593 ROGERS AVENUE | BROOKLYN, NEW YORK 593 ROGERS ….... 1/« « %((% $ ,«« PROSPECT - 1 LEFFERTS...
Transcript of 593 ROGERS AVENUE | BROOKLYN, NEW YORK 593 ROGERS ….... 1/« « %((% $ ,«« PROSPECT - 1 LEFFERTS...
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 1PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK 593 ROGERS AVENUE, BROOKLYN, NEW YORK 11225
NY Broker of RecordJohn KruegerLic.# 10311205789
MICHAEL B. KOOKFIRST VICE PRESIDENT
Office: (212) 430-5169 Cell: (917) 674-4216E-mail: [email protected]: NY: 10301216047
Institutional Property Advisors (IPA)National Retail GroupNet Leased Properties Group
EXCLUSIVELY LISTED BY:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 2 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
Investment Contact
Office: (212) 430-5169 Cell: (917) 674-4216E-mail: [email protected]:
MICHAEL B. KOOKFirst Vice PresidentInstitutional Property Advisors (IPA) National Retail GroupNet Leased Properties Group
NY: 10301216047
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 3PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
CONFIDENTIALITY & DISCLAIMER
MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:
THE INFORMATION CONTAINED IN THIS MARKETING BROCHURE HAS BEEN OBTAINED FROM SOURCES WE BELIEVE TO BE RELIABLE. HOWEVER, MARCUS & MILLICHAP HAS NOT AND WILL NOT VERIFY ANY OF THIS INFORMATION, NOR HAS MARCUS & MILLICHAP CONDUCTED ANY INVESTIGATION REGARDING THESE MATTERS. MARCUS & MILLICHAP MAKES NO GUARANTEE, WARRANTY OR REPRESENTATION WHATSOEVER ABOUT THE ACCURACY OR COMPLETENESS OF ANY INFORMATION PROVIDED.
AS THE BUYER OF A NET LEASED PROPERTY, IT IS THE BUYER’S RESPONSIBILITY TO INDEPENDENTLY CONFIRM THE ACCURACY AND COMPLETENESS OF ALL MATERIAL INFORMATION BEFORE COMPLETING ANY PURCHASE. THIS MARKETING BROCHURE IS NOT A SUBSTITUTE FOR YOUR THOROUGH DUE DILIGENCE INVESTIGATION OF THIS INVESTMENT OPPORTUNITY. MARCUS & MILLI-CHAP EXPRESSLY DENIES ANY OBLIGATION TO CONDUCT A DUE DILIGENCE EXAMINATION OF THIS PROPERTY FOR BUYER.
ANY PROJECTIONS, OPINIONS, ASSUMPTIONS OR ESTIMATES USED IN THIS MARKETING BROCHURE ARE FOR EXAMPLE ONLY AND DO NOT REPRESENT THE CURRENT OR FUTURE PERFORMANCE OF THIS PROPERTY. THE VALUE OF A NET LEASED PROPERTY TO YOU DEPENDS ON FACTORS THAT SHOULD BE EVALUATED BY YOU AND YOUR TAX, FINANCIAL AND LEGAL ADVISORS.
BUYER AND BUYER’S TAX, FINANCIAL, LEGAL, AND CONSTRUCTION ADVISORS SHOULD CONDUCT A CAREFUL, INDEPENDENT INVESTIGATION OF ANY NET LEASED PROPERTY TO DETERMINE TO YOUR SATISFACTION WITH THE SUITABILITY OF THE PROPERTY FOR YOUR NEEDS.
