FAR ROCKAWAY- ARVERNE

311 Beach 69th Street Arverne, NY 11692Asking: $850,000

Residential Multi Family| Approximately 3,267± SF

Four Apartments | Two Stories

For More Information: Email us at Info@rasequity.com or Call us at: 718-709-0610 Visit Our Website: www.rasequity.com

RICHARD TORRES

BROKER

718-709-0610

rtorres@rasequity.com

LISSETTE FELICIANO

MARKETING

718-709-0610

lfeliciciano@rasequity.com

JENNIFER TORRES

ANALYST

718-709-0610

jtorres@rasequity.com

SASHA MEJIA

ASSOCIATE

718-709-0610

smejia@rasequity.com

JESSE CIROLLI

DIRECTOR

718-709-0609

jciroli@rasequity.com

CAYCE ORTALE

CO-EXCLUSIVE AGENT

MANAGING DIRECTOR

Brooklyn Heights Realty

651-364-1125

ortaleequities@gmail.com

4735 White Plains Road, Bronx, NY 10470 | 2

1 | EXECUTIVE SUMMARY

• INVESTMENT HIGHLIGHTS

2 | PROPERTY OVERVIEW

• LOCATION MAP

• PROPERTY PHOTOS

3 | FINANCIAL OVERVIEW

• INCOME / EXPENSE

• RENT ROLL

• METRIC & COMPARABLES

4 | LOCATION OVERVIEW

• TRANSPORTATION MAP

• AERIAL MAP

5 | RECENT DEVELOPMENT

& ARTICLES

• The Read Deal

• Commercial Observer

6 | ZONING OVERVIEW

• R6A, C2-2

Table of Contents

RAS Equity, as exclusive agent for Ownership, is pleased to offerfor sale 311 Beach 69th Street, Arverne NY 11692 (the“Property”), 2-story multi residential private residence with 4apartments with approximately 3,267 SF on a 6,000 sq ft lot. Theproperty is situated between Beach Channel Drive & RockawayBeach Blvd.) in the Far Rockaway.

311 Beach 69th Street offers investors a significant long termupside opportunity. The property’s current rental rate is 60%below market (predominantly from the one bedroomapartments) . Additionally, the properties location offers a muchdesired living opportunity due to its close proximity to thesubway and Beach. 311 Beach 69 Street offers immediate upsidepotential with the two apartments which can be delivered vacantupon request.

Executive Summary

Arverne is a neighborhood in the New York City borough of Queens, onthe Rockaway Peninsula. It was initially developed by RemingtonVernam, whose signature "R. Vernam" inspired the name of theneighborhood. Arverne extends from Beach 56th Street to Beach 79thStreet, along its main thoroughfare Beach Channel Drive, alternativelyknown as Rev. Joseph H. May Drive. The neighborhood is part of QueensCommunity Board 14. (https://en.wikipedia.org/wiki/Arverne,_Queens)

With the property being located in the immediate central revitalizationdevelopment opportunity zone, it offer’s potential purchasers and itstenants an opportunity to whiteness the rapid change in the Arvern bythe Beach district!

Asking $850,000

Investment Highlights

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The average rent per square foot on the residential units are currently below market value for the immediate area with the average market price per foot on the rental being approximately $35±allowing the long term possibility of a potential 25-35% upside benefit.

The current apartment conditions offer an opportunity for potential investors to re-rent units with very little work upon vacancy.

Ownership in the last five years has made significant upgrades on the property such as, new electrical, new roof and stucco, minor pluming upgrades, windows and doors, along with apartment renovations. Boiler’s are approximately 5 years old working in perfect condition.

Located in the heart of Arvern By The Beach Far Rockaway, the property offers the desired attraction of “living on the Beach” while offering current tenants and prospective tenants the comfort of a easy commute into the city with nearby public transit and east access to highways.

The Arverne district offers residents an area that is predominantly residential, while also having just enough retail on Rockaway Boulevard with local amenities that cater to all functional needs. The property is also in close proximity to the St. Johns Episcopal Hospital on Beach 19 Street.

