719, 720-722 5th avenue, brooklyn, ny · 719 5th avenue is built 25 ft x 68 ft and sits on a 25 ft...

1 Metrotech Center Floor 20, Brooklyn, NY 11201 | Tel: (718) 475-4348 Fax: (718)228-5281

Jake TorreLicensed Real Estate Salesperson

T: (718) 475-4325 | M: (516) 376-5768

Jakub NowakLicensed Associate Real Estate BrokerT: (718) 475-4353 | M: (646) 345-7000

719, 720-7225TH AVENUE,

BROOKLYN, NY 11215

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. Â© 2017 Marcus & Millichap. All rights reserved.

Pricing MetricsOFFERING PRICE $9,000,000Residential Units 21Commercial Units 4Total Existing Square Feet 17,000Price/ Existing SF $529.41Current Cap Rate 4.90%Year 1 Cap Rate 6.28%Current GRM 16.53Year 1 GRM 13.29

Property Overview

Nowak+Partners of Marcus & Millichap have beenretained on an exclusive basis to arrange the sale of aportfolio of three mixed use buildings located on 5thAvenue between 22nd and 23rd Streets in theGreenwood Heights section of Brooklyn, NY. Theportfolio includes 719 5th Ave and 720-722 5th Avenue.719 5th Avenue is built 25 ft x 68 ft and sits on a 25 ft x100 ft lot. The building measures 5,100 square feet andconsists of two three bedroom units, six one bedroomunits and two retail stores. 720 5th Avenue is built 25 ftx 55 ft and sits on a 25 ft x 75 ft lot. The buildingmeasures 5,500 square feet and consists of one studioand six two bedroom units over one retail store. 722 5thAvenue stands on the corner of 5th Avenue and 23rd

Street. It is built 25 ft x 65 ft and sits on a 25 ft x 75 ftlot. The building measures 6,400 square feet andconsists of six two bedroom apartments over one retailstore. All of the portfolio’s apartment units are currentlyrent-stabilized and the retail stores are fully leased. Thebuildings stand on R6A, C2-4 zoned tax lots(Block:00899 Lot:0003, Block: 00646 Lots: 0047,0048).

The Portfolio is located three blocks away from the 25thStreet “R" subway station allowing for an easy commuteinto the Manhattan and the rest of New York city. Thisportfolio offers investors the opportunity to purchasethree well located, mixed-use buildings along the 5thAvenue retail corridor in the rapidly developingGreenwood Heights section of Brooklyn. The buildingsoffer immediate cashflow with significant future growthpotential.

Property Description

PROPERTY HIGHLIGHTS

719, 720-722 5th Ave

Three Mixed-Use Buildings Totaling 17,000 Square Feet Portfolio Consisting of 21 Rent Stabilized Apartments and Four Retail Units with Future Rent Growth Potential

Three Blocks From 25th Street "R" Subway Station All Properties are Located Along the High Traffic 5th Avenue Retail Corridor

Turn-Key Properties with no Deferred Maintenance

All Buildings are Within the 2B Protected Tax Class

T: (718) 475-4325 | M: (516) 376-5768

Property Overview

Property Address 719, 720-722 5th Ave

City Brooklyn

State NY

Block / Lot 899- 3, 646- 47, 48

719 5th Ave Building Size 5,100

Total Building Size (SF) 17,000

Total Lot Size (SF) 6,250

Total Residential Units 21

Total Commercial Units 4

Zoning R6A, C2-4

Total Annual Tax Bill $34,585

Tax Class 2B

Income & Expenses

VERTICAL PHOTO

719, 720-722 5th AveIncome Current Year 1Gross Scheduled Rent 544,617$ 677,203$ Reimbursements: 13,800$ 13,800$ Vacancy (3%) (16,339)$ (20,316)$ Effective Gross Income 542,079$ 670,687$ Less: Expenses (101,281)$ (105,140)$ Net Operating Income 440,797$ 565,548$

ExpensesReal Estate Taxes (34,585)$ (34,585)$ Fuel (gas) (6,350)$ (6,350)$ Utilities - Water & Sewer (7,348)$ (7,348)$ Insurance (12,000)$ (12,000)$ Repairs & Maintenance (15,300)$ (15,300)$ Payroll (7,200)$ (7,200)$ Electric (Common Area) (2,650)$ (2,650)$ Management Fee (3%) (15,848)$ (19,707)$ Total Expenses (101,281)$ (105,140)$

