615 east 17th street - loopnetthe masterpiece of famed landscape architects frederick law olmsted...

615 EAST 17TH STREET

DITMAS PARK

Exclusive Offering Memorandum

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3 | The Offering

4 | The Property

4 Property Highlights

5 Property Information

Building Information

Property Taxes

6 Rent Roll

7 Net Operating Income

8 Interior Photos

10 Aerial Maps

11 | Transportation Map

12 | Area Developments

13 | Ditmas Park

14 | Area Attractions

15 | Prospect Park

16 | Kings Theater

17 | Medgar Evars College

18 | Brooklyn

TerraCRG has been retained to exclusively represent ownership in the sale of 615 East 17th Street in Ditmas Park, Brooklyn.

For more information, please contact exclusive agents:

718-768-6888 | terracrg.com

The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem re-liable. 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 be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assump-tions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested parties should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmen-tal contamination.

MATT [email protected]

ISAIAH THOMASAssociate, Investment [email protected]

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TerraCRG has been retained to exclusively repre-

sent the sale of the multifamily building at 615

East 17th Street in Ditmas Park, Brooklyn.

615 East 17th Street is ideally situated in between

Newkirk and Foster Avenues. The asset totals

13,030 SF and sits on a 4000 SF lot. The six-story,

elevator building was recently gut-renovated and

consists of 16 residential units with condo-qual-

ity finishes, high ceilings and ample natural light.

Half of the units have private outdoor space, the

building also has a gym and common roof deck.

The asset is generating a gross annual income

of $512,442 with an NOI of ~$454,280. At asking

price, the property is offered at an ~5.7% Cap Rate.

The asset is just two blocks from Newkirk Plaza -

a retail-heavy corridor and subway station with ac-

cess to the Q and B lines. Also, just a few avenues

north is the Cortelyou Road retail corridor fea-

turing some of South Brooklyn’s most attractive

bars and restaurants. A few highlights include The

Farm on Adderley, Sycamore Bar + Flower Shop

and Bar Chord. Nearby attractions include Pros-

pect Park, The Brooklyn Botanic Garden, Kings

Theatre and the Brooklyn Public Library.

THE OFFERING

ASKING PRICE: $7,950,000

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615 EAST 17TH STREET DITMAS PARK

RESIDENTIAL UNITS CAP RATE STORIES

CONDO-QUALITY RENOVATIONS

EXCELLENT TRANSPORTATION LOCATION

NOI

16 5.7% 6

$454,280

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THE PROPERTYPROPERTY INFORMATION

Address: 615 East 17th Street

Brooklyn, NY 11226

Neighborhood: Ditmas Park

Cross Streets: Foster Avenue & Newkirk Avenue

Nearest Subway: Newkirk Plaza B & Q Station

Block-Lot: 5217-43

Lot Dimensions: 40 ft x 100 ft

Lot SF: 4,000

BUILDING INFORMATION

Building Class: C1

Tax Class 2

Net Building SF: 12,800

Gross Building SF: 15,057

Stories: 6

Residential Units 16

Commercial Units: 0

Total Units: 16

TAX INFORMATION

Assessment (19/20): 127,060

Tax Rate: 12.6120%

Taxes (19/20): 16,025

Projected Taxes J-51 Abatement: $2,500

14 Years Fully Abated/20 Years Partial Abatement

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RENT ROLLREVENUE

Unit Beds Approx. SF Monthly Rent $/SF Annual Rent

1A 2 Bed Duplex 1,400 $2,600 $22 $31,200

1B 3 Bed/ Duplex with private Backyard 1,300 $3,100 $29 $37,200

2A 3 Bed 830 $2,825 $41 $33,900

2B 2 Bed 830 $2,700 $39 $32,400

3A 3 Bed 830 $2,800 $40 $33,600

3B 2 Bed/Balcony 830 $2,700 $39 $32,400

4A Studio 340 $2,100 $74 $25,200

4B 2 Bed 800 $2,850 $43 $34,200

4C 2 Bed/Balcony 800 $2,650 $40 $31,800

4D Studio/Balcony 350 $2,200 $75 $26,400

5A Studio 340 $2,250 $79 $27,000

5B 2 Bed 800 $2,700 $41 $32,400

5C 2 Bed/Balcony 800 $2,650 $40 $31,800

5D Studio/Balcony 350 $2,250 $77 $27,000

6A 3 Bed/2 Bath with private Terrace 1,100 $3,600 $39 $43,200

6B 3 Bed/2 Bath with private Terrace 1,100 $3,600 $39 $43,200

Total 12,800 $43,575 $41 $522,900

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NET OPERATING INCOMEEXPENSES $/Net SF

