Bensonhurst Commercial Building For Sale

Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated.

Coldwell Banker Reliable Commercial Division

Richard DiPietro Licensed R.E. Salesperson Office: 718-921-3100 x107 Mobile: 347-693-2995 Email: [email protected]

Prepared by:

7428 Fifth Avenue, Brooklyn, NY 11209 Phone: (718)921-3100 Web: www.cbrcd.com

Bensonhurst Commercial Building For Sale 7712—7720 New Utrecht Avenue, Brooklyn, NY 11214

Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com

Table of Contents

Executive Summary____________________________________3

Property Details_______________________________________4

Financials____________________________________________5

Floor Plans________________________________________6—8

Maps & Aerials________________________________________9

Traffic Count Report __________________________________10

Demographic Market Comparison Report_____________11 —12

Demographic Summary Report__________________________13

Daytime Employment Report____________________________14

Consumer Spending Report_____________________________15

Contact Information___________________________________ 16

Confidentiality Statement______________________________ 17


Executive Summary

Executive Summary

The Property

7712-7720 New Utrecht Avenue, Brooklyn NY 11214

Property Specifications

Property Type:

Commercial

Class:

Professional Building (O7)

Building Size:

21,700 SF

Lot Size: 9,697 SF

Year Built : 1929

Number of Stories:

2 + fully finished lower level

Zoning: C1-2 / R5

For Sale Price

Sale Price: $7,500,000

Per SF Price: $346

The Offering:

Coldwell Banker Reliable Commercial Division is pleased

to offer 7712-7720 New Utrecht Avenue for sale, a two

story commercial building located in the Bensonhurst

section of Brooklyn. The property features 21,700 SF.

Currently set up as professional / medical offices, with

zoning to accommodate a variety of commercial and

residential uses. For additional information please contact

Exclusive Broker Coldwell Banker Reliable Commercial

Division.

Investment Highlights:

Projections: $637K Net Income / 7.3% Cap Rate.

21,700 SF building / 9,697 SF Lot / Zoned C1-2 / R5.

Renovated in 2005, equipped with elevator, central A/C and handicap accessibility.

Price Per SF: $346

Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Four gas meters & five electric meters accommodating single or multi tenancy.

8,500 SF 1st Floor / 7,200 SF 2nd Floor / 6,000 SF fully finished Lower Level.

Location Highlights:

Corner location on New Utrecht Ave, a prime retail corridor.

Walking distance to public transportation. Steps away from the D train. Property positioned between three subway entry / exit ways.

Near New Utrecht High School.

Average daily traffic count approximately 8,125. Population of approximately 897,368 within 3 miles.

Zillow projects New Utrecht property values will increase 2.7% next year.


Property Overview

Property Address

7712-7720 New Utrecht Avenue, Brooklyn, NY 11214

Property Details

Coldwell Banker Reliable Commercial Division is pleased to offer 7712-7720 New Utrecht Avenue for sale, a two story commercial building located in the Bensonhurst section of Brooklyn. The property features 21,700 SF on a 9,697 SF lot, zoned C1-2 / R5. Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Walking distance to public transportation, steps away from the D train and positioned between three subway entry / exit ways. For additional information please contact Exclusive Broker Coldwell Banker Reliable Commercial Division.

For Sale Price

$7,500,000 / $346 PSF

Property Specifications

Property Type: Commercial Building Class: Professional Building (O7)

Building Size: 21,700 SF Buildings on Lot 1

Stories 2 + fully finished lower level Zoning C1-2 / R5

Property Features

Semi Detached Corner Location Amenities Elevator / Central A/C / Handicap Accessibility

Location Information Cross Street: 78th Street

Metro Market: Brooklyn

Submarket: Bensonhurst

County: Brooklyn

Tenancy Information

Tenancy: Suitable for Single NNN Tenant or Multiple Tenants

Projected Annual Rent Roll: $637,200 + NNN Expenses


Assumptions to Financial Pro Forma The Financial Pro Forma depicts a ten (10) year cash flow projection. The projection is based upon market rental rates with assumptions regarding the future occupancy of the building as well as current and future market conditions. The following assumptions in addition to the projections above were used in developing the Financial Pro Forma for the Property:

2% annual expense increases

3% annual revenue increases

Projected Financials

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Projected Income: Gross Revenue $637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401 Recoveries $106,708 $108,842 $111,019 $113,239 $115,504 $117,814 $120,170 $122,574 $125,025 $127,526

Projected Expenses:Building Insurance 7,200 7,344 7,491 7,641 7,794 7,949 8,108 8,271 8,436 8,605Real estate taxes 60,520 61,730 62,965 64,224 65,509 66,819 68,155 69,518 70,909 72,327Water / Sewer 7,500 7,650 7,803 7,959 8,118 8,281 8,446 8,615 8,787 8,963Maintenance 6,000 6,120 6,242 6,367 6,495 6,624 6,757 6,892 7,030 7,171Heating 25,488 25,998 26,518 27,048 27,589 28,141 28,704 29,278 29,863 30,461 Total expense 106,708 108,842 111,019 113,239 115,504 117,814 120,170 122,574 125,025 127,526

Projected Net Income $637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401

7712-7720 New Utrecht Ave, Brooklyn, NY 11214

Projected Revenues and Expenses

For the 10 Years Ending 2025

Asking Price $7,500,000

Year 1 Capitalization Rate 8.5%

Price Per SF $346

Net Income Multiple 12

10-Year Average Net Income $730,478

Investment Overview

Tenant Floor SF

Annual Rent

Lease Term

Pharmacy 1st 1,600 $38,400Month to Month

Law Office LL 1,500 $37,200Month to Month

Senior Day Care 1st + LL 11,400

Owner Occupied

Month to Month

Medical Office 2nd 7,200

Owner Occupied

Month to Month

Totals 21,700 $75,600

Current Rent Schedule


Floor Plans (1st Floor)


Floor Plans (2nd Floor)


Floor Plans (Lower Level)


Maps & Aerials

Property Overview


Market Overview

Traffic Count Report


Demographic Market Comparison Report

Market Overview


Market Overview

Demographic Market Comparison Report (Continued)


Demographic Summary Report

Market Overview


Market Overview

Daytime Employment Report


Market Overview

Consumer Spending Report


Contact Information

Contact Info For more information, please contact: Richard DiPietro, Licensed R.E. Salesperson 7428 5th Ave. Brooklyn, NY, 11209 Phone: 1-347-809-5192 Fax: 1-347-809-5192 Mobile: 1-347-693-2995 Email: [email protected] Coldwell Banker Reliable Commercial Division 7428 5th Ave Brooklyn, NY , 11209 Phone: 718-921-3100 Fax: 718-921-3110 Website: cbrcd.com


Confidentiality Statement

Confidentiality Statement This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.

Bensonhurst Commercial Building For Sale

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Transcript of Bensonhurst Commercial Building For Sale