THE FREE MARKET PORTFOLIO€¦ · In total, the free market portfolio is comprised of 5 properties,...

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E FREE MARKETPORTFOLIO

314 ONDERDONK AVENUE Ridgewood, Queens

433 MENAHAN STREET Bushwick, Brooklyn

68-30 FOREST AVENUE Ridgewood, Queens

991 WYCKOFF AVENUE Ridgewood, Queens

717 MACDONOUGH STREET Bedford-Stuyvesant, Brooklyn

ASKING PRICE:

$11,250,000

Cushman & Wakefield has been retained on an exclusive basis to sell The W Equities Portfolio, a high yield portfolio of renovated buildings located across Bushwick and Ridgewood. In total, the free market portfolio is comprised of 5 properties, 60+ bedrooms, and approximately 18,600 SF. Each building is well located with immediate access to transportation as well as multiple retail amenities. The wide unit layouts are unique, with significant bedroom and bathroom counts, separating them from most rentals on the market.

Collectively, the portfolio is yielding over $800,000 in annual gross revenue, presenting a rare combination of scale and return, usually difficult to achieve in a single purchase. The portfolio’s 19 units are split between 17 large residential apartments and 2 prime commercial units. The residential unit mix consists of one (1) two-bedroom, eight (8) three-bedroom, four (4) four-bedroom, and four (4) five-bedroom apartment units. All 17 unitshave been gut-renovated to a high standard with washer dryers and agreat bathrooms to bedroom ratios. This is a great opportunity to takeadvantage of solid cash on cash return and even better levered return, withinterest rates still be offered below 4%.

PORTFOLIO OVERVIEW

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PROPERTIES OVERVIEW

Address 314 Onderdonk Avenue 433 Menahan Street 68-30 Forest Avenue 991 Wyckoff Avenue 717 MacDonough Street Portfolio

Block / Lot 3422 / 35 3312 / 32 3484 / 6 3551 / 1 1497 / 41 --

Neighborhood Ridgewood Bushwick Ridgewood Ridgewood Bedford-Stuyvesant --

Location SW side of Onderdonk Ave bet. Hart St. and DeKalb. Ave.

NW side of Menahan St. bet. Cypress and St. Nicholas Ave.

SW side of Forest Ave. bet. 68th Rd. and Catalpa Ave.

NE corner of Wyckoff Ave. and George St.

North side of MacDonough St. bet. Howard and Saratoga Ave.

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Lot Dimensions 25' x 100 19.5' x 100' 20' x 72.5' 25' x 60' 20' x 100' --