% of Effective Rent

Annual Exp

Abated Real Estate Taxes (Projected) $0.20 0.49% $2,500

Insurance $0.81 2.03% $10,400

Heating (Tenants Pay) $- 0.00% $-

Electric $0.23 0.59% $3,000

Payroll $0.68 1.69% $8,640

Water/Sewer $0.63 1.56% $8,000

Maintenance/Repairs $0.80 2.00% $10,249

Management $1.20 3.00% $15,373

Total: $4.54 11.35% $58,162

REVENUE

Gross Monthly Income $43,575

Gross Annual Income $522,900

Vacancy 2% ($10,458)

Effective Gross Income $512,442

Net Operating Income $454,280

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INTERIOR PHOTOS

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INTERIOR PHOTOS

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AERIAL MAPS

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AREA DEVELOPMENTS

1. 909 Cortelyou Road - 3 Residential Units - In construction

2. 800 Coney Island Avenue - Storage - Job filed

3. 487-491 Ocean Parkway - 17 Residential units - In construction

4. 566 Coney Island Avenue - 19 Residential Units - Job filed

5. 527 Coney Island Avenue - 58 Residential Units - Completed

6. 21 Hinckley Place - School - Completed

7. 233 Ocean Parkway - 14 Residential units - Completed

8. 323 East 19th Street - 38 Residential units - In construction

9. 1921 Cortelyou Road - 76 Residential units - Job filed

10. 1915 Beverly Road - 18 Residential units - Job filed

11. 232 East 18th Street - 28 Residential units - Job filed

12. 991 Ocean Avenue - 25 Residential units - Building complete

13. 571 East 19th Street - 21 Residential units - Building complete

14. 625 East 18th Street - 12 Residential units - Building complete

15. 928 Coney Island Avenue - 67 Residential units - In construction

16. 631 E 18th Street - 26 Residential units - Completed



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615 EAST 17TH ST

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DITMAS PARKDitmas Park is a small historic district south of Prospect Park and an exten-sion of the neighborhood of Flatbush. The area is named after the Ditmas fam-ily that formerly owned the land. The neighborhood consists of many large, free-standing Victorian homes built in the first decade of the 20th century. Within Ditmas Park is the Ditmas Park Historic District, a national historic dis-trict consisting of largely residential buildings built between 1902 and 1914. The Cortelyou Road and Church Avenue retail corridors run parallel through the neighborhood, and present a wide range of shops and eateries. The neigh-borhood is also easily accessible by several highly frequented subway lines.

