Farran and Associates 347-695-6974-718-768-0044
436 4th avenue ,
The Amazing Corner Brick Building in Red Hook, . Asking $ Owner Request Proposal THE
Commercial Space is one of the kind! Do not miss this Opportunity to own the most Valuable Building of the Future.
Copyright 2017 Farran and Associates Asking : Owner Request Park Slope Proposal
1 Property Overview 4 Market Overview
Marsel Avdiu, 2 Financial Overview 5 Inquiries Senior Manager Director Farran & Associates 197 7th Avenue, Brooklyn NY 11215 3 Neighborhood Overview O:718-768-0044 C:347-695-6974 [email protected] 2 Property Overview 436 4th avenue Brooklyn, NY 11215 Marsel Avdiu, 347-695-6974 Farran & Associates Farran and Associates
436 4th avenue
Welcome to 436 4th avenue Located on 4th avenue and 8th street , Brooklyn. Home to , a neighborhood where all families and type business can find the best traffic and exposure , this building certainly meets the potential future income product.
Comfortably wide at 30 feet, the building proper is 60 feet in depth, .
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4 Marsel Avdiu, . 347-695-6974 Farran & Associates Farran and Associates
436 4th avenue
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5 Marsel Avdiu , Robert Borday 347-695-6974 Farran & Associates Farran and Associates
436 4th avenue
This Building has been successful for over a decade at this location. The commercial space is already fully built out, complete , system, three-phase electrical, . The affluent surrounding area boasts multi-million-dollar homes and condominiums, with record-breaking asking prices. New residential development is skyrocketing to the south and west because of rezoning, and any languishing industrial spaces are being re-purposed into offices and businesses. Foot traffic is as busy as any retail corridor in Brooklyn. The food delivery demand is as voluminous as any Brooklyn neighborhood.
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436 4th avenue
7 Farran & Associates Marsel Avdiu , 347-695-6974 Farran and Associates
436 4th Avenue The Building : 436 4th avenue Residential and commercial retail spaces with its 4500 square feet of interior space. Floor to ceiling 11 feet .Park Slope Building are great for many possibilities However,also offers an enclosed, year-round, 800 square-foot outside door ,that can be used as a barbeque or private party or additional dining seating away from the busy city . There is plenty of Air Right left on the lot to make addition apartments , as the building lies at the middle of the block. . Presently the ceiling height varies from 12to 15 feet for the commercial spaces , which could be made a great event space .
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436 4th Avenue
SECOND FLOOR: The floor plates of the residential portion of the building are huge, 1500 square feet, creating two expansive apartments with terrace of the back. The second floor unit is easily 750 square feet, discounting the stairway. An eleven-foot ceiling amplifies the feeling of space. This apartment is rented low market rent . However, the basics are there. Most of the interior walls can be removed, creating a loft-like feel. An additional bathroom could be added, and the two entrances off the stairway allow for the floor through to be split into two desirable apartments.
9 Farran and Associates Marsel Avdiu, 347-695-6974 Farran and Associates
436 4th avenue
THIRD FLOOR: The third floor also houses a huge 1650 square-foot divided in two apartment, with two entrances, removable interior walls, and ten-foot ceilings. Presently with a month-to-month tenant in place, its condition is suitable for a Gowanus and Park Slope rental property as is, but there is loads of potential for a successful redesign. Windows on three sides of the apartment add to its appeal.
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436 4th avenue ADDITIONAL FAR: 4th Avenue has an FAR of 6.0, allowing for 6,300 square feet to be built on the lot of 436. It is zoned R8A, C2-4 by the city of New York, permitting commercial usage on the ground floor. Because the building is within 100 feet of the corner of the block establishing the right to build full on the lot, .. This would leave roughly 6000 square feet which could be used to build more floor’s on the residential portion of the building. There would definitely be reason to use a little less and create a terrace for the new top floor, as the views are spectacular.
Bottom Line: It can be an excellent Income Producer
11 Financial Overview 436 4th avenue , Brooklyn, NY 11215 Marsel Avdiu, 347-695-6974 Farran and Associates Farran and Associates
436 4th avenue Building Size: 30ft x 52ft
Lot: 30 ft x 60 ft
Present Building Square Footage: 4500
Commercial Building Square Footage: 1500
Residential Building Square Footage: 3000
GLA:
FAR: 6
Maximum Buildable: 10,800square feet
Usable floor area as built: 4500 square feet
Zoning: R8A,C2-4,EC-1
The Building is taxed as “Mix-Used”
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436Yearly Income 4th avenue
Commercial ---- Vacant
Commercial----- $3600
2-R ----- Owner occupied
2-L ----- $2000 with outside door.
