GFI REALTY EXCLUSIVE OFFERING KENSINGTON CORNER …...140 Broadway, 41 Floor | New York, NY 10005 p:...

EY/34152 Although all information furnished regarding property for sale, rental or financing is

from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy

thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice

GFI REALTY EXCLUSIVE OFFERING KENSINGTON

CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS

ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE

102-114 Cortelyou RoadBrooklyn, NY

Income: $201,351 Expenses: $37,968

NOI: $163,383

Asking Price: $2,700,000 CAP Rate: 6.05%

102-114 Cortelyou Road (aka 665 McDonald Avenue) Brooklyn, NY 11218

Location: Southeast corner of Cortelyou Road and McDonald Avenue

GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING

SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE

140 Broadway, 41st Floor | New York, NY 10005 p: 212-668-1444 | f: 212-668-1655 | gfirealty.com





Property Description: GFI Realty Services, LLC is pleased to present the exclusive offering of 102-114 Cortelyou Road (aka 665 McDonald Avenue), a corner retail building located in the Kensington section of Brooklyn. The property is comprised of eight commercial units. The building was constructed in 1925 and totals approximately 4,375 sf. The parcel has a community facility FAR of 2.4 allowing for an additional 6,185 sf of buildable air rights. The asset features 110’ of frontage on Cortelyou Road and is located just a few blocks off of Ocean Parkway. The property is ideally situated on a heavily trafficked thoroughfare and a short distance away from the commercial corridors on Church and 18th Avenues. Nearby public transportation is served by the F and G subway lines.

Income: Commercial 201,351$ Effective Gross Income: $ 201,351

EstimatedExpenses: Real Estate Taxes (18/19) 26,968$

Water & Sewer 1,000$ Electric Tenant PaysHeat 3,500$ Insurance 6,500$

Total Expenses: $ 37,968

NOI: $ 163,383

.CAP Rate: 6.05%

Asking Price: $2,700,000 All Cash

Block/Lot Assessment

Year Built Lot Size

Built Rentable SF

Zoning FAR as Built

FAR/Facility FAR Facility Air Rights

Total Max. Buildable SF Tax Class

Mortgage

5385/1 $256,500 1925 40 x 110 40 x 110 (approx. 4,375 sf) 5,175 SF M1-1, OP 0.99 1.0/2.4 6,185 Buildable SF 10,560 Buildable SF 4 Delivered free and clear










RENT ROLL

TRANSIT MAP

102-114 Cortelyou Road

The property is walking distance to the F and G trains.

Unit Tenant Rent Approx. SF Rent PSF LXP

102- Corner plus own bsmnt

Cell Phone Store $ 4,000.00 900 $53.33 MTM

104 Hairdresser $ 2,070.00 600 $41.40 8/31/2022106 Owner $ 2,100.00 600 $42.00108 Owner $ 2,100.00 600 $42.00110 Construction Office $ 1,565.77 600 $31.32 8/31/2019112 Mike's Barber $ 1,583.47 600 $31.67 8/31/2022

114 Gotham Electronics, Inc. $ 2,060.00 600 $41.20 12/31/2022

114 Basement B&G Imports, Inc. $ 1,300.00 3500 $4.46 9/30/2019

Total Monthly Income $ 16,779.24

Total Annual Income $ 201,350.88

Rent Roll: 102-114 Cortelyou Road, Brooklyn, NY










ZONING MAP

The M1 district is often a buffer between M2 or M3 districts and adjacent residential or commercial districts. Light industries typically found in M1 areas include woodworking shops, auto storage and repair shops, and wholesale service and storage facilities. In theory, nearly all industrial uses can locate in M1 areas if they meet the more stringent M1 performance standards. Offices, hotels and most retail uses are also permitted. Certain community facilities, such as hospitals, are allowed in M1 districts only by special permit, but houses of worship are allowed as-of-right.

In M1-5A and M1-5B districts mapped in SoHo/NoHo, artists may occupy joint living-work quarters as an industrial use in loft buildings. Other than M1 districts paired with residence districts in Special Mixed Use Districts M1-D, M1-5M and M1-6M districts are the only manufacturing districts in which residences are permitted. In M1-D districts, limited new residential uses with a maximum FAR of 1.65 are permitted only by City Planning Commission authorization. In M1-5M and M1-6, space in an industrial building may be converted to dwelling units, provided a specified amount of floor area is preserved for particular industrial and commercial uses. Conversion to dwellings is also allowed, with restrictions, in the Special Tribeca Mixed use District.

Floor area ratios in M1 districts range from 1.0 to 10.0 and building height and setbacks are controlled by sky exposure planes which may be penetrated by towers in certain districts. Although new industrial buildings are usually low-rise structures that fit within sky exposure planes, commercial and community facility buildings can be constructed as towers in M1-3 through M1-6 districts. In the highest density manufacturing district, M1-6, an FAR of 12 can be achieved with a bonus for a public plaza. Except along district boundaries, no side yards are required. Rear yards at least 20 feet deep are usually required, except within 100 feet of a corner.

102-114 Cortelyou Road










NEIGHBORHOOD DESCRIPTION

NEIGHBORHOOD MAP

• Kensington is bordered by McDonald Avenue and 36th Street to the west, Caton Avenue to the north, Coney Island Avenue to the east, and Foster Avenue to the south.

• Property is walking distance the B, F, G, and Q lines.

• It is also within close proximity to the Prospect Park.

Victorian Homes

Kensington Branch of Brooklyn Public Library










PROPERTY MAP

For Commercial Financing Contact: Will Watkins Daniel Lerer Senior Director of Finance Director, Finance Licensed Real Estate Salesperson Licensed Real Estate Salesperson P. (212) 837-4546 P. (212) 837-4636 E. [email protected] E. [email protected]

mailto:[email protected]

mailto:[email protected]

GFI REALTY EXCLUSIVE OFFERING KENSINGTON CORNER …...140 Broadway, 41 Floor | New York, NY 10005 p:...

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