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1. Bar Chord

2. Cortelyou Hardware

3. Highbury Pub

4. George’s Diner

5. Brooklyn ARTery

6. Lea

7. Natural Frontier Market

8. Connecticut Muffin

9. Qathra Cafe

10. Sycamore Bar + Flower Shop

11. La Puerta Roja

12. Cinco De Mayo

13. Mimi’s Hummus

14. The Castello Plan

15. CorTHAIyou

16. Purple Yam

17. Catskill Bagel Co.

18. Kings County Wines

19. Koko Ramen

20. Manchego

21. Cafe Madeline

22. Duane Reade

23. Ayurvedic Plate

24. Key Food

25. Mexico Diner

26. 773 Lounge

27. Buffalo’s Famous

28. Taqueria Maria and Ricardo

29. The Farm on Adderley

30. Family Kitchen

31. El Paso

32. Coffee Mob

33. Kabir’s Bakery

34. The Ox Tavern

35. Milk & Honey Cafe

36. Chase Bank

37. Walgreens

38. Don Burrito

39. Pablo’s Diner

40. Santander Bank

41. Key Food Supermarket

42. Bahar Masala

43. Pakiza

44. Dunkin’ Donuts

45. McDonald’s

46. Los Mariachis

47. Atlas Steakhouse

48. Jalsa Grill & Gravy

49. Texas Chicken & Burgers

50. Coffee House

AREA ATTRACTIONS

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615 EAST 17TH ST

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PROSPECT PARKProspect Park is a 585-acre urban oasis located in the heart of Brooklyn. The park is located between Park Slope, Prospect- Lefferts Gardens, Kensington, Windsor Terrace and Flatbush Avenue, Grand Army Plaza and the Brooklyn Botanic Garden.

The masterpiece of famed landscape architects Frederick Law Olmsted and Calvert Vaux, who also designed Central Park, Prospect Park features the 90-acre Long Meadow, the 60-acre Lake and Brooklyn’s only forest. The nation’s first urban Audubon Center, the Prospect Park Zoo, and the Celebrate Brooklyn! Performing Arts Festival are just a few of the cultural attractions that make their home here at the Park.

With over eight million visitors a year, the Park borders diverse neighborhoods and attracts both locals and tourists. Popular activities range from skating to birding to pedal boating and picnicking on the Long Meadow on beautiful days. The Park also boasts a stunning variety of natural and geological features. Brooklyn’s only forest is here, along with a complex water system, rolling meadows and shaded hillsides.

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KINGS THEATERThe Kings Theatre today, the $95 million project features an authentic restoration of the original 1929 design. Original plaster and painting schemes have been restored, vintage carpet and seating have been recreated and historic lighting fixtures have been renovated and re- installed. New state-of-the-art building systems, including new HVAC, expanded patron restrooms and concessions facilities will provide the very finest in patron comfort. Technical improvements including expanded staging facilities, a new theatre rigging system, new dressing rooms and professional sound and lighting systems, will ensure that the Kings will be able to host the very finest performing arts attractions. The transcen-dent theatre hosts hundreds of performances annually.

The restoration of this former movie palace marks the rebirth of a historic venue, and a transformation into a state-of-the-art live performances theatre that has revitalized the Brooklyn arts scene, and provides and economic stimulus to the Flatbush Avenue business district, and the region beyond.

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MEDGAR EVERS COLLEGEMedgar Evers College is a senior college of The City University of New York (CUNY), offering baccalaureate and associate degrees. It was officially established in 1970 through cooperation between educators and community leaders in central Brooklyn. It is named after Medgar Wiley Evers, an African American civil rights leader who was assassinated on June 12, 1963.

The college is divided into four schools: the School of Business, the School of Professional and Community Development, the School of Liberal Arts and Education, and the School of Science, Health, and Technology. The college also operates several external programs and associated centers such as the Male Development and Empowerment Center, the Center for Women’s Development, the Center for Black Literature, and the DuBois Bunche Center for Public Policy. The college is a member of the Thurgood Marshall College Fund.

Incoming freshmen entering the Baccalaureate programs must have a minimum high school average of 80 with at least 17 academic units such as four units of English, four units of social studies, three units of mathematics, two units of a foreign language, two units of sciences, and two units of regular academic subjects, and a minimum SAT score of 960 (480 Verbal 480 Math) or ACT composite score of 20 or above.

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BROOKLYN

The borough is situated at the southwestern end of Long Is-land and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Up-per New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in 1898. The bor-ough’s 36 neighborhoods continue to maintain a distinct cul-ture, independent art scene and unique architectural heritage.

With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. Brooklyn is the second most densely populated county in the U.S.

For more information, please contact exclusive agents:

718-768-6888 | terracrg.com

The information provided herein has either been given to us by the owner 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 be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assump-tions provided herein are based on the subject property containing no environmental contamination.

Exclusive Offering Memorandum

MATT [email protected]

ISAIAH THOMASAssociate, Investment [email protected]

615 east 17th street - loopnetthe masterpiece of famed landscape architects frederick law olmsted...

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