2996 fulton street · 2996 fulton street brooklyn, ny act id y0340031 n o n - e n d o r s e m e n t...
TRANSCRIPT
2996 FULTON STREETBrooklyn, NY
2996 FULTON STREET
Brooklyn, NY
ACT ID Y0340031
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap 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 Marcus & Millichap, its affiliates or subsidiaries, or any
agent, product, service, or commercial listing of Marcus & Millichap, 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.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE
CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we
make no representations or warranties, express 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.
Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus &
Millichap. All rights reserved.
P R E S E N T E D B Y
Matthew R. Peters
Licensed Real Estate Salesperson
Brooklyn Office
Tel: (718) 475-4391
Fax: (718) 475-4310
License: NY 10401271961
Eric Eckhardt
Brooklyn Office
Tel: (718) 475-4342
Fax: (718) 475-4310
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Property Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Current Pricing
User Defined Pricing
Pricing Detail
Proposal Price
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
2996 FULTON STREET
2996 FULTON STREET
5
INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
2996 FULTON STREET
PROPERTY OVERVIEW
Marcus & Millichap has been selected to exclusively market for sale 2996 Fulton Street, a three-story mixed-use apartmentbuilding between Linwood Street and Elton Street in the Cypress Hills section of Brooklyn, New York (Block: 03955; Lot:0022). The building is built approximately 25.52 feet by 80 feet and sits on a 25.52 foot by 85.79 foot lot.
The property is currently comprised of a legal four residential units and one store. All the apartment units are front and back,two-bedroom, one-bathroom units.
In addition, there are three non-conforming units located behind the retail on the first floor. Their is one renovated two-bedroom, one-bathroom unit and two studios, with one-bathroom as well.
There are an additional 2,925 buildable square feet as of right.
The building is within proximity to the J Train at Cleveland Street and the C Train at Shepherd Avenue.
PROPERTY OVERVIEW
The Subject Property is a Commercial Mixed-Use Building Located in the Cypress
Hills Section of Brooklyn, New York
Building Built 25.52 ft x 80 ft | Approx. 5,029 Square Feet | Newly Rezoned to
R6A/C2-4/EC-6 | FAR 3.6
Within Proximity to the "J" Train at Cleveland Street and the and "C" Train at
Shepherd Avenue
Located Along a Flourishing Retail Corridor and a Rapidly Developing part of East
New York
Rezoning Is Projected to Create 200,000 Units and 250 New Businesses |
Deblasio is Bringing in $17 Million in Infrastructure Improvements to the Area
Deblasio is Bringing in $17 Million in Infrastructure Improvements to the Area
6
PROPERTY PHOTOS
2996 FULTON STREET
7
- Retail Space
PROPERTY PHOTOS
2996 FULTON STREET
8
- Apartment Units Entrance
Retail Bathroom -
PROPERTY PHOTOS
2996 FULTON STREET
9
PROPERTY PHOTOS
2996 FULTON STREET
10
PROPERTY PHOTOS
2996 FULTON STREET
11
- Bedrooms
PROPERTY PHOTOS
2996 FULTON STREET
12
REGIONAL MAP
2996 FULTON STREET
13
LOCAL MAP
2996 FULTON STREET
14
AERIAL PHOTO
2996 FULTON STREET
15
AERIAL PHOTO
2996 FULTON STREET
16
2996 FULTON STREET
17
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
2996 FULTON STREET
18
RENT ROLL DETAIL
2996 Fulton Street
Residential Income
Unit # of Bedrooms Sq. Footage Notes Current Rent Projected Rent
1A Two Bedroom Approx. 550 Non-conforming unit $ 1,500.00 $ 1,500.00
1B Studio Approx. 300 Non-conforming unit $ 600.00 $ 600.00
1C Studio Approx. 300 Non-conforming unit $ 900.00 $ 900.00
2F Two Bedroom Approx. 620 Free Market - M-to-M $ 1,200.00 $ 1,700.00
2R Two Bedroom Approx. 620 Free Market - M-to-M $ 1,000.00 $ 1,700.00
3F Two Bedroom Approx. 620 Free Market - M-to-M $ 1,425.00 $ 1,700.00
3R Two Bedroom Approx. 620 Free Market - M-to-M $ 1,450.00 $ 1,700.00
Retail Income
Salon Approx. 700 Delivered Vacant $ - $ 2,200.00
Monthly $ 8,075 $ 12,000
Annually $ 96,900 $ 144,000
FINANCIAL ANALYSIS
2996 FULTON STREET
OPERATING STATEMENT
19
FINANCIAL ANALYSIS
2996 FULTON STREET
CURRENT PRICING
20
FINANCIAL ANALYSIS
2996 FULTON STREET
USER DEFINED PRICING
21
FINANCIAL ANALYSIS
2996 FULTON STREET
PRICING DETAIL
22
2996 FULTON STREET
23
MARKET
OVERVIEW
MARKET OVERVIEW
2996 FULTON STREET
The Borough of Brooklyn
Market Highlights
High population density
Were it to be counted as a standalone city, Brooklyn would be the fourth largest in the nation.
