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LINDEN BOULEVARD

PORTFOLIO


ONFIDENTIALITY AGREEMENT The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Institutional Property Advisors, a Division of Marcus & Millichap (“IPA”) and should not be made available to any other person or entity without the written consent of IPA. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. IPA and Marcus & Millichap have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, IPA and Marcus & Millichap have not verified, and will not verify, any of the information contained herein, nor has IPA or Marcus & Millichap conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Seller retains all rights and discretion to determine the offer and acceptance process including but not limited to the right to accept or reject any offer in its sole and absolute discretion. Seller shall only be bound by duly executed and enforceable agreements entered into, if any. ALL MATTERS PRIVILEGED AND CONFIDENTIAL.

ON-ENDORSEMENT NOTICE Institutional Property Advisors, a Division of Marcus & Millichap (“IPA”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of IPA or Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of IPA or Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR IPA ADVISOR FOR MORE DETAILS.


TABLE OF CONTENTS EXECUTIVE SUMMARY FINANCIAL SUMMARY INVESTMENT SUMMARY ASSET SUMMARIES MARKET OVERVIEW

ADVISORY TEAM Peter Von Der Ahe 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5114 - Fax: (646) 349-3308 pvonderahe@mmreis.com Shaun Riney One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4369 - Cell: (212) 920-6651 sriney@ipausa.com Dan Greenblatt One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4357 - Cell: (917) 921-0121 daniel.greenblatt@mmreis.com Zalman Yarmush One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4377 - Cell: (347) 534-7267 shneur.yarmush@mmreis.com

, Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5168 - Fax: (212) 500-5110 adansker@marcusmillichap.com


LINDEN

| $11,000,000

BOULEVARD

PORTFOLIO THE OFFERING

The Linden Portfolio is located in the emerging neighborhood of Prospect-Lefferts Gardens. The opportunity is to acquire 48 residential units in Central Brooklyn. Fourteen units will be delivered vacant and 34 of the 48 units remain occupied and are operating at approximately 35 percent of the fair market rents, allowing the purchaser to capitalize on long term rental growth and to capture significant upside in the remaining occupied units. The offering totals 3-contiguous buildings with an approximate gross square footage of 43,260. The new ownership has the opportunity to execute several value - add repositioning strategies and will benefit from an attractive price per square foot, a diverse unit mix, and location that is experiencing a renaissance of value and influx of development on almost every block.

THE OPPORTUNITY ● Walking distance to Prospect Park, B,Q,2,5 Train lines and Flatbush Avenue’s thriving retail corridor. A new buyer will benefit from continued rent growth as the area will continue to attract young professionals who will have a thirty five minute train ride to Manhattan and Downtown Brooklyn.

●The average rent for the remaining 34 occupied units is $1,002 (Market average rent is $2,679) ●25,458 square feet of unused air rights. .

LISTING METRICS

48

TOTAL UNITS

$254

43,260

TOTAL SQUARE FEET

$226,834

PRICE /SF

PROJECTED TAXES

3.6%

11.94

CAP RATE

140’

FRONTAGE

OFFERING MEMORANDUM

GRM

25,458’

TOTAL AIR RIGHTS


FINANCIAL SUMMARY


FINANCIAL SUMMARY

FINANCIAL OVERVIEW INCOME Gross Potential Residential Rent

$11,000,000 OFFERING PRICE PRICE PER SQUARE FOOT PRICE PER UNIT TOTAL SQUARE FEET TOTAL UNITS CURRENT CAP RATE CURRENT GRM

$254 $229,167 43,260 48 3.6% 11.9

PRO FORMA CAP RATE PRO FORMA GRM

3.6% 11.9

UPSIDE ANALYSIS $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

Studio

2 3 4 5 6 1 Bedroom Bedroom Bedroom Bedroom Bedroom Bedroom

SRO

Current Avg RS Units Market Rents Current Avg FM Rents

43,260

$254

CURRENT $921,075

PRO FORMA $921,075

Gross Potential Commercial Rent

$0

$0

Gross Income

$921,075

$921,075

Vacancy/Collection Loss

($73,686)

($73,686)

Other Income Effective Gross Income Average Residential Rent/Month/Unit

$0 $847,389 $1,599

$0 $847,389 $1,599

No $226,834

$226,834

EXPENSES Property Taxes Fuel

$62,400

$62,400

Insurance

$21,600

$21,600

Water and Sewer

$43,200

$43,200

Repairs and Maintenance

$24,000

$24,000

Common Electric (PPSF)

$8,652

$8,652

Super Salary

$36,000

$36,000

Management Fee Total Expenses Net Operating Income

$33,896 $456,582 $390,807

$33,896 $456,582 $390,807

SCHEDULE OF INCOME UNIT BREAKDOWN TOTAL Studio 0 1 Bedroom 8 2 Bedroom 30 3 Bedroom 10 4 Bedroom 0 5 Bedroom 0 6 Bedroom 0 SRO 0