LIKE ALL REAL ESTATE INVESTMENTS, THIS INVESTMENT CARRIES SIGNIFICANT RISKS. BUYER AND BUYER’S LEGAL AND FINANCIAL ADVISORS MUST REQUEST AND CAREFULLY REVIEW ALL LE-GAL AND FINANCIAL DOCUMENTS RELATED TO THE PROPERTY AND TENANT. WHILE THE TENANT’S PAST PERFORMANCE AT THIS OR OTHER LOCATIONS IS AN IMPORTANT CONSIDERATION, IT IS NOT A GUARANTEE OF FUTURE SUCCESS. SIMILARLY, THE LEASE RATE FOR SOME PROPERTIES, INCLUDING NEWLY-CONSTRUCTED FACILITIES OR NEWLY-ACQUIRED LOCATIONS, MAY BE SET BASED ON A TENANT’S PROJECTED SALES WITH LITTLE OR NO RECORD OF ACTUAL PERFORMANCE, OR COMPARABLE RENTS FOR THE AREA. RETURNS ARE NOT GUARANTEED; THE TENANT AND ANY GUARANTORS MAY FAIL TO PAY THE LEASE RENT OR PROPERTY TAXES, OR MAY FAIL TO COMPLY WITH OTHER MATERIAL TERMS OF THE LEASE; CASH FLOW MAY BE INTERRUPT-ED IN PART OR IN WHOLE DUE TO MARKET, ECONOMIC, ENVIRONMENTAL OR OTHER CONDITIONS. REGARDLESS OF TENANT HISTORY AND LEASE GUARANTEES, BUYER IS RESPONSIBLE FOR CONDUCTING HIS/HER OWN INVESTIGATION OF ALL MATTERS AFFECTING THE INTRINSIC VALUE OF THE PROPERTY AND THE VALUE OF ANY LONG-TERM LEASE, INCLUDING THE LIKELIHOOD OF LOCATING A REPLACEMENT TENANT IF THE CURRENT TENANT SHOULD DEFAULT OR ABANDON THE PROPERTY, AND THE LEASE TERMS THAT BUYER MAY BE ABLE TO NEGOTIATE WITH A POTENTIAL REPLACEMENT TENANT CONSIDERING THE LOCATION OF THE PROPERTY, AND BUYER’S LEGAL ABILITY TO MAKE ALTERNATE USE OF THE PROPERTY.
BY ACCEPTING THIS MARKETING BROCHURE YOU AGREE TO RELEASE MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES AND HOLD IT HARMLESS FROM ANY KIND OF CLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR INVESTIGATION AND/OR PURCHASE OF THIS NET LEASED PROPERTY.
CONFIDENTIALITY AND DISCLAIMER
THE INFORMATION CONTAINED IN THE FOLLOWING MARKETING BROCHURE IS PROPRIETARY AND STRICTLY CONFIDENTIAL. IT IS INTENDED TO BE REVIEWED ONLY BY THE PARTY RECEIV-ING IT FROM MARCUS & MILLICHAP AND SHOULD NOT BE MADE AVAILABLE TO ANY OTHER PERSON OR ENTITY WITHOUT THE WRITTEN CONSENT OF MARCUS & MILLICHAP. THIS MARKETING BROCHURE HAS BEEN PREPARED TO PROVIDE SUMMARY, UNVERIFIED INFORMATION TO PROSPECTIVE PURCHASERS, AND TO ESTABLISH ONLY A PRELIMINARY LEVEL OF INTEREST IN THE SUBJECT PROPERTY. THE INFORMATION CONTAINED HEREIN IS NOT A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION. MARCUS & MILLICHAP HAS NOT MADE ANY INVESTIGA-TION, AND MAKES NO WARRANTY OR REPRESENTATION, WITH RESPECT TO THE INCOME OR EXPENSES FOR THE SUBJECT PROPERTY, THE FUTURE PROJECTED FINANCIAL PERFORMANCE OF THE PROPERTY, THE SIZE AND SQUARE FOOTAGE OF THE PROPERTY AND IMPROVEMENTS, THE PRESENCE OR ABSENCE OF CONTAMINATING SUBSTANCES, PCB’S OR ASBESTOS, THE COMPLI-ANCE WITH STATE AND FEDERAL REGULATIONS, THE PHYSICAL CONDITION OF THE IMPROVEMENTS THEREON, OR THE FINANCIAL CONDITION OR BUSINESS PROSPECTS OF ANY TENANT, OR ANY TENANT’S PLANS OR INTENTIONS TO CONTINUE ITS OCCUPANCY OF THE SUBJECT PROPERTY. THE INFORMATION CONTAINED IN THIS MARKETING BROCHURE HAS BEEN OBTAINED FROM SOURCES WE BELIEVE TO BE RELIABLE; HOWEVER, MARCUS & MILLICHAP HAS NOT VERIFIED, AND WILL NOT VERIFY, ANY OF THE INFORMATION CONTAINED HEREIN, NOR HAS MARCUS & MILLI-CHAP CONDUCTED ANY INVESTIGATION REGARDING THESE MATTERS AND MAKES NO WARRANTY OR REPRESENTATION WHATSOEVER REGARDING THE ACCURACY OR COMPLETENESS OF THE INFORMATION PROVIDED. ALL POTENTIAL BUYERS MUST TAKE APPROPRIATE MEASURES TO VERIFY ALL OF THE INFORMATION SET FORTH HEREIN.
