Page 1

Tel: (212) 430-5114 pvonderahe@mmreis.com Tel: (718) 475-4369 sriney@ipausa.com

TOTAL UNITS

TOTAL SQUARE FEET

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

PRICE /SF

Tel: (212) 430-5168 adansker@marcusmillichap.com

PRO FORMA CAP RATE

1 7 th S T R E E T F R O N T A G E

PROJECTED TAXES

PRO FORMA GRM

TOTAL AIR RIGHTS


OFFERING PRICE

$4,500,000

$/SF $/UNIT

$542 $500,000

TOTAL SF

8,300

TOTAL UNITS

9

100%

RATIO OF

CURRENT METRICS

FAIR MARKET UNITS

CAP RATE

12%

PROPERTY TAXES

GRM

RATIO

PRO FORMA METRICS

$2,579

PRO FORMA

CAP RATE

AVERAGE MONTHLY

GRM

3.5% 20.3 5.8% 13.5

PRO FORMA $216,600

Gross Potential Commercial Rent

$78,000

$117,600

Gross Income Vacancy/Collection Loss

$222,000 ($4,320)

$334,200 ($6,498)

Other Income

$0

$0

Effective Gross Income

$217,680

$327,702

Average Residential Rent/Month/Unit

$1,714

$2,579

EXPENSES $25,120

$25,120

$9,000

$9,000

Insurance

$3,825

$3,825

Water and Sewer

$6,300

$6,300

Repairs and Maintenance

$4,500

$4,500

Common Electric (PPSF)

$1,245

$1,245

Super Salary

$2,400

$2,400

Management Fee

$8,707

$13,108

$4,000

Total Expenses

$61,097

$65,498

$3,000

Net Operating Income

$156,583

$262,204

$2,000

*Both Buildings under Tax Class 2A

$1,000

*557 Current Tax Bill - $13,140

$0

*559 Current Tax Bill - $11,980 LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units --

TOTAL 8

AVG. RENT $2,313

Total RS Units

0%

0

$0

Total RC Units

0%

0

$0

Total FM Units

100%

8

$1,500

Total Commercial

--

2

$3,250

TYPE

% OF TOTAL

TOTAL

AVG. RENT

Studio

13%

1

$1,200

1 Bedroom

75%

6

$1,550

2 Bedroom

13%

1

$1,500

3 Bedroom

0%

0

$0

4 Bedroom

0%

0

$0

5 Bedroom

0%

0

$0

6 Bedroom

0%

0

$0

SRO

0%

0

$0

UPSIDE ANALYSIS $6,000

$5,000

28%

CURRENT $144,000

Fuel

RENT

EXPENSE RATIO

INCOME Gross Potential Residential Rent

Current Avg RS Units Market Rents

Current Avg FM Rents

Property Taxes

Tax Class: 2A

UNIT TYPE ANALYSIS

8,300

$542

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 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. © 2018 Marcus & Millichap


557-559 17th Street COMMERCIAL RENT UNIT

TENANT NAME

NOTES

557

Millenium Contracting Service Group

Sale Lease Back For 3 years | Full Basement

559

Music Store

SF EXPIRATION 1,330 920

559 Rear Garage

Potential Parking/Storage

MTM

ACTUAL PRO FORMA $/PSF $5,000

$5,000

$45

$1,500

$4,000

$52

$800

$24

400

MONTHLY COMMERCIAL REVENUE

2,650

$6,500

$9,800

Millenium Contracting Occupies Entire First Floor Entrance to Residential Apartments is Through Middle of 557 RESIDENTIAL RENT UNIT#

LEASE STATUS

NOTES

BEDROOMS ROOMS

SF EXPIRATION

ACTUAL PRO FORMA $/PSF

2L

FM

Conv 2bedroom

1 Bedroom

3

620

MTM

$1,400

$2,500

$48

2R

FM

Conv 2bedroom

1 Bedroom

3

620

MTM

$1,400

$2,500

$48

3L

FM

Conv 2bedroom | Vacant

1 Bedroom

3

620

May-21

$2,000

$2,000

$39

3R

FM

Conv 2bedroom

1 Bedroom

3

620

Aug-18

$2,000

$2,500

$48

557 17th Street

559 17th Street 2F

FM

2 Bedroom

4

550

MTM

$1,500

$2,500

$55

2R

FM

Studio

2

370

Oct-18

$1,200

$1,850

$60

3F

FM

1 Bedroom

3

460

May-20

$1,100

$2,100

$55

3R

FM

1 Bedroom

3

460

MTM

$1,400

$2,100

$55

$12,000

$18,050

ANNUAL RESIDENTIAL REVENUE

$144,000

$216,600

ANNUAL COMMERCIAL REVENUE

$78,000

$117,600

MONTHLY RESIDENTIAL REVENUE

9

24 4,320

ACTUAL PRO FORMA TOTAL ANNUAL REVENUE

$222,000

$334,200

There is currently 1 vacant unit in the building. The super lives off site. There are 10 total units.

Both Buildings Have Basements With 6' Ceilings 557 - Apartments are a railroad layout, all of which are recently updated and in good overall condition 559 - Apartments are Front & Back. Minimal cosmetic improvements required to meet projected rent roll. Two Separate Buildings, each with their own boiler 557 - (4) Class A apartments recognized on HPD, No C of O or I-Card specifying use on file 559 Certificate of Occupany - (4) Families and light manufacturing

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

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

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. © 2018 Marcus & Millichap


557 17th Street

559 17th Street

Brooklyn

Brooklyn

NY

NY

871-41

871-40

27 ft X 80.33 ft

19 ft X 80.33 ft

2,169

1,526

27 ft X 57 ft

19 ft X 57 ft

5,238

3,686

Zoning

R5B

R5B

Max FAR

2.00

2.00

0

0

Landmark

None

None

Historic District

None

None

space$13,140

space$11,980

2A

2A

City State Block & Lot Lot Dimensions Lot SF Building Dimensions Building SF

Available Air Rights

Annual Tax Bill Tax Class

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

Shaun Riney Tel: (718) 475-4369

Thomas Shihadeh Tel: (718) 475-4380

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 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

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

557-559 17th Street  
557-559 17th Street