Culturally diverse
There are almost 100 different ethnic groups offering unparalleled diversity and access to the cultures
of the world.
Competitive business costs
Brooklyn has lower business costs than Manhattan and is easily accessible to the tri-state
marketplace.
BROOKLYN
Located across the East River from Manhattan, Brooklyn is the most populous of the five New York City
boroughs. Brooklyn covers 71 square miles of the land mass shared with Queens. Within its boundaries are
thousands of acres of parks, 7 miles of beaches and 65 miles of shoreline. The terrain is flat to gently
sloping. Brooklyn is bordered to the east and south by the Atlantic Ocean, to the west by the Upper New
York Bay and the East River, and the borough of Queens is to the north.
Geography
24
MARKET OVERVIEW
Brooklyn is served by three major airports: JFK International, La Guardia and Newark Liberty International.
Airlines at these airports fly to every major city in the world, transporting more than 100 million passengers per
year. Newark Liberty is also one of the largest cargo hubs in the nation.
Brooklyn boasts one of the most advanced mass-transit systems in the country. The New York City subway
contains multiple lines with approximately 150 stations, while an extensive bus network moves residents
through the region. The borough is also served by the Long Island Railroad, which offers commuter rail service.
Main roadways include the Brooklyn-Queens Expressway, Prospect Expressway (Route 27) and Gowanus
Expressway (Interstate 278). Port facilities in Red Hook and the Brooklyn Army Terminal service cargo and
cruise lines.
Infrastructure
The Borough of Brooklyn is:
100 miles from Philadelphia
200 miles from Baltimore
220 miles from Boston
240 miles from Washington, D.C.
Airports
JFK International Airport
La Guardia Airport
Newark Liberty International Airport
Major Roadways
Expressways – Brooklyn-Queens, Gowanus,
Prospect
State Route 27, Belt Parkway, Jackie Robinson
Parkway
Rail
Commuter – Long Island Railroad
Subway – New York City Subway
Ports
Red Hook, Brooklyn Army Terminal
The borough of Brooklyn, with a population of more than 2.6 million, is located entirely within Kings County and
is divided into 18 community districts, many of which have been made famous in movies, books and television.
One of the most well-known districts is 13, which includes Coney Island and Brighton Beach. The most
populous is Community District 18, containing Flatlands, Mill Basin, Canarsie, Marine Park and Bergen Beach.
Borough
New York City Population by Borough
Brooklyn 2,629,100
Queens 2,326,900
Manhattan 1,640,500
Bronx 1,435,600
Staten Island 475,600
* Forecast
Sources: Marcus & Millichap Research Services; U.S. Census
Bureau; Experian
BROOKLYN
2996 FULTON STREET
25
MARKET OVERVIEW
New York City has the largest economy in the nation and houses more Fortune
500 companies than any other city in the country. While many corporate
headquarters are nearby in Manhattan, Brooklyn benefits greatly from both the
employment and economic stimulus that these companies bring to the region. In
fact, more than half of Brooklyn residents work outside of the borough’s borders,
utilizing New York City’s multiple transportation options to commute to their jobs.
