OFFICE / RETAIL CLASS A 3 BUILDINGS PORTFOLIO...retail and residential tenants are similarly...
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MIXED - USE BUILDING FULL FLOOR RETAIL & 2 SPACIOUS - 3 ROOMS – 1 BDR RESIDENTIAL UNITS PRIME SOUTH BROOKLYN LOCATION 1305 GRAVESEND NECK ROAD BROOKLYN NY 11229 OFFERING MEMORANDUM
Transcript of OFFICE / RETAIL CLASS A 3 BUILDINGS PORTFOLIO...retail and residential tenants are similarly...
MIXED-USE BUILDING FULL FLOOR RETAIL & 2 SPACIOUS - 3 ROOMS – 1 BDR RESIDENTIAL UNITS
PRIME SOUTH BROOKLYN LOCATION
1305 GRAVESEND NECK ROAD
BROOKLYN NY 11229
OFFERING
MEMORANDUM
INVESTMENT HIGHLIGHTS
Along with the movement from Manhattan to Brooklyn in the housing market, Manhattan
retail and residential tenants are similarly migrating to Brooklyn, the most populous borough
in NYC.
The Downtown Brooklyn and Dumbo RE markets continue to flourish, while new contenders of
Williamsburg, East New York, Sunset Park, Flatbush, Midwood and South Brooklyn are
emerging. In a similar fashion, with a dearth of investment product available for sale, both
local and foreign investors are looking at the entire borough of Brooklyn as a viable investment
alternative to Manhattan.
This Mixed-Use building located at 1305 Gravesend Neck Road is a unique offering in Prime
Sheepshead Bay area of South Brooklyn, as a fully leased meticulously maintained property,
with 1 full floor retail and 2 residential 1 BDR units.
EXCELLENT CONDITION CAP RATE 5.32% PRIME SOUTH BROOKLYN LOCATION
1305 Gravesend Neck Road
Brooklyn NY 11229
Location: Prime Homecrest / Sheepshead Bay
area of South Brooklyn
Block: 7374
Lot(s): 55
Lot Size: 20.2 X 61.5
Lot Size SF: 1,260
Zoning: R4
FAR: Residential 0.9, Facility 2.0, As Built 1.96
Building Size: 20 X 61.5
Above Ground SF: 2,460
Below Grade SF: 1,230
Total SF as built: 3,690
RE Taxes (2018-19): $4,466
1305 Gravesend Neck Road INCOME
Retail Unit 1,200 SF + Basement 1,230 SF
Month: $2,961
Annual: $35,532
Price per SF: $30
Lease till 12/31/2023, no option, 4% annual increase
Residential Units
2A 1 BDR 600 SF Month to Month (no lease)
Month: $1,600
Annual: $19,200
2B 1 BDR 600 SF Month to Month (no lease)
Month: $1,600
Annual: $19,200
Reimbursements
RE Tax from Retail Tenant: $1,741
Current GAI: $75,646
1305 Gravesend Neck Road
INCOME & EXPENSES
RE Tax (2018-19): $4,466
Water/Sewer: $480
Gas (Heat): $1,900
Electric: $245
Insurance: $2,050
Total Annual Expenses: $9,141
GAI $75,646
Less Annual Expenses $9,141
NOI $66,505
Price: $1,249,900
Current CAP Rate: 5.32%Price per SF: $339
This meticulously maintained, completely updated mixed-use brick
building totaling 3,690 SF, with 1st Floor Retail – Storefront + the basement
used by commercial tenant, and 2 Spacious One BDR Residential units.
Well managed building with updated electric system, new Boiler, W/H,
windows, rubber roof, kitchen cabinets, granite counter-tops, appliances,
and so on.
The property is located on the busy commercial avenue in Prime
Homecrest / Sheepshead Bay area of South Brooklyn steps to all the public
transportation, shopping, schools, parks, restaurants and places of
worship.
This property comes with significant rental upside. It is an excellent choice
for the owner-user or savvy investor.
RE Broker
Andrey Yanoff
(718)615-0200
Summary
