broadway bushwick portfolio –retail 1419 broadway,...
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BROADWAY BUSHWICK PORTFOLIO – RETAIL1419 Broadway, 1441 Broadway, 1467 Broadway
295’ of Frontage on Broadway
Bushwick, Brooklyn, NY
Michael AmirkhanianDirector of Sales
718.606.7073
DJ JohnstonSenior Associate
Robert MooreSenior Associate
718.606.7046
Stephen P. PalmesePartner
718.307.6552
William ChengSenior Associate
BROADWAY BUSHWICK PORTFOLIOBushwick, NY 11211
Presented by: Team Amirkhanian
BROADWAY BUSHWICK PORTFOLIO – RETAIL1419 Broadway, 1441 Broadway, 1467 Broadway
295’ of Frontage on Broadway
Bushwick, Brooklyn, NY
Michael AmirkhanianDirector of Sales
718.606.7073
DJ JohnstonSenior Associate
Robert MooreSenior Associate
718.606.7046
Stephen P. PalmesePartner
718.307.6552
William ChengSenior Associate
DESCRIPTION:The subject retail/development portfolio has295’ of frontage on Broadway consisting of38,100 SF, complimented by 110,000 SF ofadditional air rights. Ideally situated inBushwick, the most sought after real estatemarket in New York City, this offeringpresents one of the few retail sites of scaleavailable in the neighborhood. The portfoliospans between the Gates Avenue and HalseyStreet J/Z subway stations with direct accessto Williamsburg and Manhattan in 20 minutes.The portfolio currently collects $1,225,000 ingross income with tenants paying taxes andutilities, allowing for a projected net operatingincome of approximately $1,120,000. Theresidential air rights represent developmentupside or can be sold to neighboring owners.The ownership would consider individualoffers for each retail parcel or assemble withtheir development portfolio, currently beingoffered separately. Take advantage of this rareopportunity to own on Broadway, one ofBushwick’s prime retail corridors, whilerecognizing all of the benefits of Brooklyn’smost rapidly maturing neighborhood.
Property Information: 1419 Broadway 1441 Broadway 1467 Broadway Portfolio
Block / Lot: 3357 / 6 3366 / 6 3373 / 7
Lot Dimensions: 100' x 123' 96.25' x 100' 100' x 100'
Lot Size: 12,300 8,742 10,500 31,542
Building Dimensions: 100' x 96' 95' x 80' 100' x 80'
Stories: 2 1 2
Gross Square Footage: 14,600 7,500 16,000 38,100
Zoning: R6 / C1-3 R6 / C1-3 R6 / C1-3 R6 / C1-3
Maximum FAR 4.80 4.80 4.80 4.80
Buildable Sq. Ft.: 59,040 41,962 50,400 151,402
Available Air Rights: 44,440 34,462 34,400 113,302
Income:
Collected Revenue: $392,016 $229,260 $606,528 $1,227,804
Projected Expenses (NNN): $33,821 $20,506 $47,392 $101,719Projected NOI: $358,195 $208,754 $559,136 $1,126,085 Owner Requesting Proposals
BROADWAY BUSHWICK PORTFOLIO – RETAIL1419 Broadway, 1441 Broadway, 1467 Broadway
295’ of Frontage on Broadway
Bushwick, Brooklyn, NY
Michael AmirkhanianDirector of Sales
718.606.7073
DJ JohnstonSenior Associate
Robert MooreSenior Associate
718.606.7046
Stephen P. PalmesePartner
718.307.6552
William ChengSenior Associate
RENT ROLL Dec 14': Exp. Gross SF P.P.S.F. Monthly Annual
1419 Broadway Nov-26 14,600 $26.85 $32,668 $392,016
1441 Broadway Jul-17 7,500 $30.57 $19,105 $229,260
1467 Broadway May-29 4,000 $40.00 $13,781 $165,372
Mar-23 4,000 $38.42 $12,805 $153,660
Dec-20 8,000 $35.94 $23,958 $287,496
Total 38,100 $32.23 $102,317 $1,227,804
REVENUE: 1419 Broadway 1441 Broadway 1467 Broadway Portfolio
Gross Monthly Income $32,668 $19,105 $50,544 $102,317
Gross Annual Income $392,016.00 $229,260 $606,528 $1,227,804
Vacancy Allowance @ 3% $11,760 $6,877.80 $18,196 $36,834
EXPENSES: (ESTIMATED) 1419 Broadway 1441 Broadway 1467 Broadway Portfolio
Real Estate Taxes ('14/'15): @ -- -- -- --
Water/Sewer (NYC): @ -- -- -- --
Fuel: @ -- -- -- --
Electric: @ -- -- -- --
Super/Maintenance: @ $250.00 / Month $3,000 $3,000 $3,000 $9,000
Insurance: @ $0.50 / Sq. Ft. $7,300 $3,750 $8,000 $19,050
Management: @ $11,760 $6,878 $18,196 $36,834
Total: $22,060 $13,628 $29,196 $64,884
5.63% 5.94% 4.81% 5.28%
NET OPERATING INCOME: 1419 Broadway 1441 Broadway 1467 Broadway Portfolio
Gross Annual Income: $380,256 $222,382 $588,332 $1,190,970
Less Expenses: $22,060 $13,628 $29,196 $64,884
Net Operating Income: $358,195 $208,754 $559,136 $1,126,086
B. Laundry
Daycare
Daycare
Tenant
Head Start
Hospital Clinic
NNN - Tenant Pays
NNN - Tenant Pays
NNN - Tenant Pays
NNN - Tenant Pays
3%
Owner Requesting Proposals