gfi realty exclusive offering bensonhurst large corner (4 ...€¦ · brooklyn public library-new...

1865 77th streetbrooklyn, ny

GFI REALTY EXCLUSIVE OFFERINGbensonhurst large corner (4)-STORY WALK-UP

APARTMENT BUILDING

ASKING PRICE: $8,750,000

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1865 77th street| brooklyn, NY |bensonhurst

aerial

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice

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GFI Realty Services LLC is pleased to present the exclusive offering of 1865 77th Street, a large corner (4)-story walk-up apartment building located at the intersection of 77th Street and 19th Avenue in the Bensonhurst section of Brooklyn. The prewar asset was constructed in 1927 and totals 32,000 sf occupying a 10,000 sf lot.

The building is comprised of 37 rent stabilized apartments, including a super’s unit, and a vacant office space (potential conversion into two apartments). The apartments are configured as seven (2)-bedroom units and thirty (1)-bedroom units.

The asset is ideally situated off two major commercial corridors in the area, 18th Avenue and 86th Street. Residents are able to have access to countless national and local businesses including Starbucks, Bank of America, Marshalls, the Gap, Chase Bank, Sprint, Foot Locker and P.C. Richards. The property is located within walking distance of Dyker Beach Golf Course, Bath Beach Park, McKinley Park as well as Milestone Park, a local attraction. Additionally, numerous institutions are within blocks of the asset including the Brooklyn Public Library-New Utrecht Branch, the United States Post Office and the Social Security Office.

The D train, which runs on the BMT West End Line above 86th Street, provides a direct connection to Grand Street in Manhattan while the N and W trains, which runs on the BMT Sea Beach Line near 63rd Street, provides a direct connection to Canal Street. Subway stations in the neighborhood include New Utrecht Avenue / 62nd Street, 71st Street, 79th Street, 18th Avenue, 18th Avenue, 20th Avenue, 20th Avenue, Bay Parkway, Bay Parkway, 25th Avenue, Avenue N and Avenue P.

This acquisition presents an investor with the unique opportunity to acquire a large income producing asset in Brooklyn. Bensonhurst is becoming a very desirable area to live in Brooklyn, with many new developments in the works attracting retail tenants with great shops, dining, and convenient transportation. The property is in excellent condition and is located in the heart of Bensonhurst on a prime corner surrounded by detached homes and similarly constructed low-rise buildings and just steps away from countless retailers, eateries and major subway lines. (rent roll provided upon request)


Investment Highlights

• Well Maintained Pre-War Asset • Cash Flowing Asset with Great Potential Upside • Currently Residential Units are 100% Occupied• Proximity to Major Commercial Corridors, Parks, Institutions and Mass Transit


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Effective Gross Income Income

Apartments $ 510,537 SCRIE $ 5,917Office (Vacant-Projected) $ 36,000

Total $ 552,455

Expenses

Real Estate Taxes (18/19) $ 98,227 Water & Sewer $ 37,000 Fuel $ 33,040 Electric $ 2,950 Insurance $ 13,875 Payroll (Value of Free Apt + $1,000/mo) $ 28,442 Repairs, Maint. & Misc. $ 15,000

Total $ 228,534

NOI $ 323,921 Asking Price $ 8,750,000

Avg Rent Per Apt $ 1,150 Avg Rent Per Room $ 361

CAP Rate 3.7% GRM 15.8 x RR *Price Per Unit $ 224,359 Price Per Square Foot $ 273

*The vacant office space has potential to be converted into two apartments


income and expenses

Apartments: 37 Rent Stabilized UnitsOffice: 1Layout 7/4; 30/3 = 118 Total RoomsBlock & Lot 6238/39Year Built 1927Lot Size 100 x 100Built 100 x 90 (approx. 32,000 sf)Zoning R5FAR 1.25FAR as Built 3.2Tax Class 2Mortgage Delivered free and clear.


5Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice

tax map


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marketplace overview


“Suburban Feel” Plus Tons of Urban Amenities Make

Bensonhurst a Unique Neighborhood

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Bensonhurst is a culturally diverse residential neighborhood located in the southwestern part of Brooklyn. The area boasts detached single and two-family homes as well as low-rise apartment buildings that generally do not exceed four-stories. The area is known for two major enclaves, Little Italy and Little Hong Kong or Brooklyn’s Chinatown. Bensonhurst has long been well-known as the Little Italy of Brooklyn, containing a large Italian-American and Italian immigrant population. Below the West End Line, served by the D train along on 86th Street between 18th Avenue and Coney Island – Stillwell Avenue, has emerged Brooklyn’s Chinatown.

The area is overflowing with national and local retailers as well as eateries with an international flare. The commercial hubs of Bensonhurst reside along 86th Street, New Utrecht Avenue and 18th Avenue. Bensonhurst offers residents a “suburban feel” along with all of the neighborhood amenities offered in more urban areas of Brooklyn including several Starbucks; major retailers including The Gap, Foot Locker and P.C. Richards; and numerous banks including Chase Bank, TD Bank, Citibank and Bank of America.

Bensonhurst is also home to several attractions and parks including Dyker Beach Golf Course, McKinley Park, Milestone Park, Leif Ericson Park, Bensonhurst Park, Seth Low Playground and Bath Beach Park.

Manhattan is easily accessible via several major transit lines that service the area. The D train, which runs on the BMT West End Line above 86th Street, provides a direct connection to Grand Street in Manhattan while the N and W trains, which runs on the BMT Sea Beach Line near 63rd Street, provides a direct connection to Canal Street.

marketplace overview


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neighborhood map


Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.

Property Map 1865 77th Street | Brooklyn, NY

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il ColosseoWasabiHot Spot NabeHand Pull Noodle & Dumplings HouseTaste of China Papa John’s PizzaDunkin’ DonutsLioni Italian HeroesStarbucksEast Ocean Buffet

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United States Postal ServiceBensonhurst CenterBrooklyn Public Library (New Utrecht Branch)Social Security OfficePublic School 186New Ut

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Bensonhurst LiquorsDF Brothers Sports CenterPlanet FitnessChase Bank TD BankGapEffie’s BoutiqueMarshallsCVSNetCost MarketRite Aid

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1865 77th Street, Brooklyn, NY

Dyker Beach Golf Course Brooklyn, NY1.6 miles


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transit map


Manhattan is easily accessible via several major transit lines that service the area. The D train, which runs on the BMT West End Line above 86th Street, provides a direct connection to Grand Street in Manhattan while the N and W trains, which runs on the BMT Sea Beach Line near 63rd Street, provides a direct connection to Canal Street.


10Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice

property map

Bensonhurst offers easy accessibility to Manhattan via mass transit and features numerous amenities including major commercial corridors, playgrounds, and institutions.


gfi realty exclusive offering bensonhurst large corner (4 ...€¦ · brooklyn public library-new...

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