1301 Avenue J

Midwood, Brooklyn, New York 11230

$22,000,000  

Listing ID Number

25164

Property Description

The two-story brick retail building spans approximately 25,000 square feet above-grade. The ground floor hosts five (5) commercial units, one of which is currently vacant and offers superior corner location, while the remaining four units are occupied, some on a month-to-month basis. The second floor (approximately 9,000 SF) and a small portion of the ground floor is occupied by a single tenant with a twenty-year lease.

Furthermore, 1301 Avenue J carries a substantial amount of unutilized development rights, which could be used in the future to expand the property's rentable floor area and maximize the asset's income potential.

Overview

Building Type:Commercial Buildings
Location:Midwood
Lot Dimensions:100' x 180'
(Approx.)
Lot Sq Ft:18,000
(Approx.)
Available Air Rights:28,225
(Approx.)
Stories:2
Commercial Units:6
Zoning:C4-4A
Year Built:1927
Assessment Value:$2,321,550
(Per NYC DOF '17/'18)
Taxes:$245,481
(Per NYC DOF '17/'18)
Building Sq Ft:24,975
(Approx.)
Building Dimensions:100' x 180'
(Approx.)

Expenses

Real Estate Taxes:$341,200(Projected at 20% of GAR)
Insurance:$17,627(Provided by Owner)
Water/Sewer:$0(Paid by the Tenants)
Fuel:$0(Paid by the Tenants)
Gas:$0(Paid by the Tenants)
Electric:$0(Paid by the Tenants)
Repairs/Maintenance:$52,100(Estimated at 3% of EGR)
Management Fees:$52,100(Estimated at 3% of EGR)
Total Annual Expenses:$463,027(Projected)

Investment Information

Gross Annual Income:$1,736,639(Projected)
Less Total Expenses:$463,027(Projected)
Net Operating Income:$1,273,612(Projected)

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Aliaksandr Svetlakou
Senior Director
(718) 606 7062
alex.svetlakou@cushwake.com

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Edward Gevinski
Senior Director
(718) 307 6502
edward.gevinski@cushwake.com

Brian Streilein
Director
(718) 307 6505
brian.streilein@cushwake.com


Property Images

Click the image for a high resolution version.

<     /     >

Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.