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70 Patchen Avenue Is being offered at

$5,050,000

Peter Von Der Ahe

LISTING METRICS

Shaun Riney

17

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

Dan Greenblatt

Tel: (718) 475-4357 daniel.greenblatt@mmreis.com

William Grover

Tel: (718) 475-4374 william.grover@marcusmillichap.com

Thomas Shihadeh

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

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

TOTAL UNITS

$304

PRICE /SF

5.0

CAP RATE

50 '

FRONTAGE

16,636

TOTAL SQUARE FEET

$2,320

PROJECTED TAXES

15.0

GRM

0

TOTAL AIR RIGHTS


70 Patchen Avenue_

FINANCIAL OVERVIEW OFFERING PRICE

$304

$/SF

$5,050,000

$/UNIT

$297,059 16,636

TOTAL SF TOTAL UNITS

17

0%

RATIO OF FAIR MARKET UNITS

CURRENT METRICS

1%

PROPERTY TAXES RATIO

GRM

$1,739

PRO FORMA AVERAGE MONTHLY RENT

EXPENSE RATIO

23%

5.0%

CAP RATE

15.0

CURRENT $337,176

PRO FORMA $354,672

Gross Potential Commercial Rent

$0

$0

Gross Income Vacancy/Collection Loss

$337,176 ($10,115)

$354,672 ($10,640)

Other Income

$0

$0

Effective Gross Income

$327,061

$344,032

Average Residential Rent/Month/Unit

$1,653

$1,739

PRO FORMA METRICS

5.3%

CAP RATE GRM

14.2

UPSIDE ANALYSIS $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0

Current Avg RS Units Market Rents Current Avg FM Rents

PROPOSED DEBT Debt Service Debt Coverage Ratio Net Debt Cash Flow After Debt Service Loan Amount Interest Rate Amortization

($184,863) 1.37 $84,710 $3,400,000 3.50% 30

$304

16,636 GROSS TOTAL SF

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

INCOME Gross Potential Residential Rent

Shaun Riney Tel: (718) 475-4369

EXPENSES J-51 $2,320 $17,340 $7,650 $15,300 $8,500 $2,448 $7,140 $13,082

$2,320 $17,340 $7,650 $15,300 $8,500 $2,448 $7,140 $13,761

Total Expenses

$73,780

$74,459

Net Operating Income

$253,280

$269,573

LEASE STATUS ANALYSIS UNIT BREAKDOWN % OF TOTAL Total Units -Total RS Units 100% Total RC Units 0% Total FM Units 0% Total Commercial --

TOTAL 17 17 0 0 0

AVG. RENT $1,653 $1,653 $0 $0 $0

UNIT TYPE ANALYSIS TYPE Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom

% OF TOTAL 0% 41% 41% 18% 0% 0% 0%

TOTAL 0 7 7 3 0 0 0

AVG. RENT $0 $1,572 $1,659 $1,827 $0 $0 $0

SRO

0%

0

$0

Property Taxes Tax Class: 2 Fuel - Gas Actual Insurance Actual Water Repairs Common Electric (PPSF) Actual Super Salary Actual Management Fee

$/SF

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

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

Andrew Dansker Tel: (212) 430-5168


70 Patchen Avenue_

RENT ROLL RESIDENTIAL RENT LEASE STATUS NOTES UNIT# 1A RS Vacant 1B RS 1C RS Preferential 1D RS Preferential 1E RS Preferential 2A RS 1.5 Bathrooms 2B RS Preferential 2C RS Preferential 2D RS Vacant 3A RS 1.5 Bathrooms 3B RS Preferential 3C RS 3D RS Vacant 4A RS 1.5 Bathrooms 4B RS 4C RS 4D RS MONTHLY RESIDENTIAL REVENUE

BEDROOMS

ROOMS

1 Bedroom 1 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 30

3 3 4 3 3 5 4 4 3 5 4 4 3 5 4 4 3 64

ANNUAL RESIDENTIAL REVENUE

TOTAL ANNUAL REVENUE There are currently 3 vacant units in the building. The super lives off site.

ACTUAL PRO FORMA LEGAL $1,850 $908 $1,995 $1,650 $1,575 $1,768 $1,900 $1,900 $1,850 $2,400 $1,900 $1,530 $1,850 $1,314 $1,502 $885 $1,321 $28,098

$1,850 $908 $2,200 $1,850 $1,644 $1,768 $2,200 $2,200 $1,850 $2,550 $2,100 $1,530 $1,850 $1,348 $1,502 $885 $1,321 $29,556

$337,176

$354,672

$1,850 $908 $2,250 $1,850 $1,644 $1,768 $2,550 $2,600 $1,313 $3,300 $2,100 $1,530 $717 $1,314 $1,502 $885 $1,321

ACTUAL PRO FORMA $337,176 $354,672

Pro Forma Rent is "Market Rent" Where Legal Rent Exceeds Market

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

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

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

Andrew Dansker Tel: (212) 430-5168


P R I C I N G & F I N A N C I A L A N A LY S I S

J-51 TAX BENEFIT INFORMATION

Benefit Name

J51-Rehabilitated Multiple Dwelling Residential Property

Benefit Amount

$340,650

Benefit Year Year

23 of 34

Benefit Start Date

July 01, 1994

Benefit End Date

June 30, 2028

Government Financed

No

Project Start Date

1991/1992

Benefit History

View J-51 benefit History Online

Proposed Benefit Amount

$372,600

Proposed Benefit for Tax Year From July 1, 2017 to June 30, 2018

70 Patchen Avenue


FINANCIAL SUMMARY

J-51 PHASE OUT PERCENTAGE SCHEDULE J-51 Phase-Out Schedule Benefit Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

14 Year Term 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 6% 40% 20% Fully Taxable

William Grover Tel: (718) 475-4374

34 Year Term 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 60% 40% 20% Fully Taxable Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


70 Patchen Avenue_

PROPERTY DESCRIPTION CITY:

Brooklyni

STATE:

NYi

BLOCK & LOT:

1627 / 53i

LOT DIMENSIONS:

50 X 100i

LOT SF:

5,000i

BUILDING DIMENSIONS:

50 X 90i

BUILDING SF:

16,636i

ZONING:

R6Ai

MAX FAR:

3.00i

AVAILABLE AIR RIGHTS:

0i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL:

J-51__$2,320i

TAX CLASS:

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

2i

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


70 Patchen Avenue

EXTERIORS

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

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


70 Patchen Avenue

INTERIORS

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

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

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. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


70 Patchen Avenue

INTERIORS

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

Shaun Riney Tel: (718) 475-4369

Dan Greenblatt Tel: (718) 475-4357

William Grover Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

Financing Inquiries:

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. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


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

Shaun Riney

Tel: (718) 475-4369

Dan Greenblatt

Tel: (718) 475-4357

William Grover

Tel: (718) 475-4374

Thomas Shihadeh Tel: (718) 475-4380

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

www.newyorkmultifamily.com 212 430 5114

70 Patchen Avenue  
70 Patchen Avenue