GFI REALTY EXCLUSIVE OFFERING bensonhurst large corner (4)-STORY WALK-UP APARTMENT BUILDING 1865 77th street brooklyn, ny ASKING PRICE: $9,000,000 1865 77th street| brooklyn, NY |bensonhurst aerial 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 2 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 1865 77th street| brooklyn, NY |bensonhurst GFI Realty Services LLC is pleased to present the exclusive offering of 1865 77th Street, a large corner (4)-story walk-up apartment building located at the intersection of 77th Street and 19th Avenue in the Bensonhurst section of Brooklyn. The prewar asset was constructed in 1927 and totals 32,000 sf occupying a 10,000 sf lot. The building is comprised of 37 rent stabilized apartments, including a super’s unit, and a vacant office space (potential conversion into two apartments). The apartments are configured as seven (2)-bedroom units and thirty (1)-bedroom units. The asset is ideally situated off two major commercial corridors in the area, 18th Avenue and 86th Street. Residents are able to have access to countless national and local businesses including Starbucks, Bank of America, Marshalls, the Gap, Chase Bank, Sprint, Foot Locker and P.C. Richards. The property is located within walking distance of Dyker Beach Golf Course, Bath Beach Park, McKinley Park as well as Milestone Park, a local attraction. Additionally, numerous institutions are within blocks of the asset including the Brooklyn Public Library-New Utrecht Branch, the United States Post Office and the Social Security Office. The D train, which runs on the BMT West End Line above 86th Street, provides a direct connection to Grand Street in Manhattan while the N and W trains, which runs on the BMT Sea Beach Line near 63rd Street, provides a direct connection to Canal Street. Subway stations in the neighborhood include New Utrecht Avenue / 62nd Street, 71st Street, 79th Street, 18th Avenue, 18th Avenue, 20th Avenue, 20th Avenue, Bay Parkway, Bay Parkway, 25th Avenue, Avenue N and Avenue P. This acquisition presents an investor with the unique opportunity to acquire a large income producing asset in Brooklyn. Bensonhurst is becoming a very desirable area to live in Brooklyn, with many new developments in the works attracting retail tenants with great shops, dining, and convenient transportation. The property is in excellent condition and is located in the heart of Bensonhurst on a prime corner surrounded by detached homes and similarly constructed low-rise buildings and just steps away from countless retailers, eateries and major subway lines. (rent roll provided upon request) Investment Highlights • Well Maintained Pre-War Asset • Cash Flowing Asset with Great Potential Upside • Currently Residential Units are 100% Occupied • Proximity to Major Commercial Corridors, Parks, Institutions and Mass Transit 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 3 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 1865 77th street| brooklyn, NY |bensonhurst income and expenses Effective Gross Income Income Apartments $ 510,537 SCRIE $ 5,917 Office (Vacant-Projected) $ 36,000 Apartments: 37 Rent Stabilized Units Office: 1 Total $ 552,455 Layout 7/4; 30/3 = 118 Total Rooms Block & Lot 6238/39 Expenses Year Built 1927 Real Estate Taxes (18/19) $ 98,227 Lot Size 100 x 100 Water & Sewer $ 37,000 Built 100 x 90 (approx. 32,000 sf) Fuel $ 33,040 Zoning R5 Electric $ 2,950 Insurance $ 13,875 FAR 1.25 Payroll (Value of Free Apt + $1,000/mo) $ 28,442 FAR as Built 3.2 Repairs, Maint. & Misc. $ 15,000 Tax Class 2 Total $ 228,534 Mortgage Delivered free and clear. NOI $ 323,921 Asking Price $ 9,000,000 Avg Rent Per Apt $ 1,150 Avg Rent Per Room $ 361 CAP Rate 3.6% GRM 16.3 x RR *Price Per Unit $ 230,769 Price Per Square Foot $ 281 *The vacant office space has potential to be converted into two apartments 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 4 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 1865 77th street| brooklyn, NY |bensonhurst tax map 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 5 is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice 1865 77th street| brooklyn, NY |bensonhurst marketplace overview “Suburban Feel” Plus Tons of Urban Amenities Make Bensonhurst a Unique Neighborhood 6 1865 77th street| brooklyn, NY |bensonhurst marketplace overview ensonhurst is a culturally diverse residential neighborhood located in the southwesternB part of Brooklyn. The area boasts detached single and two-family homes as well as low-rise apartment buildings that generally do not exceed four- stories. The area is known for two major enclaves, Little Italy and Little Hong Kong or Brooklyn’s Chinatown. Bensonhurst has long been well-known as the Little Italy of Brooklyn, containing a large Italian-American and Italian immigrant population. Below the West End Line, served by the D train along on 86th Street between 18th Avenue and Coney Island – Stillwell Avenue, has emerged Brooklyn’s Chinatown. The area is overflowing with national and local retailers as well as eateries with an international flare. The commercial hubs of Bensonhurst reside along 86th Street, New Utrecht Avenue and 18th Avenue. Bensonhurst offers residents a “suburban feel” along with all of the neighborhood amenities offered in more urban areas of Brooklyn including several Starbucks; major retailers including The Gap, Foot Locker and P.C. Richards; and numerous banks including Chase Bank, TD Bank, Citibank and Bank of America. Bensonhurst is also home to several attractions and parks including Dyker Beach Golf Course, McKinley Park, Milestone Park, Leif Ericson Park, Bensonhurst Park, Seth Low Playground and Bath Beach Park. Manhattan is easily accessible via several major transit lines that service the area. The D train, which runs on the BMT West End Line above 86th Street, provides a direct connection to Grand Street in Manhattan while the N and W trains, which runs on the BMT Sea Beach Line near 63rd Street, provides a direct connection to Canal Street. 7 1865 77th street| brooklyn, NY |bensonhurst Property Map 1865 77th Street | Brooklyn, NY neighborhood map 76th St 71st St 67th St 77th St 75th St 13rd Ave 72nd St 68th St 78th St 18th Ave 14th Ave 15th Ave 1 73rd St Bay Ridge Ave 79th St 17th Ave 74th St 80th St 70th St 16th Ave 8 New Utrecht Ave 75th St 81st St 3 71st St 77th St 2 4 82nd St 76th St 14th Ave 15th Ave 72nd St 78th St 73rd St 83rd St 79th St 4 74th St 84th St 6 18th Ave 80th St 17th Ave 16th Ave 75th St 81st St 7 76th St 15th Ave 1 19th Ave 82nd St 2 77th St 83rd St 78th St 84th St 18th Ave 5 1865 77th20th Street, Ave 16th Ave 79th St Brooklyn, NY 85th St 80th St 19th Ave 76th St 86th St Bay 10th St 11 81st St New Utrecht Ave 77th St Bay 11th St 6 5 2 82nd St 17th Ave 20th Ave 78th St 83rd St 3 18th Ave 79th St Benson St 84th St 80th St 16th Ave 10 21st Ave Dyker Beach Golf Course 85th St 17th Ave 81st St Brooklyn, NY 19th Ave 1.6Bay miles 13th St 8 Benson St 82nd St 18th Ave Bay 14th St Rutherford Pl 10 86th St 83rd St Bay 19th St 20th Ave 9 84th St Bay 20th St Bay 14th St 3 85th St 1 17th Ave 19th Ave 21st Ave Bay 22nd St Bay 16th St Bay 19th St Benson St 7 Bay 23rd St 6 Bay 17th St 18th Ave 86th St Bay 20th St 9 20th Ave 4 Bay 25th St 5 Bay Pkwy Restaurants Retails & Banks Institutions 1 il Colosseo 1 Bensonhurst Liquors 1 United States Postal Service 2 Wasabi 2 DF Brothers Sports Center 2 Bensonhurst Center 3 Hot Spot Nabe 3 Planet Fitness 3 Brooklyn Public Library 4 Hand Pull Noodle & 4 Chase Bank (New Utrecht Branch) Dumplings House 5 TD Bank 4 Social Security Office 5 Taste of China 6 Gap 5 Public School 186 6 Papa John’s Pizza 7 Effie’s Boutique 6 New Ut 7 Dunkin’ Donuts 8 Marshalls 8 Lioni Italian Heroes 9 CVS 9 Starbucks 10 NetCost Market 10 East Ocean Buffet 11 Rite Aid Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 1 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 conditions, prior to sale, lease or financing, or withdrawal without notice.