WYCKOFF AVENUE - LoopNet
Transcript of WYCKOFF AVENUE - LoopNet
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Bushwick
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Exclusive Offering Memorandum
WYCKOFF AVENUE
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TerraCRG has been retained to exclusivelyrepresent ownership in the sale of 198 WyckoffAvenue a mixed-use building located inBushwick.
The information provided herein has either been given to us by theowner 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 and any other information provided herein must beindependently verified. The value of any real estate investment isdependent upon a variety of factors including income, vacancy rates,expense estimates, tax brackets and general market assumptions, allof which should be evaluated by your tax advisor and/or legal counsel.Interested party should carefully verify each item of informationherein; there can be no guarantee that the enclosed information isaccurate or that the subject property will sell for the suggested askingprice. The estimates and assumptions provided herein are based onthe subject property containing no environmental contamination.
For more information, please contact exclusive agents:
Matthew [email protected]
Eric SatanovskySenior [email protected]
718-395-1877terracrg.com
Fred BijouSenior [email protected]
Asking Price:$2,550,000
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The Offering
TerraCRG has been retained to exclusively representownership in the sale of the free market mixed-use buildinglocated at 198 Wyckoff Avenue in the Bushwick neighborhoodof Brooklyn.
The building is located directly on Wyckoff Avenue, one of thebest and most dynamic retail strips in Brooklyn. It is also just 4blocks from both the DeKalb Avenue L Station and the Myrtle-Wyckoff M & L trains. The property offers the rareopportunity to own a free market building with retail frontageon the most prime section of Wyckoff Avenue.
The three story brick building is 25 ft x 60 ft and consists of 6total units (5 free market residential apartments along with aground floor commercial space). The retail space is owneroccupied and will be delivered vacant. After renovation theproperty can generate approx. $207K/year in gross income.
The property is ideally located in one of the most desirablelocations in Bushwick – on Wyckoff Avenue in very closeproximity to both the M and L trains. The retail developmentin this location has exploded with some of the bestrestaurants, bars and cafes opening in the immediate vicinity,including: Sally Roots, Hanna Natural Organic Market andWine Shop, Starbucks, Planet Fitness, Artichoke Pizza, SeaWolf, Heavy Woods, The Cobra Club, Left Hand Path, FairWeather Bushwick, Old Stanley’s, GoodYoga, Variety CoffeeShop and Wyckoff Starr Coffee Shop to name a few.
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Opportunity Highlights
Proj. Gross Annual Income
Proj. AnnualExpenses
Proj. Net Operating Income
Total Units
Price/SF
$207,000
$28,870
$178,130
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$566
822Broadway
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Area Map
198 Wyckoff Avenue
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Walgreens
Starbucks
Planet Fitness
BKLYN House
Skytown
Bizarre
Little Mo
Rheingold Brewery
Dillinger’s
Little Skips
Gallery Bar Santa Pizza
The Living Gallery
Hearts Coffee
Whiskers
Rookery
Central CafeCentral Station
Precious Metal
Clara’sYours
Sincerely
Supercrown Coffee
Forrest Point
95 Evergreen
Dweebs
Molasses Books
The Wheelhouse
101 Wilson Bar
Brooklyn Kava
Le GarageMaite
Brooklyn Public House
Juno
Bossa Nova
Heavy Woods
Starr Bar
Greenstreets Salads
Mominette Bistro
The Three Diamond Door
Punch Bowl Social
Mad Tropical
Lot 45
AP Cafe
Sea Wolf
The Bushwick Starr
The Johnson’s
The Cobra Club
House of Yes
Artichoke Pizza
Wyckoff Starr Coffee Shop
MetroRock Climbing
Pearl’s Social
Hana Natural Market
Montana’s Trail House
Union Pizza Works
Faro
Idlewind
Hi Hello
Left Hand Path
Starbucks
L’imprimerie
Color Me Greens
Milk & PullLucy’s Kitchen
Barcey’s
Sally Roots
Variety Coffee
Ops Pizza
Old Stanley’s Bar
Lucha Lucha
Petra
Cup Of Brooklyn
Boobie Trap
Pizza Party
Bonus Room
Industry 1332
Routine BushwickFather Knows Best
Salud Bar & Grill
The Evergreen
Bushwick Retail Map
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198Wyckoff AvenueBushwick
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198 Wyckoff Avenue
Property Information
Address: 198 Wyckoff Avenue
Neighborhood: Bushwick
Cross Streets: Greene Ave & Bleecker St
Block: 3301
Lot: 38
Lot Size: 25 x 100
Building Information
Building Size: 25 x 60
Zoning: R6
FAR: 1.4
Stories: 3
