Flatbush Avenue Brooklyn, NY

1114 Flatbush Avenue Brooklyn, NY

Offering Price $1,395,000… Listing Metrics

Matthew R. Peters FLATBUSH 3,450 Licensed Real Estate Salesperson LOCATION TOTAL SQUARE FEET Brooklyn Office Tel: (718) 475-4391 Fax: (718) 475-4310 [email protected] 3 $404 License: NY 10401271961 TOTAL UNITS Price / SF Daniel Reyhan Licensed Real Estate Salesperson Brooklyn Office R7A, R6A, C2-4 Tel: (718) 475-4365 6.64% Fax: (718) 475-4310 ZONE YEAR 1 CAP RATE [email protected] 1 License: NY 10401328473 1114 Flatbush Avenue Brooklyn, NY Presented By: Matthew R. Peters Daniel Reyhan Licensed Real Estate Salesperson Licensed Real Estate Salesperson Brooklyn Office Brooklyn Office Tel: (718) 475-4391 Tel: (718) 475-4365 Fax: (718) 475-4310 Fax: (718) 475-4310 [email protected] [email protected] License: NY 10401271961 License: NY 10401328473

Matthew Peters is a Senior Associate specializing in the sale of multi-family, mixed- Daniel Reyhan is an investment sales specialist based out of Marcus & use, retail & development properties in Central and Eastern Brooklyn. Matthew has Millichap's Brooklyn office. Daniel focuses in the sale of multifamily, mixed-use, successfully brokered numerous transactions and has underwritten more than $1.8 retail and development properties in Central Brooklyn. On a daily basis, Daniel is Billion in individual properties and investment portfolios. In addition, Matthew Peters evaluating properties, advising property owners and executing sales has set multiple price records throughout Central and Eastern Brooklyn. On a day to transactions in the Crown Heights, Flatbush, and Prospect Lefferts Gardens day level, Matthew is evaluating single assets or portfolios, advising property section of Brooklyn. owners, and executing sales transactions on an exclusive basis. Matthew has the Daniel graduated with a Bachelors degree in Philosophy, Politics, and Law. experience, knowledge and track record to accurately analyze and underwrite While he was in his final years of school, Daniel started his own Jewelry line properties, as well as provide clients with the right tools for improving their called Risklitz. As CEO of Risklitz, he has overseen all business operations property's overall performance, allowing them to generate more income and reduce including marketing, collecting money, shipping logistics, client relations, hiring, expenses while holding the asset. Matthew Peters focuses on building long-term and bookkeeping. relationships and putting client's goals and needs above all else. The advisory Daniel is committed to the highest standard of integrity, transparency and services Matt offers allow the owner to get the maximum potential income and professionalism. He and his team advise clients with a long-term perspective value for their investment. Matt focuses on cultivating relationships and utilizing and seek to build relationships that endure well beyond the completion of any market knowledge to provide all his client with a consummate view into the specific transaction. commercial investment sales market. Over the years, Matthew has been able to gain access to the industry's largest network of buyers & sellers of commercial real estate in NYC.

Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2 2018 Marcus & Millichap. All rights reserved. 1114 Flatbush Avenue Brooklyn, NY PROPERTY OVERVIEW

Marcus & Millichap’s Matthew Peters & Daniel Reyhan are pleased to present the Exclusive Listing located at 1114 Flatbush Avenue, a three-story masonry mix-used building located on Flatbush Avenue between Cortelyou Road and Clarendon Road in the Flatbush section of Brooklyn, New York (Block: 05164-0019). The building measures approximately 20.83 feet wide by 55 feet deep and sits on a 20.83-foot by 95.75-foot lot.

The property is currently comprised of one commercial unit and two residential units. The first floor is currently occupied by a barbershop and is on a month to month lease and will be delivered vacant upon closing. The Retail has direct access to a fully finished basement and direct access to the finished backyard. Both the second and third floor units offer 3 bedrooms with one-bathroom layout.

With this building Situated in prime Flatbush, it allows both tenants and customers to utilize the B & Q Train at Beverly Road and the 2, and 5 trains at Beverly Road & Nostrand. The property is currently zoned R7A, R6A C2-4. Investment Highlights:

▪ Three Story Mixed-Use Property ▪ Masonry Construction Built Approximately 20.83 Feet by 55 Feet | Approx. 3,450 Gross Square Feet ▪ Offers 2 Free-Market Units ▪ Retail Has Access to Both Finished Basement & Backyard ▪ Walking Distance To The “B” and “Q” On Beverly Road and the”2” & “5” Train On Beverly & Nostrand ▪ Within Walking Distance to a Number of Restaurants and National Retailers 3 ▪ 20 Minute Commute to Downtown Brooklyn & Manhattan 1114 Flatbush Avenue Brooklyn, NY FINANCIAL ANALYSIS Pricing Summary Display Offering Price $1,395,000 Location Flatbush Lot Size 1,995 Square Feet Block & Lot 05164-0019 Annual Taxes $6,057 Gross Square Feet 3,450 Price Per Square Foot $404.35 Additional Buildable SF of Air Rights 4,530 Current Cap Rate 3.89% Current Gross Income $78,000 Current NOI $54,225 Year 1 Cap Rate 6.64% Pro Forma Gross Income $118,800 Pro Forma NOI $92,614 Zoning R7A, R6A, C2-4