T: (718) 475-4325 | M: (516) 376-5768

Rent Roll

719, 720-722 5th AveRent Roll: 719 5th Ave

Unit Type Status Size Current Rent $/SF Year 1 $/SFCommercial 1 Beauty Parlor- Exp. 2020 Expires 9/30/2020 400 $1,973.75 $59 $2,072.43 $62Commercial 2 Taqueria- Exp. 2020 Expires 9/30/2020 400 $2,552.56 $77 $2,680.19 $80Apartment 1 1 Bedroom Vacant 400 $0.00 $0 $1,750.00 $53Apartment 2 1 Bedroom RS- Expires 8/31/2019 400 $1,750.00 $53 $1,776.25 $53Apartment 3 3 Bedroom RS- Expires 9/30/2019 850 $1,869.00 $26 $1,897.04 $27Apartment 4 1 Bedroom RS- Expires 5/31/2019 425 $1,850.00 $52 $1,877.75 $53Apartment 5 1 Bedroom RS- Expires 6/30/2019 425 $1,847.81 $52 $1,875.53 $53Apartment 6 3 Bedroom RS- Expires 3/31/2019 850 $862.87 $12 $875.81 $12Apartment 7 1 Bedroom RS- Expires 9/30/2019 425 $816.64 $23 $828.89 $23Apartment 8 1 Bedroom RS- Expires 10/31/2019 425 $1,877.75 $53 $1,905.92 $54Monthly Revenue $15,400 $17,540Annual Revenue $184,805 $210,478

Rent Roll: 720 5th AveUnit Type Status Size Current Rent $/SF Year 1 $/SFCommercial 1 Tailor Services Expires 8/31/2019 1000 $3,038.76 $36 $4,200.00 $50Apartment 1 Studio RS- Expires 8/31/2019 375 $1,518.75 $49 $1,541.53 $49Apartment 2L 2 Bedroom RS- Expires 8/31/2019 688 $1,921.72 $34 $1,950.55 $34Apartment 2R 2 Bedroom SCRIE- Expires 3/31/2020 688 $816.42 $14 $828.67 $14Apartment 3L 2 Bedroom RS- Expires 7/31/2019 688 $2,252.81 $39 $2,286.60 $40Apartment 3R 2 Bedroom RS- Expires 5/14/2019 688 $2,225.00 $39 $2,258.38 $39Apartment 4L 2 Bedroom RS- Expires 3/31/2019 688 $2,040.13 $36 $2,070.73 $36Apartment 4R 2 Bedroom RS- Expires 7/31/2019 688 $2,252.81 $39 $2,286.60 $40Monthly Revenue $16,066 $17,423Annual Revenue $192,797 $209,077

Rent Roll: 722 5th Ave

Unit Type Status Size Current Rent $/SF Year 1 $/SFCommercial 1 Grocery Store Vacant 1600 $0.00 $0 $7,350.00 $55Apartment 2L 2 Bedroom RS- Expires 10/31/2019 800 $2,182.25 $33 $2,214.98 $33Apartment 2R 2 Bedroom RS- Expires 9/30/2019 800 $2,312.29 $35 $2,346.97 $35Apartment 3L 2 Bedroom RS- Expires 8/31/2019 800 $2,303.44 $35 $2,337.99 $35Apartment 3R 2 Bedroom RS- Expires 5/4/2019 800 $2,225.00 $33 $2,258.38 $34Apartment 4L 2 Bedroom RS- Expires 11/30/2019 800 $2,395.00 $36 $2,430.93 $36Apartment 4R 2 Bedroom RS- Expires 2/14/2019 800 $2,100.00 $32 $2,131.50 $32Garage Month-to-Month 800 $400.00 $6 $400.00 $6Monthly Revenue $13,918 $21,471Annual Revenue $167,016 $257,649

Portfolio Monthly Revenue $45,385 $56,434Portfolio Annual Revenue $544,617 $677,203

T: (718) 475-4325 | M: (516) 376-5768

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720-722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

720 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

722 5th Avenue

719, 720-722 5th Ave

T: (718) 475-4325 | M: (516) 376-5768

719, 720-722 5th Ave

719, 720-722 5th avenue, brooklyn, ny · 719 5th avenue is built 25 ft x 68 ft and sits on a 25 ft...

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