Shark Alert! Its Back, New & Improved, Updated and Higher Rated!! 8 BUILDINGS LOCATED IN PARK SLOPE, PARK SLOPE SOUTH AND DOWNTOWN AREAS OF BROOKLYN 28 Apartments, 4 Commercial Spaces, 12 Storage Units + 1 Billboard/Sign + 2 Parking Spots 1. 63 Duffield Street, Brooklyn, NY 6 Residential + 1 Storage Room 2. 370 Butler Street, Brooklyn, NY 3 Residential + 2 Storage + 2 Parking 3. 681 4th Avenue, Brooklyn, NY 2 Residential + 2 Commercial 4. 700a 5th Avenue, Brooklyn, NY 2 Residential + 2 Commercial 5. 216 23rd Street, Brooklyn, NY 3 Residential 6. 668 4th Avenue, Brooklyn, NY 3 Residential + 1 Storage 7. 670 4th Avenue, Brooklyn, NY 3 Residential + 2 Storage 8. 195 22nd Street, Brooklyn, NY 6 Residential 5-6 OUT OF THE 8 HAVE DEVELOPMENT OPPORTUNITIES; AIR RIGHTS, • 668 AND 670 4TH AVE: These 2 properties sit side by side and are in a zone that allows for a boutique hotel to be developed. • 63 DUFFIELD STREET: See architectural report attached. Building functions in various ways. Can be personal home, can be turn key investment property, also has long term upside with regard to potential rezoning. Neighboring owner may do joint deal on development. Great multi-faceted investment or residence potential. • 681 4TH AVE: This property has some air rights that can be developed. Already a neighboring developer has inquired about buying them. As is this is an income producing property without any need to develop further. • 216 23RD STREET AND 195 22ND STREET have some air rights. 195 22nd Street includes two buildings, a rear building has 2 residential units and the front structure has 4 residential units . 216 23rd Street is zoned for a development as well. Both are income producing properties as-is. • ATTRACTIVE TO OWNER OCCUPIED: These properties are all located in positive growth locations. The portfolio is flexible in that it can be attractive to both pure investors and buyers with intention of occupying them as their home. • RE-FI MONEY: After purchasing, immediately refinance the properties for their appraised value will match sales price and give almost immediate return in liquid. Keep in mind that any refinancing valuations will be based on comparable properties not necessarily rent roll. • EASY MAINTENANCE: There are no issues with maintenance and service calls. The owner is never bothered with complaints or any major concerns. Owner uses one porter who drives around and takes care of things. • APARTMENTS RENOVATED: When the owner renovated the apartments years ago, he specifically built them with the thought in mind to attract the incoming yuppie, hipster crowd. Designed to cater to this demographic, young professionals, are today’s renter • All properties will have a double digit equity appreciation rate in the next decade as the neighborhoods and Brooklyn as a whole continue to evolve. By purchasing this portfolio the buyer will have bought an asset package that in 2012 had a gross income $940,000+ not including the rent increases of 2013. To an all cash buyer the net income for these buildings in 2012 would have been $808,000, which again would have increased in 2013 and will continue to go up in the years to come. For 2014 the total rent roll is currently at: $997,740 annually. • All 8 buildings are in mint to excellent physical condition. All buildings have lucrative rent rolls, are in prime neighborhoods, have development opportunities, come with a track record of success in maintenance at capacity with no vacancies. They come with high equity appreciation rates, are low in maintenance cost, and most important, they are turnkey properties. The seller is highly motivated. Several apartments rent below market rates, which can be re-rented at a higher amount, raising the rent roll too. • This is a simple transaction in need of the right buyer.
Posted on: Thu, 11 Dec 2014 05:33:28 +0000
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