1396-1402 Myrtle Avenue 1404-1410 Myrtle Avenue Bushwick
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1396-1402 Myrtle Avenue 1404-1410 Myrtle Avenue Bushwick - Brooklyn Investment Analysis ♦ Third Quarter 2019 -Exclusive Listing- Darouvar Team Kevin Darouvar Uriel Setareh Tel. (516) 317-1954 Tel. (917) 992-3628 [email protected] [email protected] 121-8/29/2019 I. Executive Summary II. Asset Overview III. Rent Roll & Financial Detail IV. Maps This Investment OfferingContentsMemorandum has been prepared for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective investors may need or desire. All projections have been developed by designated sources, and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation. Seller or VCPRE LLC d/b/a Venture Capital Properties “VCP” makes no representation as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, VCP and its employees, disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, VCP, Seller and its employees, disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, the Investment Offering Memorandum, or any other written or oral communication transmitted or made available to the recipient. The Investment Offering Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation of the Investment Offering Memorandum have remained the same. Analysis and verification of the information contained in the Investment Offering Memorandum is solely the responsibility of the prospective purchaser. Seller and VCP each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment or obligations to any entity reviewing the Investment Offering Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, a written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller and its legal counsel, and any conditions to Seller’s obligations there under have been satisfied or waived. This Investment Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Investment Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, and that you will not disclose the Investment Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or VCP, and that you will not use the Investment Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or VCP. We obtained the information from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. All content subject to errors & omissions. Confidentiality Disclaimer 3 Bushwick: Retail w/ Residential Investment Opportunity 1396-1402 Myrtle Avenue and 1404-1410 Block-Lot 3287-21,25 Myrtle Avenue are two adjacent lots forming the corner of Greene and Myrtle Avenue in Bushwick, Building Size 24,167 SF New York. The property is comprised of 9 Retail and 2 Lot Size 10,345 SF Residential units. The Residential Units are loft Zoning R6, C2-3 FAR 2.43 25,138 BSF like which can be converted to office or renovated to 3 bedrooms. Current $/SF Accessible via the M and L trains at Income Retail Income: $ 445,284 $ 23 /SF Knickerbocker Av and Myrtle-Wyckoff Avenue Residential Income: $ 49,800 $ 20 /SF stations. Reimbursements: $ 34,292 Gross Income: $ 529,376 $ 22 /SF Expenses Real Estate Taxes: $ 55,445 $ 2 /SF Water & Sewer: $ 8,950 $ 0 /SF Insurance: $ 21,192 $ 1 /SF Repairs & Maintenance: $ 29,626 $ 1 /SF Total Expenses: $ 115,213 $ 5 /SF Net Operating Income $ 414,163 $ 17 /SF Cap Rate 4.73% Price $ 8,750,000 $ PSF $362/SF Asse t Cla ss: Mixed Use Size: 24,167 SF Price: $8,750,000 PSF: $362/SF 4 All content subject to errors & omissions. Contents Address Tenant Size Start Date End Date Monthly Rent Annual Rent Notes 1307 Greene Ave New Life NYC Early Learn 12,000 SF 2002 2037 $ 14,931 $ 179,172 54.6% Of Taxes 1402 Myrtle Ave Compact Computer 450 SF 2005 MTM $ 1,200 $ 14,400 1400 Myrtle Ave Navarro Brokerage 1,200 SF 2005 2021 $ 3,226 $ 38,712 4% Annual Inc. 1398 Myrtle Ave RF Cleaners 1,500 SF 2016 2026 $ 3,800 $ 45,600 1396 Myrtle Ave SH Medical 1,600 SF 2012 2033 $ 3,090 $ 37,080 3% Annual Inc. 1408 Myrtle Gardenberry Juice & Greens 1,319 SF 2016 2036 $ 5,150 $ 61,800 $6,150 as of May 2020 1406 Myrtle Stella's Boutique 800 SF 2015 2022 $ 2,700 $ 32,400 15% Of Taxes 1404 Myrtle MTG Corp 400 SF 2015 2025 $ 2,250 $ 27,000 10% Of Taxes 1309 Greene New Time Investments 200 SF 2015 2027 $ 760 $ 9,120 Retail Total 19,469 SF $ 37,107 $ 445,284 Address Tenant Size LXP LXP Monthly Rent Annual Rent Notes 1408 Myrtle Apt 1 - 2 Bed Convertible 1,300 SF MTM MTM $ 1,950 $ 23,400 Projected $3,000/Mo 1408 Myrtle Apt 2 2 Bed / 1 Bath 1,200 SF 2017 2018 $ 2,200 $ 26,400 Projected $3,000/Mo Residential Total 2,500 SF $ 4,150 $ 49,800 Total 21,969 SF $ 41,257 $ 495,084 Rent Roll 5 Contents Maps 6 Contents Street View 7 Venture Capital Properties VCPRE LLC Real Estate Acquisitions Advisory 461 Fifth Avenue New York, NY 10017 Kevin Darouvar Tel. (516) 317-1954 [email protected] Uriel Setareh Tel. (917) 992-3628 [email protected].