for sale: 12-unit walk-up 646 president street · chase bank, brooklyn industries, mavi jeans, and...
TRANSCRIPT
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition
of the property (or properties) in question.
Winfield Clifford
Senior Director
718 606 7054
William Barrett
Senior Associate
718 606 7047
PARK SLOPE, BROOKLYN
646 PRESIDENT STREET
Cushman & Wakefield has been retained on an exclusive basis toarrange for the sale of a walk-up multifamily building in Park Slope.
646 President Street is located on the south side of President Streetbetween 4th and 5th Avenues in the Park Slope neighborhood of Brooklyn.The property measures 8,076 SF and contains 12 residential units. Of the12 units, 10 are free-market and two are rent-controlled. The Owner madeextensive gut renovations to all of the free-market units and commonareas and converted the boiler from oil to gas. There is also separateelectric meters for each unit. 646 President Street is Park Slope’s premiercash-flowing multifamily investment opportunity.
646 President Street is located in the heart of the Park Slope and justthree blocks away from the Union Street subway station (R train).Additionally, the building is in close proximity to numerous Citi Bikestations as well as the B71, B63, B67 and B69 bus routes. The property isalso ideally situated within a few blocks of the bustling retail corridors of5th Avenue as well as Union Street and provides access to some of themost popular bars and restaurants including: Union Hall, Fleishers CraftButchery, Mission Dolores, Strong Rope Brewery, Luke’s Lobster,Calexico, Stone Park Café, Le Pain Quotiedien, Al Di La ItalianRestaurant & Bar, and Two Boots. Neighboring tenants include TD Bank,Chase Bank, Brooklyn Industries, Mavi Jeans, and other retail boutiques.
For more information, please contact:
FOR SALE: 12-UNIT WALK-UP
Block / Lot 958 / 39
Lot Dimensions 26.92' x 100' Irregular
Lot Area 2,691 SF Approx.
Building Dimensions 26.92’ x 75' Irregular
Building Area 8,076 SF Approx.
Stories 4 plus basement
Residential Units 12
Zoning R6A / R6B / C1-4
FAR 3.0 / 2.0
Assessment (18/19) $608,400
Tax Class 2: More than 10 Units
Taxes (18/19) $68,007
PROPERTY FEATURES
Cushman & Wakefield
One Pierrepont Plaza, 9th Fl.
Brooklyn, NY 11201
phone: +1 718 238 8999
nyinvestmentsales.com
STREET VIEW
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PROPERTY FEATURES
STREET VIEW
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Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition
of the property (or properties) in question.
UNIT STATUS TYPE LXD MONTHLY RENT ANNUAL RENT
1A FM 1BR 8/31/19 $2,195 $26,340
1B FM 1BR 8/31/18 $2,700 $32,400
1C FM DUPLEX 8/31/18 $4,175 $50,100
1D FM 1BR 7/31/18 $2,450 $29,400
2A FM 1BR VACANT $2,300 $27,600
2B FM 1BR VACANT $2,300 $25,800
2L RC 2BR 1/1/99 $149 $1,789
3A FM 1BR 8/31/18 $2,495 $29,940
3B FM 1BR 7/31/19 $2,195 $26,340
3R RC 2BR 1/1/99 $166 $1,996
4A FM 2BR 8/31/18 $3,750 $45,000
4B FM 2BR 5/31/18 $3,295 $39,540
STORAGE 1 MSC $75 $900
STORAGE 2 MSC $75 $900
STORAGE 3* MSC $75 $900
STORAGE 4* MSC $75 $900
TOTAL $28,470 $341,645
INCOME & EXPENSE
PARK SLOPE, BROOKLYN
646 PRESIDENT STREETFOR SALE: 12-UNIT WALK-UP
EXPENSES OWNER ACTUAL
Real Estate Taxes $68,007
Insurance $4,000
Utilities $12,000
Repairs & Maintenance $5,000
General & Administrative $8,000
Management $10,000
TOTAL $107,007
Expense Ratio 31.96%
Gross Annual Income $341,645
Less Expenses $107,007
Net Operating Income $234,638
Winfield Clifford
Senior Director
718 606 7054
William Barrett
Senior Associate
718 606 7047
Cushman & Wakefield
One Pierrepont Plaza, 9th Fl.
Brooklyn, NY 11201
phone: +1 718 238 8999
nyinvestmentsales.com
*Projected rent for the two available storage units. **Units 2A & 2B are currently undergoing renovations and will be delivered leased
***Units 1C & 1D enjoy patio access
Cushman & Wakefield Copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of
price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
646 President Street, Brooklyn, NYPROPERTY PHOTOS – RENOVATED UNITS
Cushman & Wakefield Copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of
price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
646 President Street, Brooklyn, NYPROPERTY PHOTOS – BASEMENT & UTILITIES
ELECTRIC METERS GAS METERS
WATER METER ELECTRIC METERS BASEMENT
HOT WATER HEATERS GAS BOILER