205 Bedford Avenue | Williamsburg Brooklyn

Exclusive Sale Offering Memorandum ______205 Bedford Avenue | Williamsburg Brooklyn

Christopher Cavorti Evan F. Church Marvin Chu Licensed Associate Licensed Associate Licensed Associate Real Estate Broker Real Estate Broker Real Estate Broker 914.804.7091 917.684.0663 718.685.9430 [email protected] [email protected] [email protected]

205 Bedford Avenue Brooklyn, NY Purchase Price: $7,800,000

Executive Summary:

Premium Flagship Retail & Mixed Use Property for Sale. Located in North Williamsburg’s Highest Priced Retail & Residential Corridors. Introducing an extraordinary opportunity for ownership of 205 Bedford Avenue, the most prime Williamsburg real estate on the market. Located between North 5th Street & North 6th Street the area boasts the highest asking retail rents in North Williamsburg and Tops Brooklyn retail charts as well. As reported in the REBNY 2017 Summer report… Asking rents on Bedford Avenue between N4th & North 8th Street in Williamsburg Brooklyn Averaged $393/SF. There is potential to re-position the existing building to maximize the ground floor retail or develop a full commercial building both scenarios projecting well above a 6% Cap Rate.

Existing Building & Property Features: Current Zoning is R6B, C1-4. Set on a 20’ X 80’ lot, the existing 4- story masonry & framed building is ~ 3,200 SF above grade. A full-height cellar offers an additional ~ 728 gross SF. It currently consists of 3X income-producing units: The ground floor restaurant/retail space has soaring 10’ ceilings and over 500 SF of outdoor space. The 2nd floor unit is an oversized studio with a loft-like layout, featuring triple-exposures and over 9’ high ceilings. A spacious 3 bed/1 bath duplex is set on the top 2 floors. The multiple exposures allow for abundant natural sunlight in both units. Unique details include: original hardwood flooring, custom woodwork, moldings and exposed brick. This stately address can be easily converted to a ~2,167 SF triplex residence with substantial commercial rental income potential.

The central location is 1.5 short blocks away from the Bedford L subway station and 4 blocks from the NYC Ferry. Located in the epicenter of Williamsburg Northside. This food, tourist and shopping mecca has seen a dramatic transformation that is on par with the top destinations in New York City. The presence of major chains, national retailers, luxurious new developments and hotels have triggered the vibrant revitalization of Williamsburg, Brooklyn. Unquestionably, this is a “not-to-be missed” opportunity!

All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice

205 Bedford Avenue, Brooklyn, NY, 11211 Current Property Information:

Address & Neighborhood: Building: 205 Bedford Avenue, Brooklyn, NY, 11211 Building Class: Primarily Two Family w/ 1 Store or Office (S2) Block & Lot: 02336-0004 Landmark: None Neighborhood: Williamsburg Approximate Gross SF +/- 3,200 Building dimensions: 20 ft x 51’8” ft Valuation & Property Taxes: Stories: 4 Tax class: 1 Year built: 1899 (estimated) Property Taxes: $ 5,313 Certificate of Occupancy: Yes

Lot: Use: Lot sq. ft.: 1,600 Residential units: 2 Lot dimensions: 20 ft x 80 ft Commercial units: 1 Corner lot: No Approximate Residential SF: +/- 2,167 Buildings on lot: 1 Approximate Ground Floor SF: +/- 1033 Approximate Cellar SF: +/- 728 Floor Area Ratio (FAR): Max far: 2 Zoning: FAR as built: 2 (ESTIMATED) District code: R6B, C1-4 Max FAR depends on several factors including zoning, location and use. A Zoning Analysis by a licensed professional should be performed to verify the max far for the property is accurate.