% OF TOTAL 0% 17% 63% 21% 0% 0% 0% 0%

RENT $0 $1,256 $1,719 $1,514 $0 $0 $0 $0

11.94

3.6%

SQUARE FEET

GROSS TOTAL SF

$/SF

GRM

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, assumptionsorestimatesused herein arefor examplepurposesonlyand do notrepresent thecurrentor futureperformanceof theproperty. Marcus&Millichap RealEstate InvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2018Marcus&Millichap

CAP RATE

Linden Boulevard Portfolio


FINANCIAL SUMMARY

RENT ROLL RESIDENTIAL RENT UNIT# 46 Linden Boulevard 1 2 3 4 5 6 7 8 9 10 11 12 14 15 16 17 50 Linden Boulevard 1 2 3 4 5 6 7 8 9 10 11 12 14 15 16 17 54 Linden Boulevard 1A 1B 1C 1D 2A 2B 2C 2D 3A 3B

LEASE STATUS NOTES

RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS

Vacant Vacant

Vacant

Vacant Vacant Super Vacant Vacant Vacant Vacant

Vacant

Vacant I Convertible 3 Bedroom Vacant I Convertible 3 Bedroom

Convertible 3 Bedroom

BEDROOMS ROOMS

ACTUAL PRO FORMA

2 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 3 Bedroom 2 Bedroom

4 3 5 4 4 3 5 4 4 3 5 4 4 3 5 4

$1,376 $1,185 $1,407 $3,000 $817 $3,000 $1,078 $1,084 $1,034 $1,169 $1,035 $1,102 $3,000 $1,325 $963 $1,352

$1,376 $1,185 $1,407 $3,000 $817 $3,000 $1,078 $1,084 $1,034 $1,169 $1,035 $1,102 $3,000 $1,325 $963 $1,352

2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 2 Bedroom 3 Bedroom 2 Bedroom

4 4 4 4 4 4 5 5 4 4 5 5 5 4 5 4

$3,000 $3,000 $1,489 $500 $3,000 $3,000 $3,200 $1,189 $3,000 $1,039 $816 $3,200 $975 $700 $1,278 $943

$3,000 $3,000 $1,489 $500 $3,000 $3,000 $3,200 $1,189 $3,000 $1,039 $816 $3,200 $975 $700 $1,278 $943

2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom

4 4 3 4 4 4 3 4 4 4

$934 $1,041 $862 $3,000 $600 $3,000 $790 $1,000 $864 $964

$934 $1,041 $862 $3,000 $600 $3,000 $790 $1,000 $864 $964

This information has been secured from sources we believe to be reliable, but we make no representationsor warranties, expressed or implied, as to the accuracy of the information. References to squarefootageor ageare approximate. Buyer must verify the information and bears allrisk for any inaccuracies. InstitutionalProperty Advisors, IPA,andMarcus&MillichapareservicemarksofMarcus&MillichapRealEstateInvestmentServices,Inc.Š2018 Marcus&Millichap.Allrightsreserved.

Linden Boulevard Portfolio


FINANCIAL SUMMARY

RENT ROLL CONTINUED RESIDENTIAL RENT UNIT#

LEASE STATUS NOTES

3C RS 3D RS 4A RS 4B RS 4C RS 4D RS MONTHLY RESIDENTIAL REVENUE

Super I Delivered Vacant

Vacant I Convertible 3 Bedroom

BEDROOMS ROOMS 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom 98

ANNUAL RESIDENTIAL REVENUE TOTAL ANNUAL REVENUE There are currently 14 vacant units in the building. The super lives off site.

This information has been secured from sources we believe to be reliable, but we make no representationsor warranties, expressed or implied, as to the accuracy of the information. References to squarefootageor ageare approximate. Buyer must verify the information and bears allrisk for any inaccuracies. InstitutionalProperty Advisors, IPA,andMarcus&MillichapareservicemarksofMarcus&MillichapRealEstateInvestmentServices,Inc.©2018 Marcus&Millichap.Allrightsreserved.

3 4 4 4 3 4 194

ACTUAL PRO FORMA $1,058 $3,000 $633 $900 $655 $3,200 $76,756

$1,058 $3,000 $633 $900 $655 $3,200 $76,756

$921,075 $921,075 ACTUAL PRO FORMA $921,075 $921,075

Linden Boulevard Portfolio


ASSET SUMMARY


A S S E T S U M M A R I ES 46 Linden Boulevard

50 Linden Boulevard

54 Linden Boulevard

Brooklyn

Brooklyn

Brooklyn

NY

NY

NY

5086-30

5086-32

5086-34

46.67 ft X 120.58 ft

46.67 ft X 120.58 ft

46.67 ft X 120.5 ft

5,628

5,620

5,620

46.67 ft X 98 ft

46.67 ft X 98 ft

46.67 ft X 98 ft

15,260

14,000

14,000

ZONING:

R7A

R7A

R7A

MAX FAR:

4.00

4.00

4.00

AVAILABLE AIR RIGHTS:

8,486

8,486

8,486

LANDMARK DISTRICT:

None

None

None

HISTORIC DISTRICT:

None

None

None

$44,998

$87,902

$93,934

2

2

2

CITY: STATE: BLOCK & LOT: LOT DIMENSIONS: LOT SF: BUILDING DIMENSIONS: BUILDING SF:

ANNUAL TAX BILL: TAX CLASS:

46-54 Linden Boulevard


B R O O K LY N BOROUGH

A R T S & C U LT U R E

The borough we know today as “Brooklyn” was named by Dutch colonists after a village in the Netherlands called “Breuckelen.” Brooklyn is home to over 2.6 million residents who are part of a much larger population system. The New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states.

Brooklyn has played a major role in various aspects of American culture including literature, cinema and theater. Brooklyn hosts the world-renowned Brooklyn Academy of Music, the Brooklyn Philharmonic, and the second largest public art collection in the United States, housed in the Brooklyn Museum. Brooklyn has roughly 700 arts and cultural institutions and about 30 miles of waterfront.

New York City consists of five boroughs with about 8.4 million people. Brooklyn, also goes by the name Kings County and the “Borough of Homes and Churches.” Brooklyn is the 7th most populous county in the United States behind such major cities as Los Angeles and San Diego. While physically located on the island, Brooklyn is not considered a part of Long Island.

T R A N S P O R TAT I O N

Brooklyn is also made up of some of New York's prominent Universities and Colleges. Some of the more popular and well respected include:

PROMINENT COLLEGES

About 66% of Brooklyn's population take public transit to get to and from work daily. They spend an average of 43 minutes traveling to work. 45% take the subway to work; 22% drive to work; 10% take the bus; 9% walk to work, 8% carpool; and 2% work at home Public transportation is easily accessible with the subway and bus systems. The vast majority of current subway lines in Brooklyn trace their lineage back to the Brooklyn–Manhattan Transit (BMT) and Brooklyn Rapid Transit (BRT). Subway lines include but are not limited to: D, N, R, F, A, C, B, Q, 2, 3, L, G, S, J, M, Z, 4, and 5.

Brooklyn College Polytechnic Institute St. Joseph’s College St. Francis College Brooklyn Law School .

Linden Boulevard Portfolio


B R O O K LY N NEIGHBORHOODS

D E M O G R PA H I C S

Brooklyn is an international brand, cultural hub, culinary capital, and real estate juggernaut. Its streets are full of diversity, interesting people, and things to do. For more New York City arrivals than ever, for long-time New Yorkers looking for an easier life, for first-time homeowners and long-term renters, it has become the first choice of where to live and where to lay down their roots.

The median age of a Brooklyn resident is 34.7 years. 38% of Brooklyn's population are foreign born. Families make up 64% of Brooklyn households. In 2006, the U.S. Census Bureau calculates Brooklyn's population at 2,508,820.

“Brownstone Brooklyn” contains row after row of magnificent homes. Downtown has become a perfect mixed-use neighborhood, containing a vibrant mélange of residential lofts, top retail, and commercial creativity. Williamsburg has emerged as one of the best neighborhoods for adults and families in the world.

Brooklyn remains the most populous of the city's five boroughs: 2,230,722 in Queens; 1,585,873 in Manhattan; 1,385,108 in The Bronx; and 468,730 in Staten Island. 7.5% are under the age of 5 years 25.1% are under the age of 18 12.3% are age 65 or older. The median age of females in Brooklyn is 36.5 years old. For males, it's 32.7 years.

Park Slope rivals the West Village and Upper West Side for New Yorkers seeking good schools and park-front living. Brooklyn Heights, Fort Greene and Clinton Hill are blessed by some of the most beautiful urban streets anywhere. Manhattan Beach offers coastal living in a neighborhood lined with trees. There are breathtaking mansions in Prospect Lefferts Gardens, Midwood, and Ditmas Park. Prospect Heights has an arch like Paris and edifices that resemble life on Europe’s grandest boulevards. The only way to truly understand Brooklyn is to walk its streets, see its homes, meet its people, and understand its ebb and flow. Never before, has looking for a home in Brooklyn been this exciting. One of the best places to start is here.

C O N F I D E N T I A L 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


LINDEN BOULEVARD

PORTFOLIO


LINDEN BOULEVARD

PORTFOLIO ADVISORY TEAM

Peter Von Der Ahe 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5114 - Fax: (646) 349-3308 pvonderahe@mmreis.com Shaun Riney One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4369 - Fax: (646) 369-2282 sriney@ipausa.com Dan Greenblatt One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4357 - Fax: (718) 475-4310 daniel.greenblatt@mmreis.com Zalman Yarmush One MetroTech Center, Suite 2001, Brooklyn, NY 11201 Tel: (718) 475-4377 - Fax: shneur.yarmush@mmreis.com

,

-

Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5168 - Fax: (212) 500-5110 adansker@marcusmillichap.com

Linden Boulevard Portfolio Executive Summary  
Linden Boulevard Portfolio Executive Summary