Crown Heights, Brooklyn · Medgar Evers College, the Brooklyn Botanic Garden, Prospect Park, Grand...

Offering Memorandum

1138 Eastern ParkwayCrown Heights, Brooklyn

|transaction overview

1138 eastERN PARKWAY| BROOKLYN, NY | CROWN HEIGHTS

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 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

GFI Realty Services is pleased to present the exclusive offering of 1138 Eastern Parkway, a three-story mixed-use asset comprised of two gut renovated furnished apartments and a ground floor

office located in the Crown Heights section of Brooklyn. The asset was constructed in 1901 and totals 3,096 square-feet. There are 4,955 square-feet of air rights available.

The apartments are configured as one (3)-bedroom unit and one (4)-bedroom unit. The units boast stainless steel appliances, hardwood floors and exposed brick walls.

The property is ideally situated in Crown Heights within blocks of historic Weeksville and in proximity to Medgar Evers College, the Brooklyn Botanic Garden, Prospect Park, Grand Army Plaza and Brooklyn Children’s Museum.

The asset is situated on Eastern Parkway, a charming tree-lined boulevard which extends to Ralph Avenue. Eastern Parkway is the centerpiece of this area and is surrounded by a variety of housing including prewar apartment buildings, single and two-family homes and mansions.

Crown Heights is a neighborhood in the central portion of the New York City borough of Brooklyn. Crown Heights is bounded by Washington Avenue to the west, Atlantic Avenue to the north, Ralph Avenue to the east, and Clarkson Avenue/East New York Avenue to the south.

Crown Heights is served by the New York City Subway’s IRT Eastern Parkway Line and the IRT Nostrand Avenue Line, with major subway stations at Franklin, Nostrand, Kingston, and Utica Avenues on Eastern Parkway (2, 3, 4, and 5 trains), as well as along Nostrand Avenue at President and Sterling Streets (2 and 5 trains).

Layout: 1/5; 1/6 = 11 Total Rooms

Block/Lot: 1397/10

Assessment: $29,860

Year Built: 1901

Lot Size: 19.67 x 120.58

Built Size: 19.67 x 53 (approx. 3,096 sf)

Zoning: C4-3

FAR: 2.43 (4.8 Facility FAR)

FAR As Built: 1.31 (4,955 SF of Air Rights Available)

Tax Class: 1

Mortgage: $1.2MM Assumable Loan @ 4.5%

TRANSACTION OVERVIEW

|financial summaryAlthough 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 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


3

income & ExpensesIncome Apartments $ 74,400 Commercial $ 66,000

Effective Gross Income $140,400

Estimated Expenses Real Estate Taxes (20/21) $ 6,320 Water/Sewer $ 2,000 Fuel Tenants Pay Electric Tenants Pay Insurance $ 800 Payroll $ 2,400 Repairs, Maintenance & Misc. $ 1 ,000 Total Expenses $ 12,520

NOI $ 127,880

Asking Price: $1,700,000

Apartments: 2Rooms: 11Avg. Rent Per Apt. $ 3,100Avg. Rent Per Room $ 564Price Per SF: $ 549GRM: 12.1 x RRCAP Rate: 7.5%

rent rollUnitApt 1Apt 2Comm.

Size65

Rent$ 3,300.00 $ 2,900.00 $ 5,500.00

Total Mthly Inc. $ 11,700 Total Yrly Inc. $ 140,400

FINANCIALS

TAX LOT MAP




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Modern Finishes

Stainless Steel Appliances

HardwoodFlooring

Throughout

PROPERTY PHOTOS




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AERIAL

|marketplace overviewAlthough 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 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


Crown Heights is served by the New York City

Subway’s IRT Eastern Parkway Line and the IRT Nostrand Avenue Line, with major subway stations at Franklin, Nostrand, Kingston, and Utica Avenues on Eastern Parkway (2, 3, 4, and 5 trains), as well as along Nostrand Avenue at President and Sterling Streets (2 and 5 trains).

TRANSIT MAP


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C4 districts are mapped in regional commercial centers that are located outside of the central business districts. In these

areas, specialty and department stores, theaters and other commercial and office uses serve a larger area and generate more traffic than neighborhood shopping areas. Use Groups 5, 6, 8, 9, 10 and 12, which include most retail establishments, are permitted in C4 districts. Uses that would interrupt the desired continuous retail frontage are not allowed.

C4 districts with an A, D or X suffix are contextual districts in which the commercial and residential bulk and density regulations may differ from corresponding non-contextual districts. Some districts have the same commercial and residential floor area ratios but may differ in parking requirements. Floor area may be increased with a public plaza or Inclusionary Housing in districts with an FAR of 10.0.

C4-1 districts are mapped in outlying areas that require large amounts of parking. C4-2 through C4-5 districts are mapped in more densely built areas. C4-6 and C4-7 districts are mapped in densely built areas in Manhattan.

ZONING OVERVIEW


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1138 eastERN PARKWAY| BROOKLYN, NY | CROWN HEIGHTSRETAIL MAP


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1138 Eastern Parkway

PROPERTY MAP

Crown Heights, Brooklyn · Medgar Evers College, the Brooklyn Botanic Garden, Prospect Park, Grand...

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