GFI REALTY SERVICES EXCLUSIVE OFFERING 744 Bushwick Avenue Brooklyn, NY
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING 3 UNITS 2,880 SF
Asking Price: $2,175,000 CAP Rate: 6.06% GRM: 15.2 X RR
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other 140 Broadway, 41st Floor | New York, NY 10005 conditions, prior to sale, lease or financing, or withdrawal without notice p: 212-668-1444 | f: 212-668-1655 | gfirealty.com GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
Property Description : GFI Realty Services, LLC presents the exclusive offering of 744 Bushwick Avenue, a (3)- story walk-up gut renovated multifamily building comprised of three units located in the
Bushwick section of Brooklyn. The asset was constructed circa 1899 and totals 2,880 sf. The apartments are configured as (4)-bedroom units with two baths. The property is situated in proximity to the Myrtle Avenue and Broadway commercial corridors, Maria Hernandez Park and the J & M subway lines.
Layout 3/6 = 18 Total Rooms Block/Lot 3229/18 Assessment $13,824
Year Built circa 1899 Lot Size 18 x 73.75 Built 18 x 52 (approx. 2,880 sf) Zoning R6 FAR 2.43 FAR as Built 2.16 Tax Class 1 Mortgage Delivered free and clear.
Income: Apartments $ 143,400 Effective Gross Income: $ 143,400 Estimated Expenses: Real Estate Taxes (19/20) $ 2,891 Water/Sewer $ 3,000 Fuel Tenants Pay Electric $ 425 Insurance $ 2,800 Payroll $ 1,275 Repairs, Maintenance & Misc. $ 1,275 Total Expenses: $ 11,666
NOI: $ 131,734
Apartments: 3 GRM: 15.2 x RR Rooms: 18 CAP Rate: 6.06% Average Rent/Unit/Mo: $3,983 Average Rent/Room/Mo: $664
Asking Price: $2,175,000 All Cash
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
PROPERTY PHOTOS
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
Rent Roll: 744 Bushwick Avenue Brooklyn, NY
Apt Tenant Rent Rooms 1st Floor Thomas E Torchio $ 4,350.00 6 (2 Baths) 2nd Floor Ipsitha Bayapu $ 3,900.00 6 (2 Baths) 3rd Floor Lior Luski $ 3,700.00 6 (2 Baths)
Total Monthly Income $ 11,950.00 Total Annual Income $ 143,400.00
TRANSIT MAP
The asset is in proximity to the J, M & Z subway lines. 744 Bushwick Avenue
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
ZONING OVERVIEW
744 Bushwick Avenue
The character of R6 districts can range from row house neighborhoods to large-scale "tower in the park" developments. The standard bulk regulations, or Height Factor Regulations, for R6 districts encourage small apartment buildings on small zoning lots and, on larger lots, tall, narrow buildings that are set back from the street. As an alternative, developers may choose the optional Quality Housing program regulations to build lower, high lot coverage buildings that reflect the traditional neighborhood streetscape.
Height Factor Regulations: Height factor buildings are often set back from the street and surrounded by open space and on-site parking. The floor area ratio in R6 districts ranges from 0.78 (for a single-story building) to 2.43 at a typical height of 13 stories; the open space ratio ranges from 27.5 to 37.5. A taller building can usually be obtained by providing more open space. For example, 81% of the zoning lot with a 13-story building is required to be open space (2.43 FAR x 33.5 OSR). Thus, the maximum floor area ratio is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. The building must be set within a sky exposure plane which, in R6 districts, begins at a height of 60 feet above the front lot line and then slopes inward over the zoning lot. Off-street parking is required for 70% of a building's dwelling units, or it can be waived if five or fewer spaces are required.
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
NEIGHBORHOOD DESCRIPTION
• Bushwick is bordered by East Williamsburg to the northwest, Ridgewood to the north,
Glendale and Cyprus Hills to the east, and Ocean Hill and Bedford-Stuyvesant to the southwest. • Bushwick is serviced by the B13, B26, B38, B52, B54, and B60 bus routes. Maria Hernandez Park • Bushwick has seen an influx of residents due to shortage of affordable housing in
nearby neighborhoods such as Park Slope and Williamsburg.
NEIGHBORHOOD MAP
St. Barbara’s Church
Typical Bushwick Block
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY SERVICES EXCLUSIVE OFFERING
BUSHWICK GUT RENOVATED MULTIFAMILY BUILDING
744 Bushwick Avenue Location: Between Lawton and Dodworth Brooklyn, NY 11221 Streets
PROPERTY MAP
For Commercial Financing Contact: Will Watkins Daniel Lerer Senior Director of Finance Director, Finance Licensed Real Estate Salesperson Licensed Real Estate Salesperson P. (212) 837-4546 P. (212) 837-4636 E. [email protected] E. [email protected]
YSH/34296 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice