390 E 21st Street OM · brg exclusive listing offering memorandum w w w . b r g - c r e . c o m | 7...
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BRG EXCLUSIVE LISTING OFFERING MEMORANDUM WWW.BRG-CRE.COM | 718.360.8801 $3,200,000 390 EAST 21ST STREET BROOKLYN, NY 11226
Transcript of 390 E 21st Street OM · brg exclusive listing offering memorandum w w w . b r g - c r e . c o m | 7...
B R G E X C L U S I V E L I S T I N G O F F E R I N G M E M O R A N D U M
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C O N F I D E N T I A L I T Y & D I S C L A I M E R
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The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses or any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including, but not limited to, income, vacancy rates, expense estimates, tax brackets and general market assumption, all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer(s) should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.
P R I C I N G A N A L Y S I S
OFFERING PRICE
Approx. SF # of Units
Current Cap Rate Current GRM
Price/SF Price/Unit
15 11,520
4.65%
$213,333 $278
12.55x $3,200,000
Listing Metrics
Pro Forma Cap Rate Pro Forma GRM
5.03% 11.60x
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F I N A N C I A L O V E R V I E W
Unit Type Comments
Monthly:
Annually:
$21,900
$262,798
Current
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Vacant
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
$1,550
$1,215
$1,829
$971
$1,134
$1,750
$1,625
$1,543
$1,800
$1,450
$1,525
$1,435
$1,048
$1,500
$1,525
1 Bedroom
1 Bedroom
3 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1A
1B
1C
2A
2B
2C
2D
3A
3B
3C
3D
4A
4B
4C
4D
$1,650
$1,215
$1,828
$971
$1,134
$1,850
$1,650
$1,566
$1,800
$1,800
$1,525
$1,650
$1,048
$1,650
$1,650
Pro Forma
$1,922
$1,215
$1,806
$971
$1,134
$2,066
$1,812
$1,566
$1,218
$2,356
$1,525
$1,712
$1,048
$1,748
$1,756
Legal
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$22,987
$275,849
$23,856
$286,266
F I N A N C I A L O V E R V I E W
Gross Operating Income: Vacancy/Collection Loss (3%): Effective Gross Income: Real Estate Taxes (2): Fuel: Water & Sewer: Insurance: Common Area Electric: Repairs & Maintenance: Payroll: Management (3%): Total Expenses: Net Operating Income:
$262,798 ($7,884)
$254,914
($54,062) ($13,493) ($12,000)
($7,000) ($5,000) ($2,000) ($5,000) ($7,647)
($106,202)
$148,711
EXPENSES
$275,849 ($8,275)
$267,573
($54,062) ($13,493) ($12,000)
($7,000) ($5,000) ($2,000) ($5,000) ($8,027)
($106,582)
$160,991
Pro FormaCurrent
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P R O P E R T Y D E S C R I P T I O N
Bestreich Realty Group (BRG) has been exclusively retained to sell 390 East 21st Street (Block: 05151, Lot: 0011), located between Beverley and Cortelyou Road, in the Flatbush section of Brooklyn. The property is built 41 ft x 72 ft, offering approximately 11,520 square feet. It sits on a 41 ft x 80 ft lot and is zoned R7A. It features 14 one-bedroom units and 1 three-bedroom unit, of which 1 unit will be delivered vacant. The property is located within walking distance to the Q, 2 and 5 subway lines, offering quick and easy access to Manhattan. It is one block from an array of strong retail along Flatbush Avenue and benefits from its proximity to a variety of restaurants, stores, and neighborhood amenities. Flatbush has become a highly sought after real estate market for both retail and residential focused investors. As strong demand for residential units drive rents higher, this property offers an investor the opportunity to acquire a building with upside potential.
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T R A N S P O R T A T I O N
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E X C L U S I V E L I S T I N G T E A M
Derek Bestreich President
O: 718.360.8802 C: 347.752.3059 [email protected]
Steve Reynolds Managing Director
O: 718.360.8807 C: 609.240.2750 [email protected]
Brian Underkofler Associate
O: 718.360.8825 C: 203.521.5570 [email protected]
Tom Reynolds Vice President
O: 718.360.8817 C: 609.915.1004 [email protected]
Bestreich Realty Group, LLC | 225 Broadway, Suite 860, New York, NY 10007
