exclusive sale offering memorandum 205 bedford avenue | … · 2018-02-26 · the central location...
TRANSCRIPT
Exclusive Sale Offering Memorandum
____________________________________
205 Bedford Avenue | Williamsburg Brooklyn
Christopher Cavorti
Licensed Associate
Real Estate Broker
914.804.7091
Evan F. Church
Licensed Associate
Real Estate Broker
917.684.0663
Marvin Chu
Licensed Associate
Real Estate Broker
718.685.9430
205 Bedford Avenue Brooklyn, NY
Purchase Price: $7,800,000
Executive Summary:
Premium Flagship Retail & Mixed Use Property for Sale. Located in North Williamsburg’s Highest Priced
Retail & Residential Corridors. Introducing an extraordinary opportunity for ownership of 205 Bedford
Avenue, the most prime Williamsburg real estate on the market. Located between North 5th Street & North
6th Street the area boasts the highest asking retail rents in North Williamsburg and Tops Brooklyn retail charts
as well. As reported in the REBNY 2017 Summer report… Asking rents on Bedford Avenue between N4th
& North 8th Street in Williamsburg Brooklyn Averaged $393/SF. There is potential to re-position the
existing building to maximize the ground floor retail or develop a full commercial building both scenarios
projecting well above a 6% Cap Rate.
Existing Building & Property Features: Current Zoning is R6B, C1-4. Set on a 20’ X 80’ lot, the existing 4-
story masonry & framed building is ~ 3,200 SF above grade. A full-height cellar offers an additional ~ 728
gross SF. It currently consists of 3X income-producing units: The ground floor restaurant/retail space has
soaring 10’ ceilings and over 500 SF of outdoor space. The 2nd floor unit is an oversized studio with a loft-like
layout, featuring triple-exposures and over 9’ high ceilings. A spacious 3 bed/1 bath duplex is set on the top 2
floors. The multiple exposures allow for abundant natural sunlight in both units. Unique details include: original
hardwood flooring, custom woodwork, moldings and exposed brick. This stately address can be easily
converted to a ~2,167 SF triplex residence with substantial commercial rental income potential.
The central location is 1.5 short blocks away from the Bedford L subway station and 4 blocks from the NYC
Ferry. Located in the epicenter of Williamsburg Northside. This food, tourist and shopping mecca has seen a
dramatic transformation that is on par with the top destinations in New York City. The presence of major
chains, national retailers, luxurious new developments and hotels have triggered the vibrant revitalization of
Williamsburg, Brooklyn. Unquestionably, this is a “not-to-be missed” opportunity!
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
205 Bedford Avenue, Brooklyn, NY, 11211
Current Property Information:
Address & Neighborhood: 205 Bedford Avenue, Brooklyn, NY, 11211 Block & Lot: 02336-0004 Neighborhood: Williamsburg Valuation & Property Taxes: Tax class: 1 Property Taxes: $ 5,313 Lot: Lot sq. ft.: 1,600 Lot dimensions: 20 ft x 80 ft Corner lot: No Buildings on lot: 1 Floor Area Ratio (FAR): Max far: 2 FAR as built: 2 (ESTIMATED) Max FAR depends on several factors including zoning, location and use. A Zoning Analysis by a licensed professional should be performed to verify the max far for the property is accurate.