Residential Units: 5
Commercial Units: 1
Total Units 6
Building SF: 4,500
Taxes (18/19): $8,525
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198 Wyckoff Avenue
Projected Revenue After Renovation
Unit Approx. Unit SF Status Monthly RentMonthly Market
Rent
Annual Market
RentLease Expiration
Store 750 Vacant 3,500$ 42,000$
1 750 Free Market $800 2,750$ 33,000$ month to month *
2R 750 Free Market $1,800 2,750$ 33,000$ 43,615$
2L 750 Free Market $1,800 2,750$ 33,000$ 43,615$
3R 750 Free Market $1,800 2,750$ 33,000$ 43,495$
3L 750 Free Market $1,600 2,750$ 33,000$ 43,495$
Total 4,500 17,250$ 207,000$
*Private Backyard/Projected as a Duplex Unit
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198 Wyckoff Avenue
Projected Revenue After Renovation
REVENUE: (Projected)
Gross Monthly Income 17,250$
Gross Annual Income 207,000$
EXPENSES: (Estimated)
Real Estate Taxes 8,525$
Heat (Tenants)
Electric (common areas) 675$
Insurance 3,000$
Water/Sewer 4,250$
Maintenance 3% 6,210$
Management/Vacancy 3% 6,210$
Total: 28,870$
Gross Annual Income: 207,000$
Less Expenses: 28,870$
Net Operating Income: 178,130$
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Brooklyn
With 2.6 million residents, Brooklyn is the most populousborough of New York City and the most populous county inNew York state. It is the second most densely populatedcounty in the U.S., after New York County (Manhattan). Theborough is situated at the southwestern end of Long Islandand is bounded on the north and east by the borough ofQueens, on the south by Lower New York Bay, the AtlanticOcean and Jamaica Bay and on the west by the East River,Upper New York Bay and the Narrows, which separates itfrom the borough of Staten Island. Brooklyn was anindependent city until its consolidation with New York City in1898. The borough’s 36 neighborhoods continue to maintain adistinct culture, independent art scene and uniquearchitectural heritage.
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BushwickHome to Brooklyn's nascent creative arts class,Bushwick is generating the kind of buzz and attentionits neighbor Williamsburg to the west has recentlyexperienced. Bushwick has emerged as a desirablefocus of developers capitalizing on the many formerfactories and industrial buildings which are beingrestored and re-positioned as for office, residentialand cultural uses. With a vibrant street-art scene anddozen's of galleries and pop-ups, Bushwick is beingbrought to life along with a continual restoration ofsignature lofts and multi-colored brownstonesthroughout the neighborhood.
With the well-known Williamsburg borderingBushwick on the west, it’s no surprise that new retailand critically-acclaimed restaurants have begunquickly migrating and finding space on Bushwick’smain thoroughfares.
Area TransportationBushwick Collective
Roberta’s
Highest Volume of Brooklyn Multifamily Sales in 2016.
With over 50 gallery spaces, Bushwick has one of the fastest growing art scenes in the country.
The Myrtle (J/M/Z) subway station in Bushwick had an annual ridership of 3,764,562 in 2016
Maria Hernandez Park
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Bushwick
VOGUE Mapping Out the
15 Coolest Neighborhoods in
the World
Sources: BrownstonerLaura Leebove – 8/26/2015
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BROOKLYN STEELHOUSE OF YES ROBERTA’S THE WICK / THE WELL
House Of Yes is a funky venue showcasing dance, circus, theater & cabaret performances in a former ice warehouse.
Roberta’s became an international brand, as evidenced by the frozen pizzas it sells at Whole Foods and the crowds who line up at the restaurant daily.
The Wick and the Well are sprawling joints that are open for music performances, with pub grub, tons of beer and a huge patio.
Brooklyn Steel , which opened in April 2017, is an 1,800 capacity music club located at 319 Frost Streetin East Williamsburg.
NEIGHBORHOOD ATTRACTIONS: ENTERTAINMENT
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LoftOpera is opera for the 21st Century, packing the house with hip young crowds with a formula that includes artisanal beer and highly talented performers.
The BushwickCollective is completely covered in amazing street art and murals by some of the best national and international street artists, muralists & graffiti artists.
NEIGHBORHOOD ATTRACTIONS: CULTURE
THE BUSHWICK COLLECTIVE THE BOGART THE PAPER BOX LOFTOPERA
The BogArt was converted to an artist production studio space in 2005 and has become the artist center of Bushwick.
The Paper Box is a multi-use complex with performance space, a rehearsal/recording studio, bar/lounges & an outdoor patio.
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Bushwick
198Wyckoff Avenue