This source of income has historically benefited Brooklyn’s economy, causing
retail sales growth to outpace the national average for most of the last 20 years.
Brooklyn’s prime competitive advantage to other boroughs is its lower cost of
doing business. King County houses many of the back-office operations of
Manhattan companies. The growing technology industry in Manhattan, “Silicon
Alley” extends into downtown Brooklyn. The borough is home to more than
84,000 businesses, the vast majority of firms have fewer than 20 employees.
Many companies are located in the old Brooklyn Navy Yard, which has become
300 acres of private manufacturing and commercial activity. Today, “the Yard”
has more than 40 buildings, hundreds of tenants and nearly 7,000 employees.
Also playing important roles in the local economy are a wide range of service and
trade employers, especially in the education and health services sector. Other
significant contributors include manufacturing, government and trade,
transportation and utilities.
Economy
* Forecast
Sources: Marcus & Millichap Research Services, Bureau of Economic Analysis, Moody’s Analytics, U.S. Census Bureau, Experian, Fortune
BROOKLYN
2996 FULTON STREET
26
MARKET OVERVIEW
The Brooklyn Borough provides 601,000 jobs to residents and other commuters that work in Kings County.
While this number does not account for the sizable proportion of Brooklyn residents who work in Manhattan or
elsewhere, it still reflects a massive employment backdrop for the borough’s 2.6 million inhabitants. Brooklyn
offers a diverse labor force, and businesses seeking to move into or expand within the borough should have
access to plenty of skilled labor.
Brooklyn will slightly outpace the national employment growth rate, registering an average of 1.4 percent
annual expansion through 2020. In fact, all employment sectors are forecast to post gains in the next five years.
As Brooklyn is home to the largest proportion of New York City’s residents, its local economy is geared toward
providing for the needs of the population. The largest share of Brooklyn’s employment base belongs to the
massive education and health services sector. These employers provide 36.4 percent of borough employment,
or roughly 218,600 jobs. Additionally, the trade, transportation and utilities sector makes up another 20.7
percent of borough employment.
Over the next five years, the fastest-growing employment segments in Brooklyn will be the professional and
business services at 3.5 percent, which provides a sizable portion of high-quality jobs. The construction,
information and leisure and hospitality sectors are forecast to grow by more than 2.0 percent annually.
Labor
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Moody’s Analytics
BROOKLYN
2996 FULTON STREET
27
MARKET OVERVIEW
Education and health services is the largest labor sector in Brooklyn. Most of the borough’s major employers are in healthcare, including Brookdale Hospital, Maimonides
Medical Center, New York Methodist Hospital and the Brooklyn Hospital Center. All of these are general medical and surgical hospitals. Healthcare jobs form an important
cornerstone of the borough’s economy, given the generally higher wages associated with healthcare positions. Additionally, the jobs are relatively stable and the industry is
forecast to add positions in the next five years. New York is often hailed as one of the most attractive and exciting locations to practice medicine, and it will remain a
magnet for many of the world’s top medical graduates.
Although dominated by healthcare, the vast majority of Brooklyn’s businesses are small, private firms. Most companies in Brooklyn have fewer than 20 employees. Midsize
employers (20 to 99 employees) are primarily in trade, services and manufacturing. The preponderance of small to midsize firms comprise an important source of space
demand in Brooklyn’s office property sector.
At 21 percent of total borough employment, the trade, transportation and utilities sector provides many jobs. Two of the largest employers are the New York City Transit
Authority and Verizon Communications.
Employers
Major Employers
The Brookdale University Hospital & Medical Center
Maimonides Medical Center
New York Methodist Hospital
New York City Transit Authority
The Brooklyn Hospital Center
Long Island College Hospital
New York City Board of Education
Kingsbrook Jewish Medical Center
Woodhull Medical Center
* Forecast
Sources: Marcus & Millichap Research Services, Environics
BROOKLYN
2996 FULTON STREET
28
MARKET OVERVIEW
Brooklyn’s population will increase by 0.7 percent annually over the next five years. In absolute numbers, the Brooklyn borough will add more than 47,000 residents during
this time period.