Existing Income & Expenses

LEASE REVENUE Notes Gross SF Monthly Rent END Yearly PPSF

Retail **Basement not included 1,033 $ 17,500.00 7/1/2018 $ 210,000.00 $ 203.29

Apartment 1 Floor Thorough 819 $ 2,050.00 Month to Month $ 24,600.00 $ 30.04

Apartment 2 Duplex 1,348 $ 3,750.00 Month to Month $ 45,000.00 $ 33.38 3200 Total Revenue $23,300.00 $279,600.00

EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes Currently Tax Class 1 Y $5,400.00 $450.00 $5,400.00 Insurance Y $2,065.00 $172.08 $2,065.00 H & HW Y $1,257.00 $104.75 $1,257.00 Electric Y $500.00 $41.67 $500.00 Water & Sewer Y $1,500.00 $1,500.00 $18,000.00 Total Expenses $ 2,268.50 $27,222.00 NOI $252,378.00

205 Bedford Avenue, Brooklyn, NY, 11211 Pro-Forma Scenario 1:

Mixed Use Future Projected Pro-Forma

Building Cost Amount

Purchase Price $ 7,800,000 Estimated Construction Costs $500,000

REVENUE Notes Gross SF Monthly Rent Yearly PPSF Retail Basement not included 1,600 $ 36,666.67 440,000.00 275.00 Apartment 1 renovated 800 $ 4,000.00 48,000.00 60.00 Apartment 2 renovated with roof 800 $ 4,000.00 48,000.00 60.00 3200

Total Revenue 44,666.67 $536,000.00

EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes - Currently Tax Class 1 Y $5,400.00 $450.00 $5,400.00

Insurance Y $3,000.00 $250.00 $3,000.00 Gas - Heat Y $0.00 $0.00 Electric Y $500.00 $41.67 $500.00 Water & Sewer Y $2,000.00 $166.67 $2,000.00 Building Maintenance 2% $893.33 $10,720.00 Management & Vacancy 6% $2,680.00 $32,160.00

Total Expenses $ 4,481.67 $ 53,780.00

The Math Monthly Yearly Net Operating Income (NOI) $ 40,185.00 $ 482,220.00

Net Profit $ 40,185.00 $ 482,220.00 Cash Outlay $8,300,000.00 Cap Rate 6.18% Cash on Cash Return 5.81% GRM 16.18

205 Bedford Avenue, Brooklyn, NY, 11211 Pro-Forma Scenario 2:

Full Commercial Future Projected Pro-Forma

Building Cost Amount

Purchase Price $ 7,800,000

Estimated Construction Costs $1,500,000

REVENUE Notes Gross SF Monthly Rent Yearly PPSF

Retail Basement not included 1,600 $ 36,666.67 440,000.00 $ 275.00

Mezzanine 534 $ 4,005.00 48,060.00 $ 90.00

2nd Floor 1,066 $ 7,995.00 95,940.00 $ 90.00

3200

Total Revenue 48,666.67 $584,000.00

EXPENSES Notes Mo/Yearly Amount Monthly Yearly

Property Taxes - Triple Net Y $0.00 $0.00

Insurance Y $3,000.00 $250.00 $3,000.00

Gas - Heat Y $0.00 $0.00

Electric Y $500.00 $41.67 $500.00

Water & Sewer Y $2,000.00 $166.67 $2,000.00

Building Maintenance 2% $893.33 $10,720.00

Management & Vacancy 6% $2,680.00 $32,160.00

Total Expenses $ 4,031.67 $ 48,380.00

The Math Monthly Yearly

Net Operating Income (NOI) $ 44,635.00 $ 535,620.00

Net Profit $ 44,635.00 $ 535,620.00

Cash Outlay $9,300,000.00

Cap Rate 6.87%

Cash on Cash Return 5.76%

GRM 14.56

Bedford Avenue, Brooklyn, NY, 11211 Existing Floorplans:

205 Bedford Avenue, Brooklyn, NY, 11211 Residential & Commercial Photos:

205 Bedford Avenue, Brooklyn, NY, 11211 Survey:

205 Bedford Avenue, Brooklyn, NY, 11211 Existing C of O:

205 Bedford Avenue, Brooklyn, NY, 11211 Area Map:

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