NON-ENDORSEMENT NOTICE
MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES, INC.(“M&M”) IS NOT AFFILIATED WITH, SPONSORED BY, OR ENDORSED BY ANY COMMERCIAL TENANT OR LESSEE IDENTIFIED IN THIS MARKETING PACKAGE. THE PRESENCE OF ANY CORPORATION’S LOGO OR NAME IS NOT INTENDED TO INDICATE OR IMPLY AFFILIATION WITH, OR SPONSORSHIP OR ENDORSEMENT BY, SAID CORPORATION OF M&M, ITS AFFILIATES OR SUBSIDIARIES, OR ANY AGENT, PRODUCT, SERVICE, OR COMMERCIAL LISTING OF M&M, AND IS SOLELY INCLUDED FOR THE PURPOSE OF PROVIDING TENANT LESSEE INFORMATION ABOUT THIS LISTING TO PROSPECTIVE CUSTOMERS.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 4 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
7-ELEVEN ON US ROUTE 166 1223 | TOMS RIVER, NEW JERSEY
Investment OverviewMarcus & Millichap is pleased to present for sale 593 Rogers Avenue, a 12-unit multifamily
building located in the Prospect-Lefferts Gardens neighborhood of Brooklyn, New
York. The property consists of one, three-story walk-up building with a Gross Leasable
Area (GLA) of 5,775 square feet on a 0.06-acre lot. The building was built in 1931 and
renovated in 2006.
Prospect-Lefferts Gardens is a middle-class residential and commercial neighborhood
in the Flatbush section of Brooklyn. 593 Rogers Avenue is located between Hawthorne
Street and Winthrop Street that in 2018 had a traffic count of 15,300 vehicles per day
along Rogers Avenue. The property is steps from the ‘2’ and ‘5’ subway train lines, and
two blocks from Kings County Hospital and Flatbush Avenue, a high volume north-
south thoroughfare with a traffic count of 29,000 vehicles per day. This multifamily
residential building is located in an area with a population of 57,000 people living
within a half-mile radius and an average household income of $66,000.
Major retail tenants in close proximity include: CVS Pharmacy, CTown, Rite Aid, Planet
Fitness, McDonald’s, Stop & Shop, and Ihop. Only three blocks walking distance is
Prospect Park, Brooklyn’s’ 526-acre public park. The property’s ideal NYC location,
high occupancy, and below market rents make the offering an attractive investment
opportunity. The property is located an hour from John F. Kennedy International Airport,
one of the largest airports in the nation with daily flights to and from London, Paris,
Chicago, and numerous other destinations. Prospect-Lefferts Gardens is accessible via
Nostrand Avenue, and the ‘2’ and ‘5’ subway lines, just 40 minutes from Downtown
Manhattan.