3-R ----- $2000
3-L ------$2000
Total ----- $9600 Monthly - Yearly income =115,200
Yearly Expense fuel/gas --- 3000
Water /sewer ---$1200
Insurance ----- $3600
Common Area Electric $300
Tax------$9,797 Yearly Expense = $17,897
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436 4th Avenue Rental Data
Residential:
Park Slope is a very Historic neighborhood but style and types of rentals vary. These comparables were chosen for their size, location, and condition. New construction and old Warehouses.
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436 4th Avenue and 8th Street Rental Data
Commercial:
These are the latest confirmed commercial rentals in the immediate area of 436 4th avenue via PropertyShark. Once highest and lowest are removed from consideration, a general yet conservative average of $60 To $80 ppsf emerges. An argument for $80 could be made given the existing food/bar build-out of the commercial space.
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436 4th Avenue and 8th Street
Pro Forma As Built Using Additional FAR
Commercial (@ $80 ppsf) 1500 Sq-Ft $120,000 $0
Residential (@ $38 ppsf) 3000 Sq-Ft $114,000 $0
$0
Total Annually $234,000 $0
17 Farran and Associates Marsel Avdiu, 347-695-6974 Farran and Associates
436 4th Avenue and 8th Street Annual NOI Cap Rate
As Built $234,000
Added FACILITY FAR $479,700
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436 4th Avenue and 8th Street
Located nearby the intersection of several train lines
Busy, successful Retail Corridor
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408 5th Avenue
20 Neighborhood Overview 436 4th avenue Brooklyn, NY 11215 Farran and Associates Marsel Avdiu, 347-695-6974 Farran and Associates
About Park Slope .Park Slope is a neighborhood in northwest Brooklyn, New York City. Park Slope is roughly bounded by Prospect Park and Prospect Park West to the east, Fourth Avenue to the west, Flatbush Avenue to the north, and Prospect Expressway to the south. Generally, the section from Flatbush Avenue to Garfield Place (the "named streets") is considered the "North Slope", the section from 1st through 9th Streets is considered the "Center Slope", and south of 10th Street, the "South Slope".[2][3][4] The neighborhood takes its name from its location on the western slope of neighboring Prospect Park. Fifth Avenue and Seventh Avenue are its primary commercial streets, while its east-west side streets are lined with brownstones and apartment buildings.[5] Park Slope features historic buildings, top-rated restaurants, bars, and shops, as well as proximity to Prospect Park, the Brooklyn Academy of Music, the Brooklyn Botanic Garden, the Brooklyn Museum, the Brooklyn Conservatory of Music, and the Central Library as well as the Park Slope branch of the Brooklyn Public Library system.[6] The neighborhood had a population of about 62,200 as of the 2000 census,[7] resulting in a population density of approximately 68,000/square mile, or approximately 26,000/square kilometer.
Park Slope is considered one of New York City's most desirable neighborhoods. In 2010, it was ranked number 1 in New York by New York Magazine, citing its quality public schools, dining, nightlife, shopping, access to public transit, green space, safety, and creative capital, among other aspects.[8] It was named one of the "Greatest Neighborhoods in America" by the American Planning Association in 2007, "for its architectural and historical features and its diverse mix of residents and businesses, all of which are supported and preserved by its active and involved citizenry."[9] In December 2006, Natural Home magazine named Park Slope one of America's ten best neighborhoods based on criteria including parks, green spaces and neighborhood gathering spaces; farmers' markets and community gardens; public transportation and locally owned businesses; and environmental and social policy.[10] Park Slope is part of Brooklyn Community Board 6.
Courtesy Of Wikipedia.
22 Market Overview 436 4th Avenue Brooklyn, NY 11215 Marsel Avdiu, 347-695-6974 Farran and Associates Farran and Associates
Residential Sales Data
Echoing trends of increased sales in a majority of Brooklyn neighborhoods, sales in Park Slope and Gowanus increased 9% year-over-year and 31% quarter-over-quarter. Inventory increased slightly versus last year, and listings spent an average of 69 days on the market, the lowest figure in the borough.
Data courtesy of Property Shark
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Commercial Sales Data
Brooklyn values continue to rise, Downtown and Park Slope dominate in terms of dollar volume, and mixed-use inventory is extremely low.
Data courtesy of Ariel Property Advisors and Property Shark 25 For all inquiries, please contact
Marsel Avdiu Licensed RE Salesperson/Owner
Office: (718) 768-0044
Mobile: (347) 695-6974
Email: [email protected]
Farrn Thank you