Borough residents are, on average, younger than the nation, with a median age of 34.4 years, compared with 37.5 years for the U.S. Many young professionals who work in
Manhattan reside in Brooklyn to take advantage of lower housing costs. Individuals in the 25- to 39-year-old age bracket comprise 17.8 percent of the total population,
exceeding the national rate of 13.5 percent.
Brooklynites are also more educated than the average for the country, with 29.5 percent having attained at least a bachelor’s degree, compared with the national figure of
28.8 percent.
The median household income in Brooklyn is around $49,700 annually, less than the national median of $56,100 per year. The borough’s lower median household income
reflects a younger population and has contributed to a low homeownership rate of 27.1 percent. The borough’s median home price of $417,900 prevents many residents
from being homeowners but supports a vibrant rental market.
Demographics
BROOKLYN
Sources: Marcus & Millichap Research Services; Moody’s
Analytics; U.S. Census Bureau; AGS; Experian
2996 FULTON STREET
29
MARKET OVERVIEW
Ongoing revitalization efforts boroughwide have spawned a modest rebirth of the local economy. As the maritime industry’s impact wanes, borough officials are developing
creative ways to capitalize on the desirable waterfront location. Several initiatives seek to develop residential, commercial and recreational areas in the Brooklyn Navy Yard,
Erie Basin/Sunset Park, Newtown Creek and the Red Hook Marine Terminal. Recent projects, such as Brooklyn Bridge Park, which includes housing, hotel and recreational
elements, and the nearly complete Pacific Park, are transforming the Brooklyn skyline and lifestyle. Additionally, the Brooklyn Nets play in the Barclays Center.
Residents choose to live in Brooklyn for many reasons. Perhaps the most compelling factor is its diversity. Each neighborhood houses representatives from nearly all of the
world’s cultures. A sense of community prevails, however, as does a sense of history and tradition, as Brooklyn is the most populous borough in New York City, and many
people can trace their heritage to the area.
Brownstones on tree-lined streets and diverse artistic communities blend with world-class institutions such as the Brooklyn Academy of Music, the Brooklyn Museum, the
New York Aquarium, Prospect Park and the Brooklyn Botanic Garden.
* Forecast
Sources: Marcus & Millichap Research Services; National
Association of Realtors®; Moody’s Analytics; U.S. Census Bureau
Quality of Life
BROOKLYN
2996 FULTON STREET
30
PROPERTY NAME
MARKETING TEAM
2996 FULTON STREET
DEMOGRAPHICS
Source: © 2016 Experian
Created on January 2017
POPULATION 1 Miles 3 Miles 5 Miles
2020 Projection
Total Population 110,242 954,270 2,511,539
2015 Estimate
Total Population 106,826 937,799 2,478,523
2010 Census
Total Population 101,390 888,438 2,343,503
2000 Census
Total Population 97,851 868,494 2,323,390
Daytime Population
2015 Estimate 70,973 621,753 1,805,239
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2020 Projection
Total Households 34,073 334,958 911,112
2015 Estimate
Total Households 32,733 326,475 892,038
Average (Mean) Household Size 3.24 2.84 2.74
2010 Census
Total Households 30,761 306,206 834,886
2000 Census
Total Households 28,572 290,892 805,673
Growth 2015-2020 4.09% 2.60% 2.14%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2020 Projection 34,073 334,958 911,112
2015 Estimate 34,568 337,750 917,221
Owner Occupied 8,900 90,067 258,273
Renter Occupied 23,833 236,407 633,765
Vacant 1,836 11,276 25,183
Persons In Units
2015 Estimate Total Occupied Units 32,733 326,475 892,038
1 Person Units 20.01% 25.71% 27.82%
2 Person Units 20.51% 25.16% 26.76%
3 Person Units 19.73% 18.83% 17.67%
4 Person Units 17.28% 14.64% 13.31%
5 Person Units 11.14% 8.30% 7.33%
6+ Person Units 11.34% 7.35% 7.11%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2015 Estimate
$200,000 or More 1.49% 1.98% 2.99%
$150,000 - $199,000 2.24% 3.09% 4.04%
$100,000 - $149,000 7.33% 9.70% 11.21%
