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310 Saint Nicholas Avenue Is being offered at

| $2,500,000

THE OFFERING Marcus & Millichap is pleased to offer the following opportunity located in the heart of Bushwick, two blocks from the “M” and “L” trains at the Myrtle-Wyckoff Intersection. 310 Saint Nicholas Avenue consists of two renovated apartments and one retail store on the corner of Saint Nicholas Avenue and Gates Avenue, steps from the busiest corridors of Bushwick including Wyckoff Avenue and Myrtle Avenue. The property offers significant upside with a retail space built 25’ x 100’ and 1,125 square feet of Air Rights.

LISTING METRICS Peter Von Der Ahe Tel: (212) 430-5114 pvonderahe@mmreis.com

Shaun Riney Tel: (718) 475-4369 sriney@ipausa.com

Thomas Shihadeh Tel: (718) 475-4380 thomas.shihadeh@mmreis.com

Andrew Reiter Tel: (718) 475-4352 daniel.greenblatt@mmreis.com

Andrew Dansker | Financing Inquiries Tel: (212) 430-5168 adansker@marcusmillichap.com

4

TOTAL UNITS

$571 PRICE /SF

7.5%

PRO FORMA CAP RATE

25'

FRONTAGE

4,375’

TOTAL SQUARE FEET

$6,913

PROJECTED TAXES

11.51

PRO FORMA GRM

1,125’

TOTAL AIR RIGHTS


310 Saint Nicholas Avenue_

FINANCIAL OVERVIEW OFFERING PRICE

$2,500,000

$571 $625,000

$/SF $/UNIT TOTAL SF

4,375

TOTAL UNITS

4

100%

RATIO OF

CURRENT METRICS

FAIR MARKET UNITS

CAP RATE

16%

PROPERTY TAXES

GRM

RATIO

PRO FORMA METRICS

$3,367

PRO FORMA

CAP RATE

AVERAGE MONTHLY

GRM

1.1% 56.3 7.5% 11.5

PRO FORMA $121,200

Gross Potential Commercial Rent

$12,000

$96,000

Gross Income Vacancy/Collection Loss

$44,400 ($972)

$217,200 ($3,636)

Other Income

$0

$0

Effective Gross Income

$43,428

$213,564

Average Residential Rent/Month/Unit

$900

$3,367

EXPENSES $6,913

$6,913

$0

$0

Insurance

$950

$1,425

Water and Sewer

$2,000

$3,000

UPSIDE ANALYSIS

Repairs and Maintenance

$2,000

$2,500

$3,500

Common Electric (PPSF)

$656

$825

Super Salary

$2,400

$2,400

Management Fee

$1,737

$8,543

$1,500

Total Expenses

$16,656

$25,606

$1,000

Net Operating Income

$26,772

$187,958

$3,000 $2,500 $2,000

38%

CURRENT $32,400

Fuel (Tenants pay for heat)

RENT

EXPENSE RATIO

INCOME Gross Potential Residential Rent

$500

Property Taxes

Tax Class: 1

$0

LEASE STATUS ANALYSIS

Current Avg RS Units Market Rents Current Avg FM Rents

UNIT BREAKDOWN

% OF TOTAL

TOTAL

AVG. RENT

Total Units

--

3

$1,233

Total RS Units

0%

0

$0

Total RC Units

0%

0

$0

Total FM Units

100%

3

$900

Total Commercial

--

1

$1,000

TYPE

% OF TOTAL

TOTAL

AVG. RENT

Studio

0%

0

$0

1 Bedroom

0%

0

$0

2 Bedroom

0%

0

$0

3 Bedroom

67%

2

$1,350

4 Bedroom

33%

1

$0

5 Bedroom

0%

0

$0

6 Bedroom

0%

0

$0

SRO

0%

0

$0

UNIT TYPE ANALYSIS

4,375

$571

GROSS TOTAL SF

$/SF

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter Tel: (718) 475-4352

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap


310 Saint Nicholas Avenue_

RENT ROLL COMMERCIAL RENT UNIT

TENANT NAME

Commercial

Retail Store

SF EXPIRATION 2,250

MONTHLY COMMERCIAL REVENUE

MTM

2,250

ACTUAL PRO FORMA $/PSF $1,000

$8,000

$1,000

$8,000

$43

RESIDENTIAL RENT UNIT#

LEASE STATUS

NOTES

2F

FM

Pro Forma Three Bedroom I Roof Deck

3 Bedroom

5

797

MTM

$1,350

$3,300

$50

2R

FM

Pro Forma Three Bedroom

3 Bedroom

5

797

MTM

$1,350

$3,000

$45

3

FM

Pro Forma 4 Bedroom | Two Bathroom

4 Bedroom

6 1,000

$0

$3,800

$46

10

16 2,594

$2,700

$10,100

ANNUAL RESIDENTIAL REVENUE

$32,400

$121,200

ANNUAL COMMERCIAL REVENUE

$12,000

$96,000

BEDROOMS ROOMS

MONTHLY RESIDENTIAL REVENUE

SF EXPIRATION

ACTUAL PRO FORMA $/PSF

ACTUAL PRO FORMA TOTAL ANNUAL REVENUE

$44,400

Separate Boilers already in place for all units

$217,200

* Retail can be built out the full 25' x 100' lot

** Retail square footage does not account for basement built 25' x 75' *** Air rights can be utilized to develop an additional 1000 SF Penthouse unit

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter Tel: (718) 475-4352

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap


310 Saint Nicholas Avenue _

PROPERTY DESCRIPTION CITY:

Brooklyni

STATE:

NYi

BLOCK & LOT:

3338 / 38i

LOT DIMENSIONS:

25 x 100i

LOT SF:

2,500i

BUILDING DIMENSIONS:

25 x 75i

BUILDING SF:

4,375i

ZONING:

R6, C1-3i

MAX FAR:

2.20i

AVAILABLE AIR RIGHTS:

1,125i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL:

__$6,913i

TAX CLASS:

Peter Von Der Ahe Tel: (212) 430-5114

1i

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter Tel: (718) 475-4352

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168


310 Saint Nicholas Avenue

MyrtleWyckoff “L” “M” Station


310 Saint Nicholas Avenue _

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter Tel: (718) 475-4352

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168


310 Saint Nicholas Avenue_

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter Tel: (718) 475-4352

Andrew Dansker Financing Inquiries: Tel: (212) 430-5168


Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney

Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

Andrew Reiter

Tel: (718) 475-4352

Financing Andrew Dansker Inquiries: Tel: (212) 430-5168

www.newyorkmultifamily.com 212 430 5114

310 Saint Nicholas Avenue  
310 Saint Nicholas Avenue