While the Arverne shopping district is heavily mom & pop oriented with a few national tenants like Walgreens, Burger King, Mc Donald's, Dollar Tree, Capital One Bank and Chase Bank. Consumers in the immediate area have a minimal travel time towards the Wavecrest Shopping Center.

311 Beach 69 Street is conveniently located within walking distance to numerous means of public transportation such as the subway A line, along with MTA bus routes such as the QM17, Q22 & Q52.

Property Overview

311 Beach 69th Street

Block/Lot16081/35

F.A.R. (Built/Allowed)

.54/2.0

Queens, Far Rockaway

Current Tax Bill: $4,275

Rent Rolls

Unit Tenant Rent/Month ROOMS Lease Exp Status

1 Tenant 1 $1,700 5 MTM FM

2 Tenant 2 $1,300 5 MTM FM

3 Tenant 3 $1,200 3 MTM FM

4 Tenant 4 $1,200 3 MTM FM

RESIDENTIAL MONTHLY INCOME $5,400 16

RESIDENTIAL ANNUAL INCOME $64,800

RESIDENTIAL RENT ROLL

Total 2 (3) Bedroom Rent RollMonthly: $3,000

Annually: $36,000

Total 2 (1) Bedroom Rent RollMonthly: $2,400

Annually: $28,000

TOTAL ANNUAL RENT ROLL:$64,800.00

*Can be Delivered Vacant

Income/Expense

INCOME AMOUNT

Apartments $64,800

Vacancy Lost (3%) $1,944

GROSS INCOME $62,856

ESTIMATED EXPENSES

Real Estate Taxes (17/18) $4,275

Water & Sewer $3,100

Management Fee (5% of NEI) $3,240

Fuel (Gas)(Tenants pay) $0.00

Utilities $760.00

Payroll $1,200

Insurance $3,800

Repairs, Maintenance & Supplies $2,200

TOTAL EXPENSES $ 18,575

ESTIMATED OPERATING INCOME $44,281

*Based on Yearly Income & Yearly Expenders

Comparable & Metrics

Metrics

Avg. Rent - Apt / Room $1350/$338

Price / SF $260.00

Gross Rent Multiplier 13.1

Cap Rate (%) 5.2

Address Bedrooms Asking Rent Distance Status

318 Beach 66th Street 3 $1,450 0.3 Free Market

349 Beach 69th Street 3 $1,400 500ft Free Market

6208 Beach Front Rd 4 $2,500 0.6 Free Market

Beach 63rd Street 4 $2,200 0.2 Free Market

RENTAL COMPARABLES ( Craigslist.com)

METRICS

Property Photos

Location OverviewArverne is a working-class and middle-class section of the borough of Queens in New York City. Located on the Rockaway peninsula, Arverne View is a nexus of business and pleasure: it is 40 minutes from downtown Manhattan and just steps away from some of the greatest beaches in New York City. A mix of studio to five-bedroom apartments provides a variety of options for residents seeking stunning views of Jamaica Bay or the Atlantic Ocean.Arverne View is more than just a place to live, it’s a community. With over 27,000 square feet of on-premise retail and a day care center, residents enjoy diverse services without straying far from home. Children of all ages benefit from several play areas scattered across the site while adults utilize the community gardens and sitting areas placed throughout the 13-acre property. A renovated basketball court lies alongside the beach end of the property. A community room and senior center are available for residents to organize activities and events. There is also private, resident-only, access to the beach secured by an electronic key FOB system.The Rockaways is home to vibrant shopping, restaurants and nightlife and has recently become the site of a new world class YMCA facility. Join the movement and see for yourself what makes the Rockaways New York’s next great destination. (https://www.arverneview.com)

Transportation

SUBWAYA MTA Train

BY CAR

AIRPORTSLaGuardia, John F. Kennedy and Newark International Airport

MTA BUS

Area Development & News Summary

Why investors are flocking to Far Rockaway

.