$75,000 - $99,999 10.03% 10.47% 11.38%
$50,000 - $74,999 18.06% 17.93% 18.40%
$35,000 - $49,999 15.35% 14.03% 13.47%
$25,000 - $34,999 10.48% 10.32% 10.08%
$15,000 - $24,999 11.53% 11.69% 11.06%
Under $15,000 23.51% 20.80% 17.35%
Average Household Income $51,826 $57,787 $66,014
Median Household Income $39,051 $42,254 $47,565
Per Capita Income $15,974 $20,260 $23,901
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2015 Estimate Total Population 106,826 937,799 2,478,523
Under 20 30.65% 27.08% 25.05%
20 to 34 Years 24.58% 24.37% 25.40%
35 to 39 Years 6.21% 6.69% 7.34%
40 to 49 Years 13.61% 13.71% 13.49%
50 to 64 Years 16.42% 17.45% 17.46%
Age 65+ 8.53% 10.72% 11.27%
Median Age 31.29 34.01 34.72
Population 25+ by Education Level
2015 Estimate Population Age 25+ 64,908 608,694 1,667,581
Elementary (0-8) 9.73% 9.77% 8.49%
Some High School (9-11) 14.39% 12.44% 10.33%
High School Graduate (12) 42.83% 33.86% 29.02%
Some College (13-15) 14.50% 16.37% 16.07%
Associate Degree Only 5.63% 6.78% 6.89%
Bachelors Degree Only 7.09% 12.57% 17.44%
Graduate Degree 3.54% 5.92% 9.41%
Population by Gender
2015 Estimate Total Population 106,826 937,799 2,478,523
Male Population 47.48% 46.86% 47.45%
Female Population 52.52% 53.14% 52.55%
31
Income
In 2016, the median household income for your selected geography is
$39,051, compare this to the US average which is currently . The
median household income for your area has changed by 38.26%
since 2000. It is estimated that the median household income in your
area will be $42,797 five years from now, which represents a change
of 9.59% from the current year.
The current year per capita income in your area is $15,974, compare
this to the US average, which is . The current year average
household income in your area is $51,826, compare this to the US
average which is .
Population
In 2016, the population in your selected geography is 106,826. The
population has changed by 9.17% since 2000. It is estimated that the
population in your area will be 110,242.00 five years from now, which
represents a change of 3.20% from the current year. The current
population is 47.48% male and 52.52% female. The median age of
the population in your area is 31.29, compare this to the US average
which is . The population density in your area is 33,947.89 people per
square mile.
Households
There are currently 32,733 households in your selected geography.
The number of households has changed by 14.56% since 2000. It is
estimated that the number of households in your area will be 34,073
five years from now, which represents a change of 4.09% from the
current year. The average household size in your area is 3.24 persons.
Employment
In 2016, there are 10,804 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
48.62% of employees are employed in white-collar occupations in
this geography, and 51.87% are employed in blue-collar occupations.
In 2016, unemployment in this area is 8.44%. In 2000, the average
time traveled to work was 51.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
17.07% White, 44.76% Black, 0.12% Native American and 7.11%
Asian/Pacific Islander. Compare these to US averages which are:
White, Black, Native American and Asian/Pacific Islander. People
of Hispanic origin are counted independently of race.
People of Hispanic origin make up 47.26% of the current year
population in your selected area. Compare this to the US average of .
PROPERTY NAME
MARKETING TEAM
2996 FULTON STREET
Housing
The median housing value in your area was $408,285 in 2016,
compare this to the US average of . In 2000, there were 8,799 owner
occupied housing units in your area and there were 19,773 renter
occupied housing units in your area. The median rent at the time was
$625.
Source: © 2016 Experian
DEMOGRAPHICS
32
www.MarcusMillichap.com
Matthew R. Peters
Licensed Real Estate Salesperson
Brooklyn Office
Tel: (718) 475-4391
Fax: (718) 475-4310
License: NY 10401271961
Eric Eckhardt
Brooklyn Office
Tel: (718) 475-4342
Fax: (718) 475-4310
P R E S E N T E D B Y