Lot Size 2,500 2,000 1,384 1,500 2,000 9,384

Zoning R5B R6 R6B / C1-4 M1-4D R6B --

FAR 1.4 2.2 2 1.7 2 --

Buildable SF 3,375 4,400 2,768 2,475 4,000 17,018

Available Air Rights 375 500 -532 -2,025 100 -1,582

BUILDINGS OVERVIEW

Building Size 25' x 60' 19.5' x 75' 20' x 55' 25' x 60' 20' x 65' --

Stories 2 3 3 3 3 --

Gross SF 3,000 3,900 3,300 4,500 3,900 18,600

Net SF 2,640 3,432 3,872 3,872 3,272 17,176

Total Units 4 3 4 5 3 19

Retail Units -- -- 1 1 -- 2

Residential Units 4 3 3 4 3 17

2 Bedrooms -- 1 -- -- 1

3 Bedrooms 4 -- 2 2 -- 8

4 Bedrooms -- 1 -- 2 1 4

5 Bedrooms -- 2 -- -- 2 4

TAX INFORMATION

Assessment ('17/'18) $47,058 $20,571 $28,656 $65,859 $19,315 $181,459

Tax Class 2A 1 1 2A 1 --

R.E. Taxes ('17/'18) $6,067 $4,112 $5,729 $8,491 $3,861 $28,259

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PORTFOLIO REVENUE

Building Units Net SF Bedrooms Baths W/D $/SF Monthly Annual

314 Onderdonk Avenue 4 2,640 12 6 2 $54 $11,840 $142,080

433 Menahan Street 3 3,432 14 6 2 $47 $13,453 $161,436

68-30 Forest Avenue 4 3,872 8 6 3 $36 $11,725 $140,700

991 Wyckoff Avenue 5 3,960 14 8 -- $63 $20,782 $249,381

717 MacDonough Street 3 3,272 14 6 ½ 3 $41 $11,250 $135,000

Total / Average 19 17,176 62 32 ½ 10 $48 $69,050 $828,597

Vacancy & Credit Loss @ 3% $2,071 $24,858

Effective Gross Income $66,978 $803,739

PROJECTED EXPENSES

Type C & W Metrics Annual

Real Estate Taxes ('17/'18) DOF Tax Bill $28,259

Insurance $1.00/GSF $18,600

Water & Sewer $1.00/GSF $18,600

Fuel Tenants Pay --

Electric $0.25/GSF $4,650

Maintenance & Repairs 3% of EGI $24,112

Superintendent $1,250/Month $15,000

Management 3% of EGI $24,112

Total Expense Ratio: 17% $133,334

Effective Gross Income $803,739

Less Estimated Expenses $133,334

Projected Net Operating Income $670,405

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PROPERTIES

1. 314 Onderdonk Avenue

2. 433 Menahan Street

3. 68-30 Forest Avenue

4. 991 Wyckoff Avenue

5. 717 MacDonough Street

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314 ONDERDONK AVENUE

Collected / Projected Income

Unit Type Baths W/D Lease Exp. Net SF $/SF Monthly Annual

1L 3 BR Duplex 2 Yes 1/31/18 660 $60 $3,300 $39,600

1R 3 BR + Duplex 2 Yes 4/30/18 660 $52 $2,850 $34,200

2L 3 BR 1 -- 4/30/18 660 $51 $2,800 $33,600

2R 3 BR 1 -- 7/31/18 660 $53 $2,890 $34,680

Total/Average 6 2 2,640 $54 $11,840 $142,080

Vacancy & Credit Loss @ 3% $355 $4,262


433 MENAHAN STREET



1 4 BR Duplex 10/31/18 1,144 $50 $4,725 $56,700

2 5 BR 3 Yes 10/14/18 1,144 $46 $4,364 $52,368

3 5BR 3 Yes 10/31/17 1,144 $46 $4,364 $52,368

Total/Average 6 2 3,432 $47 $13,453 $161,436



68-30 FOREST AVENUE



Ground Retail -- -- Vacant 968 $32 $2,575 $30,900

1 2 BR Duplex 2 Yes 9/30/19 968 $32 $2,550 $30,600

2 3 BR 2 Yes 12/31/17 968 $39 $3,150 $37,800

3 3 BR 2 Yes 1/16/18 968 $43 $3,450 $41,400

Total/Average 6 3 3,872 $36 $11,725 $140,700



717 MACDONOUGH STREET



1 4 BR Duplex 3 ½ Yes 8/31/18 1,091 $36 $3,250 $39,000

2 5 BR 3 Yes 6/30/18 1,091 $44 $4,000 $48,000

3 5 BR 3 Yes Vacant 1,090 $44 $4,000 $48,000

Total/Average 6 ½ 3 3,272 $41 $11,250 $135,000



991 WYCKOFF AVENUE



Ground Retail -- -- 8/31/22 1,320 $61 $6,695 $80,340

Ad Ad -- -- 8/31/22 3% Annual Increases $2,122 $25,461

2L 3 BR 2 -- 5/31/18 660 $54 $2,965 $35,580

2R 3 BR 2 -- 5/31/18 660 $52 $2,850 $34,200

3L 4 BR 2 -- 6/30/18 660 $57 $3,150 $37,800

3R 4 BR 2 -- 6/30/18 660 $55 $3,000 $36,000

Total/Average 8 -- 3,960 $63 $20,782 $249,381



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CURRENT RENT ROLL

314 Onderdonk Avenue 433 Menahan Street 68-30 Forest Avenue 991 Wyckoff Avenue 717 MacDonough Street Portfolio

Provided/Projected Income $142,080 $161,436 $140,700 $249,381 $135,000 $828,597

Vacancy & Credit Loss 3.00% $4,262 $4,843 $4,221 $7,481 $4,050 $24,858

Effective Gross income $137,818 $156,593 $136,479 $241,900 $130,950 $803,739

Rent Per SF $46 $40 $41 $54 $34 $43

EXPENSES

C&W Metrics

Real Estate Taxes (17/18) DOF Tax Bill $6,067 $4,112 $5,729 $8,491 $3,861 $28,259

Insurance $1.00/GSF $3,000 $3,900 $3,300 $4,500 $3,900 $18,600

Water & Sewer $1.00/GSF $3,000 $3,900 $3,300 $4,500 $3,900 $18,600

Heating Fuel Tenants Pay -- -- -- -- -- --

Electric $0.25/GSF $750 $975 $825 $1,125 $975 $4,650

Repairs & Maintenance 3% of EGI $4,135 $4,698 $4,094 $7,257 $3,929 $24,112

Superintendent $250/Month $3,000 $3,000 $3,000 $3,000 $3,000 $15,000

Management 3% of EGI $4,135 $4,698 $4,094 $7,257 $3,929 $24,112

Total Projected Expenses $24,086 $25,283 $24,342 $36,130 $23,493 $133,334

Expense Ratio 17% 16% 18% 15% 18% 17%

NET OPERATING INCOME

Effective Gross Income $137,818 $156,593 $136,479 $241,900 $130,950 $803,739

Less Expenses $24,086 $25,283 $24,342 $36,130 $23,493 $133,334

Net Operating Income $113,732 $131,310 $112,137 $205,770 $107,457 $670,405

FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS:

DJ JOHNSTONDirector718 307 [email protected]

TOM DONOVANVice Chairman718 512 [email protected]

BRYAN KIRKAssociate718 307 [email protected]

TOMMY LINDirector718 512 [email protected]

WILLIAM CHENGDirector718 606 [email protected]

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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.

THE FREE MARKET PORTFOLIO€¦ · In total, the free market portfolio is comprised of 5 properties,...

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Transcript of THE FREE MARKET PORTFOLIO€¦ · In total, the free market portfolio is comprised of 5 properties,...