4 1114 Flatbush Avenue Brooklyn, NY FINANCIAL ANALYSIS Rent Roll: 1114 Flatbush Avenue

Unit Type Status Size Current Rent $/SF Year 1 $/SF Apartment 1R 3 Bedroom Free Market 980 $1,500 $18 $3,200 $39 Apartment 1L 3 Bedroom Free Market 980 $1,500 $18 $3,200 $39 Barber Shop Retail Vacant - Owner Occupied 980 $3,500 $43 $3,500 $43 Monthly Revenue $6,500 $9,900 Annual Revenue $78,000 $118,800

Notes: • Barber Shop is Currently Owner Occupied and Will Be Delivered Vacant • First Floor Retail Has Direct Access to Backyard and Full Basement Which has all Been Renovated and Finished • Basement Offers An Additional 900 Square Feet to Retail Tenant • Residential Units Are Free Market Tenants On Month to Month Leases

5 1114 Flatbush Avenue Brooklyn, NY FINANCIAL ANALYSIS OPERATING STATEMENT

Cash Flow

Income Current Per SF % EGI Year 1 Per SF %EGI Gross Potential Income: $ 78,000.0 $ 17.9 $ 118,800.0 $ 27.3 Expense Reimbursement: $ - $ - $ - $ - Vacany & Collections: 3% $ (2,340.0) $ (0.5) $ (3,564.0) $ (0.8) Gross Effective Income: $ 75,660.0 $ 17.4 $ 115,236.0 $ 26.5

Expenses Real Estate Taxes $ (6,057.0) $ (1.4) $ (6,057.0) $ (1.4) Fuel (Gas) $ (5,437.5) $ (1.3) $ (5,437.5) $ (1.3) Water and Sewer $ (2,250.0) $ (0.5) $ (2,250.0) $ (0.5) Insurance $ (1,350.0) $ (0.3) $ (1,350.0) $ (0.3) Repairs & Maintenance $ (1,200.0) $ (0.3) $ (1,200.0) $ (0.3) Payroll $ (2,000.0) $ (0.5) $ (2,000.0) $ (0.5) Electric (Common Area) $ (870.0) $ (0.2) $ (870.0) $ (0.2) Management Fee 3% $ (2,269.8) $ (0.5) $ (3,457.1) $ (0.8) Total Expenses: $ (21,434.3) $ (4.9) 28% $ (22,621.6) $ (5.2) 20%

Net Operating Income $ 54,225.7 $ 12.5 $ 92,614.4 $ 21.3

6 1114 Flatbush Avenue Brooklyn, NY FINANCIAL ANALYSIS Financial Overview: 1114 Flatbush Avenue

Pricing Metrics Income Current Year 1 OFFERING PRICE $1,395,000 Gross Scheduled Rent $ 78,000 $ 118,800 Number of Units 3 Expense Reimbursements $ - $ - Price/Unit $465,000.00 Vacancy (3%) $ (2,340) $ (3,564) Gross Square Feet 3,450 Effective Gross Income $ 75,660 $ 115,236 Price/SF $404.35 Less: Expenses $ (21,434) $ (22,622) Current Cap Rate 3.89% Net Operating Income $ 54,226 $ 92,614 Year 1 Cap Rate 6.64% Current GRM 17.88 Pro Forma GRM 11.74

Property Overview Expenses Property Address 1114 Flatbush Avenue Real Estate Taxes $ (6,057) $ (6,057) City & Zip Brooklyn, NY 11226 Fuel (gas) $ (5,438) $ (5,438) Block / Lot 05164-0019 Utilities - Water & Sewer $ (2,250) $ (2,250) Lot Dimensions 20.83 ft x 95.66 ft Insurance $ (1,350) $ (1,350) Total Lot Size (SF) 1,993 Repairs & Maintenance $ (1,200) $ (1,200) Zoning R7A, R6A, C2-4 Payroll $ (2,000) $ (2,000) Electric (Common Area) $ (870) $ (870) Management Fee (5%) $ (2,270) $ (3,457) Total Expenses $ (21,434) $ (22,622)

7 1114 Flatbush Avenue Brooklyn, NY REGIONAL MAP

8 1114 Flatbush Avenue Brooklyn, NY LOCAL MAP

9 1114 Flatbush Avenue Brooklyn, NY AERIAL PHOTO

10 11 PRESENTED BY

Matthew R. Peters Daniel Reyhan Licensed Real Estate Salesperson Licensed Real Estate Salesperson Brooklyn Office Brooklyn Office Tel: (718) 475-4391 Tel: (718) 475-4365 Fax: (718) 475-4310 Fax: (718) 475-4310 [email protected] [email protected] License: NY 10401271961 License: NY 10401328473