J; Between Avenue J and Avenue I & East 51st St Block / Lot: 7776 / 6 Lot Dimensions: 400’ x 100’ Lot Area (SF): 40,000 Zoning: R5, C1-2 Commercial FAR: 1 Residential FAR: 1.25 Total Buildable (SF): 50,000 Inclusionary Housing Bonus: Through ULURP likely to get an up-zoning Important to Note: On March 13, 2019, the City Planning CoMMission voted to approve an application for a rezoning in the Flatbush Junction neighborhood of Brooklyn at 1640 Flatbush Avenue. The applicant, SL Green, proposes to build an approxiMately 130,000 SF Mixed-use building on an approx. 18,000 SF lot that will be 13 stories plus a cellar. The new building will house retail or other comMercial uses on the first two floors and residential units on the reMaining eleven floors. https://www.citylandnyc.org/new-rezoning-to-revitalize-portion-of-flatbush-avenue-in-brooklyn/ HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Neighborhood FLATLANDS - Area Overview Flatlands, one of the original five Dutch towns on Long Island is near the south shore of Brooklyn between Canarsie and Marine Park. The Main shopping streets in Flatlands are Utica Avenue, Flatbush Avenue, Avenue N, and Ralph Avenue. Residents also coMMonly shop at the nearby indoor Mall at Kings Plaza located by the borders of Flatlands and Marine Park. Real estate in the area priMarily consists of blocks of one and two faMily hoMes with driveways. Residential real estate in Flatlands, Brooklyn New York consists of Many brick row houses. The price range of houses in Flatlands Brooklyn New York typically ranges between $400,000 - $800,000 and have reMained constant over the years. HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Transportation Map B46 BUS STOP Primary transportation in the neighborhood is by car or city bus. Fortunately the B46 bus stop is just steps away from the property. To take the subway, residents ride the bus for about 10-15 minutes, either on Flatlands Avenue, arriving within a block of the L at Rockaway Plaza station in Canarsie, or along Flatbush Avenue, connecting to the No. 2 or the No. 5 train at the Flatbush Avenue station. The trip to Lower Manhattan takes about an hour. A private line called the Command Bus operates the BM1, a rush- hour express to Manhattan, stopping along Ralph Avenue and other stops. The cost is $4 round-trip and takes 1-hour and 20- minutes to Midtown Manhattan. HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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. 101-032819 Contact For more information, please contact exclusive broker: George Valliades Director (914) 582-2611 [email protected] HIGHCAP GROUP, LLC. | 425 Fifth Avenue, Suite 505 | New York, NY 10016 | Phone: (212) 575-0022 | FAx: (212) 575-5851 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.
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