Bensonhurst Commercial Building For Sale
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Transcript of Bensonhurst Commercial Building For Sale
Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated.
Coldwell Banker Reliable Commercial Division
Richard DiPietro Licensed R.E. Salesperson Office: 718-921-3100 x107 Mobile: 347-693-2995 Email: [email protected]
Prepared by:
7428 Fifth Avenue, Brooklyn, NY 11209 Phone: (718)921-3100 Web: www.cbrcd.com
Bensonhurst Commercial Building For Sale 7712—7720 New Utrecht Avenue, Brooklyn, NY 11214
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Table of Contents
Executive Summary____________________________________3
Property Details_______________________________________4
Financials____________________________________________5
Floor Plans________________________________________6—8
Maps & Aerials________________________________________9
Traffic Count Report __________________________________10
Demographic Market Comparison Report_____________11 —12
Demographic Summary Report__________________________13
Daytime Employment Report____________________________14
Consumer Spending Report_____________________________15
Contact Information___________________________________ 16
Confidentiality Statement______________________________ 17
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Executive Summary
Executive Summary
The Property
7712-7720 New Utrecht Avenue, Brooklyn NY 11214
Property Specifications
Property Type:
Commercial
Class:
Professional Building (O7)
Building Size:
21,700 SF
Lot Size: 9,697 SF
Year Built : 1929
Number of Stories:
2 + fully finished lower level
Zoning: C1-2 / R5
For Sale Price
Sale Price: $7,500,000
Per SF Price: $346
The Offering:
Coldwell Banker Reliable Commercial Division is pleased
to offer 7712-7720 New Utrecht Avenue for sale, a two
story commercial building located in the Bensonhurst
section of Brooklyn. The property features 21,700 SF.
Currently set up as professional / medical offices, with
zoning to accommodate a variety of commercial and
residential uses. For additional information please contact
Exclusive Broker Coldwell Banker Reliable Commercial
Division.
Investment Highlights:
Projections: $637K Net Income / 7.3% Cap Rate.
21,700 SF building / 9,697 SF Lot / Zoned C1-2 / R5.
Renovated in 2005, equipped with elevator, central A/C and handicap accessibility.
Price Per SF: $346
Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Four gas meters & five electric meters accommodating single or multi tenancy.
8,500 SF 1st Floor / 7,200 SF 2nd Floor / 6,000 SF fully finished Lower Level.
Location Highlights:
Corner location on New Utrecht Ave, a prime retail corridor.
Walking distance to public transportation. Steps away from the D train. Property positioned between three subway entry / exit ways.
Near New Utrecht High School.
Average daily traffic count approximately 8,125. Population of approximately 897,368 within 3 miles.
Zillow projects New Utrecht property values will increase 2.7% next year.
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Property Overview
Property Address
7712-7720 New Utrecht Avenue, Brooklyn, NY 11214
Property Details
Coldwell Banker Reliable Commercial Division is pleased to offer 7712-7720 New Utrecht Avenue for sale, a two story commercial building located in the Bensonhurst section of Brooklyn. The property features 21,700 SF on a 9,697 SF lot, zoned C1-2 / R5. Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Walking distance to public transportation, steps away from the D train and positioned between three subway entry / exit ways. For additional information please contact Exclusive Broker Coldwell Banker Reliable Commercial Division.
For Sale Price
$7,500,000 / $346 PSF
Property Specifications
Property Type: Commercial Building Class: Professional Building (O7)
Building Size: 21,700 SF Buildings on Lot 1
Stories 2 + fully finished lower level Zoning C1-2 / R5
Property Features
Semi Detached Corner Location Amenities Elevator / Central A/C / Handicap Accessibility
Location Information Cross Street: 78th Street
Metro Market: Brooklyn
Submarket: Bensonhurst
County: Brooklyn
Tenancy Information
Tenancy: Suitable for Single NNN Tenant or Multiple Tenants
Projected Annual Rent Roll: $637,200 + NNN Expenses
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Assumptions to Financial Pro Forma The Financial Pro Forma depicts a ten (10) year cash flow projection. The projection is based upon market rental rates with assumptions regarding the future occupancy of the building as well as current and future market conditions. The following assumptions in addition to the projections above were used in developing the Financial Pro Forma for the Property:
2% annual expense increases
3% annual revenue increases
Projected Financials
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Projected Income: Gross Revenue $637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401 Recoveries $106,708 $108,842 $111,019 $113,239 $115,504 $117,814 $120,170 $122,574 $125,025 $127,526
Projected Expenses:Building Insurance 7,200 7,344 7,491 7,641 7,794 7,949 8,108 8,271 8,436 8,605Real estate taxes 60,520 61,730 62,965 64,224 65,509 66,819 68,155 69,518 70,909 72,327Water / Sewer 7,500 7,650 7,803 7,959 8,118 8,281 8,446 8,615 8,787 8,963Maintenance 6,000 6,120 6,242 6,367 6,495 6,624 6,757 6,892 7,030 7,171Heating 25,488 25,998 26,518 27,048 27,589 28,141 28,704 29,278 29,863 30,461 Total expense 106,708 108,842 111,019 113,239 115,504 117,814 120,170 122,574 125,025 127,526
Projected Net Income $637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401
7712-7720 New Utrecht Ave, Brooklyn, NY 11214
Projected Revenues and Expenses
For the 10 Years Ending 2025
Asking Price $7,500,000
Year 1 Capitalization Rate 8.5%
Price Per SF $346
Net Income Multiple 12
10-Year Average Net Income $730,478
Investment Overview
Tenant Floor SF
Annual Rent
Lease Term
Pharmacy 1st 1,600 $38,400Month to Month
Law Office LL 1,500 $37,200Month to Month
Senior Day Care 1st + LL 11,400
Owner Occupied
Month to Month
Medical Office 2nd 7,200
Owner Occupied
Month to Month
Totals 21,700 $75,600
Current Rent Schedule
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Floor Plans (1st Floor)
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Floor Plans (2nd Floor)
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Floor Plans (Lower Level)
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Maps & Aerials
Property Overview
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Market Overview
Traffic Count Report
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Demographic Market Comparison Report
Market Overview
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Market Overview
Demographic Market Comparison Report (Continued)
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Demographic Summary Report
Market Overview
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Market Overview
Daytime Employment Report
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Market Overview
Consumer Spending Report
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Contact Information
Contact Info For more information, please contact: Richard DiPietro, Licensed R.E. Salesperson 7428 5th Ave. Brooklyn, NY, 11209 Phone: 1-347-809-5192 Fax: 1-347-809-5192 Mobile: 1-347-693-2995 Email: [email protected] Coldwell Banker Reliable Commercial Division 7428 5th Ave Brooklyn, NY , 11209 Phone: 718-921-3100 Fax: 718-921-3110 Website: cbrcd.com
Coldwell Banker Reliable Commercial Division 7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Confidentiality Statement
Confidentiality Statement This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.