A 5,775-Square Foot Multifamily Residential Building Located in the
Prospect-Lefferts Gardens Neighborhood of Brooklyn, New York
Three-Story Walk-up Building Comprised of 12 Free Market Residential
Units
Located Steps From the ‘2’ and ‘5’ Subway Train Lines, and Two Blocks
from Kings County Hospital and Flatbush Avenue, a High Volume North-
South Thoroughfare with a Traffic Count of 29,000 Vehicles Per Day
Three Blocks Walking Distance From Prospect Park, Brooklyn’s 526-Acre
Public Park
In an Area with a Population of 57,000 People Living Within a Half-Mile
Radius and an Average Household Income of $66,000
Investment Highlights
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 5PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
PRICE
Gross Leaseable Area Price Per SF
Year 1 NOICap Rate
Price Per UnitYear Built / Renovated
Number of Units
Lot Size
Offering Summary
$ 3,200,0005,775 SF $554
4.87% $155,78012 (Free Market) $266,667
1931 / 2006 0.06 Acres / 2,613 SF
VITAL DATA
POTENTIAL GROSS REVENUE CURRENT / PRO FORMA
BASE RENT $201,240
SCHEDULED BASE RENTAL REVENUE $201,240
EXPENSE REIMBURSEMENT REVENUE
TOTAL POTENTIAL GROSS REVENUE $201,240
EFFECTIVE GROSS REVENUE $201,240
OPERATING EXPENSES
REAL ESTATE TAXES $31,960
INSURANCE $6,000
REPAIRS & MAINTENANCE $7,500
SUPERINTENDENT $7,500
TOTAL OPERATING EXPENSES $52,960
NET OPERATING INCOME $148,280
Note: Each unit has its own designated gas boiler for heat. Heating utility is paid by tenant.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 6 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
Property Details
LEGEND
Parking Lot
Structure
Parcel
NEW YORK
Parcel Map
Address 593 ROGERS AVE BROOKLYN, NY 11225
Building SF 5,775 SF
Stories / Lot Size 3 / 0.06 Acres / 2,613 SF
Tax ID Number 05047-0005
Block / Lot 5047 / 5
Zoning R6
Property Type Walk-up Apartments
Number of Buildings One
Year Built / Renovated 1931 / 2006
Building Dimensions 27.5 ft x 70 ft
WINTHROP STREET
HAWTHORNE STREET
RO
GE
RS A
VE
NU
E15,30
0 V
PD
ROGERS AVENUE 15,300 VPD
WIN
THR
OP
STR
EE
T
HA
WTH
OR
NE
STR
EE
T
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 7PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
SUITE TENANT EXPIRATION MONTHLY ANNUAL
1a Studio 1/31/2019 $1,250 $15,000
1b* Studio $1,350 $16,200
1c 1 - Bedroom 9/1/2019 $1,508 $18,096
1d 1 - Bedroom 9/30/2019 $1,508 $18,096
2a 1 - Bedroom 9/30/2019 $1,500 $18,000
2b* Studio $1,350 $16,200
2c Studio 10/14/2019 $1,400 $16,800
2d 1 - Bedroom 11/30/2018 $1,340 $16,080
3a Studio $1,464 $17,568
3b Studio 4/30/2019 $1,350 $16,200
3c 1- Bedroom 4/30/2019 $1,400 $16,800
3d 1 - Bedroom 8/31/2020 $1,350 $16,200
CURRENT OCCUPANCY PERCENT CURRENT TOTAL RENT $201,240
VACANT 0% AVERAGE RENT PER SF $2.90
OCCUPIED 100% TOTAL MONTHLY RENT $16,770
TOTAL 100% TOTAL ANNUAL RENT $201,240
Rent Roll
Note: * Pro Forma numbers applied as space is to be occupied imminently.
11/30/2018
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 8 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 9PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
Retail Map
*Borders are approximate and to be used for reference purposes only.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 10 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
10
*Borders are approximate and to be used for reference purposes only.
Regional Map
Atlantic Ocean
CONNECTICUT
NEW JERSEY
NEW YORK
NEW HAVEN
FAIRFIELD
BRONX
STATEN ISLAND
LONG BRANCH
BROOKLYN
QUEENS
MANHATTAN LONG ISLAND
EAST HAMPTON
NEWARK
STAMFORD
GREENWICH
SUBJECT PROPERTY
593 ROGERS AVENUE BROOKLYN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 11PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
Demographic Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 12 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 13PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap 14 PROSPECT -
LEFFERTS GARDENS
593 ROGERS AVENUE | BROOKLYN, NEW YORK