Building: Building Class: Primarily Two Family w/ 1 Store or Office (S2) Landmark: None Approximate Gross SF +/- 3,200 Building dimensions: 20 ft x 51’8” ft Stories: 4 Year built: 1899 (estimated) Certificate of Occupancy: Yes Use: Residential units: 2 Commercial units: 1 Approximate Residential SF: +/- 2,167 Approximate Ground Floor SF: +/- 1033 Approximate Cellar SF: +/- 728 Zoning: District code: R6B, C1-4
Existing Income & Expenses
REVENUE Notes Gross SF Monthly Rent
LEASE
END Yearly PPSF
Retail **Basement not included
1,033 $ 17,500.00 7/1/2018 $ 210,000.00 $ 203.29
Apartment 1 Floor Thorough
819 $ 2,050.00 Month to Month $ 24,600.00 $ 30.04
Apartment 2 Duplex
1,348 $ 3,750.00 Month to Month $ 45,000.00 $ 33.38
3200
Total Revenue $23,300.00 $279,600.00 EXPENSES Notes Mo/Yearly Amount Monthly Yearly Property Taxes Currently Tax Class 1 Y $5,400.00 $450.00 $5,400.00 Insurance Y $2,065.00 $172.08 $2,065.00 H & HW Y $1,257.00 $104.75 $1,257.00 Electric Y $500.00 $41.67 $500.00 Water & Sewer Y $1,500.00 $1,500.00 $18,000.00 Total Expenses $ 2,268.50 $27,222.00 NOI $252,378.00
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
205 Bedford Avenue, Brooklyn, NY, 11211 Pro-Forma Scenario 1:
Mixed Use Future Projected Pro-Forma
Building Cost Amount
Purchase Price $ 7,800,000
Estimated Construction Costs $500,000
REVENUE Notes Gross SF Monthly Rent Yearly PPSF
Retail Basement not included 1,600 $ 36,666.67 440,000.00 275.00
Apartment 1 renovated 800 $ 4,000.00 48,000.00 60.00
Apartment 2 renovated with roof 800 $ 4,000.00 48,000.00 60.00
3200
Total Revenue 44,666.67 $536,000.00
EXPENSES Notes Mo/Yearly Amount Monthly Yearly
Property Taxes - Currently Tax Class 1 Y $5,400.00 $450.00 $5,400.00
Insurance Y $3,000.00 $250.00 $3,000.00
Gas - Heat Y $0.00 $0.00
Electric Y $500.00 $41.67 $500.00
Water & Sewer Y $2,000.00 $166.67 $2,000.00
Building Maintenance 2% $893.33 $10,720.00
Management & Vacancy 6% $2,680.00 $32,160.00
Total Expenses $ 4,481.67 $ 53,780.00
The Math Monthly Yearly
Net Operating Income (NOI) $ 40,185.00 $ 482,220.00
Net Profit $ 40,185.00 $ 482,220.00
Cash Outlay $8,300,000.00
Cap Rate 6.18%
Cash on Cash Return 5.81%
GRM 16.18
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
205 Bedford Avenue, Brooklyn, NY, 11211 Pro-Forma Scenario 2:
Full Commercial Future Projected Pro-Forma
Building Cost Amount
Purchase Price $ 7,800,000
Estimated Construction Costs $1,500,000
REVENUE Notes Gross SF Monthly Rent Yearly PPSF
Retail Basement not included 1,600 $ 36,666.67 440,000.00 $ 275.00
Mezzanine
534 $ 4,005.00 48,060.00 $ 90.00
2nd Floor
1,066 $ 7,995.00 95,940.00 $ 90.00
3200
Total Revenue
48,666.67 $584,000.00
EXPENSES Notes Mo/Yearly Amount Monthly Yearly
Property Taxes - Triple Net Y $0.00 $0.00
Insurance
Y $3,000.00 $250.00 $3,000.00
Gas - Heat
Y
$0.00 $0.00
Electric
Y $500.00 $41.67 $500.00
Water & Sewer
Y $2,000.00 $166.67 $2,000.00
Building Maintenance
2% $893.33 $10,720.00
Management & Vacancy 6% $2,680.00 $32,160.00
Total Expenses
$ 4,031.67 $ 48,380.00
The Math Monthly Yearly
Net Operating Income (NOI) $ 44,635.00 $ 535,620.00
Net Profit
$ 44,635.00 $ 535,620.00
Cash Outlay $9,300,000.00
Cap Rate
6.87%
Cash on Cash Return
5.76%
GRM 14.56
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
Bedford Avenue, Brooklyn, NY, 11211
Existing Floorplans:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
205 Bedford Avenue, Brooklyn, NY, 11211
Residential & Commercial Photos:
205 Bedford Avenue, Brooklyn, NY, 11211
Survey:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
205 Bedford Avenue, Brooklyn, NY, 11211
Existing C of O:
205 Bedford Avenue, Brooklyn, NY, 11211
Area Map:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be
correct, it is presented subject to errors, omissions, changes or withdrawal without notice
Exclusively Marketing Through
The Forray Team
Christopher Cavorti
Licensed Associate
Real Estate Broker
914.804.7091
Evan F. Church
Licensed Associate
Real Estate Broker
917.684.0663
Marvin Chu
Licensed Associate
Real Estate Broker
718.685.9430
“Real Estate With Results”