Eastern Parkway Brooklyn, Ny 11233
EXCLUSIVE OFFERING MEMORANDUM
1308-1314 EASTERN PARKWAY BROOKLYN, NY 11233
WWW.BRG-CRE.COM | 718.360.8801 CONFIDENTIALITY & DISCLAIMER
The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses or any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including, but not limited to, income, vacancy rates, expense estimates, tax brackets and general market assumption, all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer(s) should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination. PROPERTY VALUATION
OFFERING PRICE $5,795,000
LISTING METRICS
18,238 17 Apts
Approx SF # of Units
5.63% 13.57x Current Cap Rate Current GRM
$318 $340,882
Price/SF Price/Unit
Derek Bestreich Steve Reynolds Tom Reynolds Brian Underkofler Brian Davila 718.360.8802 718.360.8807 718.360.8817 718.360.8825 718.360.8849 INCOME
INCOME
UNIT TYPE CURRENT LEGAL COMMENTS 1308 - 1 2 BR 1 BA $2,585 $2,585 Renovated | RS 1308 - 2 2 BR 1 BA $590 $590 RS 1308 - 3 4 BR 1 BA $2,498 $2,498 RS 1308 - 4 3 BR 1 BA $2,600 $2,782 Renovated | RS 1308 - 5 4 BR 1 BA $2,043 $2,043 RS 1308 - 6 3 BR 1 BA $2,159 $2,159 RS 1308 - 7 4 BR 1 BA $1,299 $1,299 RS 1308 - 8 3 BR 2 BA $2,650 $3,289 Renovated | RS 1308 - 9 3 BR 2 BA $2,750 $3,291 Renovated | RS 1314 - A1 2 BR 1 BA $1,284 $1,284 RS 1314 - A2 3 BR 2 BA $3,200 $3,200 Renovated | RS 1314 - B3 3 BR 1 BA $1,718 $1,718 RS 1314 - B4 4 BR 1 BA $991 $991 RS 1314 - C5 3 BR 1 BA $1,028 $1,028 RS 1314 - C6 4 BR 1 BA $2,544 $2,544 RS 1314 - D7 3 BR 1 BA $2,529 $2,529 RS 1314 - D8 4 BR 1 BA $3,109 $3,109 RS
MONTHLY: $35,575 ANNUALLY: $426,898 EXPENSES
EXPENSES
CURRENT
GROSS OPERATING INCOME: $ 426,898 VACANCY/COLLECTION LOSS (3%): $ (12,807) EFFECTIVE GROSS INCOME: $ 414,091
COMBINED REAL ESTATE TAXES (2B): $ (18,038) FUEL: $ (17,733) WATER AND SEWER: $ (17,000) INSURANCE: $ (7,650) COMMON AREA ELECTRIC: $ (3,296) REPAIRS & MAINTENANCE: $ (7,650) PAYROLL: $ (4,000) MANAGEMENT (3%): $ (12,423) TOTAL EXPENSES: $ (87,790)
NET OPERATING INCOME: $ 326,302
Derek Bestreich Steve Reynolds Tom Reynolds Brian Underkofler Brian Davila 718.360.8802 718.360.8807 718.360.8817 718.360.8825 718.360.8849 PROPERTY DESCRIPTION
• Two contiguous 2B tax class protected properties totalling 17 units
• 18,238 Square Feet
• Over 80 Feet of Frontage on Eastern Parkway
• 5.63% Cap Rate at Asking, Anticipated 6.0% Cash on Cash Return Day 1 with 75% LTV
• Close Proximity to 3 and 4 Express Subway Lines INTERIOR PHOTOS
Derek Bestreich Steve Reynolds Tom Reynolds Brian Underkofler Brian Davila 718.360.8802 718.360.8807 718.360.8817 718.360.8825 718.360.8849 INTERIOR PHOTOS TRANSPORTATION
Subway stations within 8 minute (0.4 miles) walk to 5-10 min walk
Derek Bestreich Steve Reynolds Tom Reynolds Brian Underkofler Brian Davila 718.360.8802 718.360.8807 718.360.8817 718.360.8825 718.360.8849 For more information Derek Bestreich Tom Reynolds about this exclusive 718.360.8802 718.360.8817 listing, please contact:
Steve Reynolds Brian Underkofler 718.360.8807 718.360.8825
Brian Davila 718.360.8849
brg_cre BRG | Bestreich Realty Group