Far Rockaway may be one of the farthest-flung parts of the city, but over the past few years that hasn’t been much of a detriment to development. And a rezoning and new ferry service to Lower Manhattan are only adding to the boom.Several big-name developers have taken note of the area’s investment potential in the last few years, rushing to erect a mix of affordable and market-rate projects in the Queens neighborhood.For instance, Related Companies are planning a 145-unit below-market-rate project in downtown Far Rockaway north of its Gateway Apartments complex, and the Marcal Group is building a condo along Beach 116th Street, where units will likely go for between $500 and $600 per square foot.https://therealdeal.com/2018/01/26/why-investors-are-flocking-to-far-rockaway/

With the launch of the NYC Ferry service’s Rockaway route in May 2017, New Yorkers were granted a welcome new means of getting out to one of the city’s most far-flung neighborhoods—a convenient, comfortable commute to the Rockaway Peninsula’s beaches and the surrounding stores and restaurants.But beyond providing weekenders with a fresh way to travel to the beach, the Rockaway ferry route has come to signify a new era for the peninsula that straddles the southern edge of Queens. With Super storm Sandy, which devastated the Rockaways in 2012, now six years in the rearview mirror, public and private interests have intersected to spur a wave of development that promises to transform the area’s real estate market.And while much of that development is in the form of residential—whether affordable housing projects that are capitalizing on the Far Rockaway rezoning last year, or market-rate apartments seeking to lure new residents to the beachfront—it is the Rockaways’ commercial real estate market, and specifically retail, that is witnessing unprecedented growth.

Articles

Rock ‘n’ Retail: As the Rockaways Roar

Back, the Retail Market Isn’t Far Behind

https://commercialobserver.com/2018/09/rock-n-retail-as-the-rockaways-roar-back-the-retail-market-isnt-far-behind/

R5A Zoning

R5A contextual districts, mapped in the northeast Bronx neighborhoods of Olinville and Williamsbridge, permit only one- and two-family detached residences with a maximum 1.1floor area ratio (FAR). Similar to R4A districts, R5A districts are characterized by houseswith two stories and an attic beneath a pitched roof, but the greater FAR and higher perimeter wall allow for somewhat larger buildings.

The perimeter wall of a house may rise to 25 feet in R5A districts (compared to 21 feet in R4A districts) before sloping or being set back to themaximum building height of 35 feet. The minimum lot width is 30 feet. The amount of required open space is governed by yard requirementsthat are the same as those in R4A districts: a front yard must be at least as deep as an adjacent front yard and at least 10 feet deep but it neednot exceed a depth of 20 feet; a 30 foot deep rear yard; and two side yards that total at least 10 feet, each with a minimum width of two feet.Cars may park in the side or rear yard; parking is also allowed within the front yard when the lot is wider than 35 feet. An in-house garage ispermitted if the lot is at least 35 feet wide. One off-street parking space is required for each dwelling unit.

R6A Zoning

The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following

property: R.A.S. Equity Partners and is not to be used for any other purpose or made available to any other person without the express written consent of

R.A.S. Equity Partners or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by R.A.S.

Equity Partners from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of

some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, R.A.S. Equity Partners or any of their

respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective

purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due

diligence, including inspections.

This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective

purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided

for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are,

therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or

necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to

independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not

constitute a recommendation, endorsement or advice as to the value of the Property by R.A.S. Equity Partners or Owner. Each prospective purchaser is to rely

upon its own evaluation as to the advisability of purchasing the Property described herein.

Owner and R.A.S. Equity Partners expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the

Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any

purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully

executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. R.A.S. Equity Partners is

not authorized to make any representations or agreements on behalf of Owner.

This Listing is the property of R.A.S. Equity Partners and may be used only by parties approved by R.A.S. Equity Partners and Owner. The Property is

privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to R.A.S. Equity Partners immediately upon request of

RAS Equity Partners or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No

portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of R.A.S. Equity Partners and

Owner. The terms set forth above apply to this Listing in its entirety.

Confidentiality & Disclaimer