Bensonhurst Commercial Building For Sale 7712—7720 New Utrecht Avenue, Brooklyn, NY 11214
Prepared by: Richard DiPietro Licensed R.E. Salesperson Office: 718-921-3100 x107 Mobile: 347-693-2995 Email: richard.dipietro@coldwellbanker.com Phone: (718)921-3100 Web: www.cbrcd.com
Coldwell Banker Reliable Commercial Division
7428 Fifth Avenue, Brooklyn, NY 11209
Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated.
Table of Contents
Executive Summary____________________________________3 Property Details_______________________________________4 Financials____________________________________________5 Floor Plans________________________________________6—8 Maps & Aerials________________________________________9 Traffic Count Report __________________________________10 Demographic Market Comparison Report_____________11 —12 Demographic Summary Report__________________________13 Daytime Employment Report____________________________14 Consumer Spending Report_____________________________15 Contact Information___________________________________ 16 Confidentiality Statement______________________________ 17
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Executive Summary The Offering:
Executive Summary
Coldwell Banker Reliable Commercial Division is pleased to offer 7712-7720 New Utrecht Avenue for sale, a two story commercial building located in the Bensonhurst section of Brooklyn. The property features 21,700 SF. Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. For additional information please contact Exclusive Broker Coldwell Banker Reliable Commercial Division.
Investment Highlights:
Projections: $637K Net Income / 7.3% Cap Rate.
21,700 SF building / 9,697 SF Lot / Zoned C1-2 / R5.
Renovated in 2005, equipped with elevator, central A/C and handicap accessibility.
Price Per SF: $346
Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Four gas meters & five electric meters accommodating single or multi tenancy.
8,500 SF 1st Floor / 7,200 SF 2nd Floor / 6,000 SF fully finished Lower Level.
Location Highlights:
Corner location on New Utrecht Ave, a prime retail corridor. Walking distance to public transportation. Steps away from the D train. Property positioned between three subway entry / exit ways.
The Property
7712-7720 New Utrecht Avenue, Brooklyn NY 11214
Property Specifications Property Type:
Commercial
Class:
Professional Building (O7)
Building Size:
21,700 SF
Lot Size:
9,697 SF
Year Built :
1929
Number of Stories:
2 + fully finished lower level C1-2 / R5
Near New Utrecht High School.
Average daily traffic count approximately 8,125. Population of approximately 897,368 within 3 miles.
Zoning:
Zillow projects New Utrecht property values will increase 2.7% next year.
Sale Price:
$7,500,000
Per SF Price:
$346
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
For Sale Price
Coldwell Banker Reliable Commercial Division
Property Overview Property Address 7712-7720 New Utrecht Avenue, Brooklyn, NY 11214
Property Details
Coldwell Banker Reliable Commercial Division is pleased to offer 7712-7720 New Utrecht Avenue for sale, a two story commercial building located in the Bensonhurst section of Brooklyn. The property features 21,700 SF on a 9,697 SF lot, zoned C1-2 / R5. Currently set up as professional / medical offices, with zoning to accommodate a variety of commercial and residential uses. Walking distance to public transportation, steps away from the D train and positioned between three subway entry / exit ways. For additional information please contact Exclusive Broker Coldwell Banker Reliable Commercial Division.
For Sale Price $7,500,000 / $346 PSF
Property Specifications Property Type: Building Class: Building Size: Buildings on Lot Stories Zoning
Commercial Professional Building (O7) 21,700 SF 1 2 + fully finished lower level C1-2 / R5
Semi Detached Amenities
Corner Location Elevator / Central A/C / Handicap Accessibility
Property Features
Location Information Cross Street: Metro Market: Submarket: County:
78th Street Brooklyn Bensonhurst Brooklyn
Tenancy Information Tenancy: Projected Annual Rent Roll:
Suitable for Single NNN Tenant or Multiple Tenants $637,200 + NNN Expenses
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Projected Financials 7712-7720 New Utrecht Ave, Brooklyn, NY 11214 Projected Revenues and Expenses For the 10 Years Ending 2025 Year 1 Projected Income: Gross Revenue Recoveries
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
$637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401 $106,708 $108,842 $111,019 $113,239 $115,504 $117,814 $120,170 $122,574 $125,025 $127,526
Projected Expenses: Building Insurance Real estate taxes Water / Sewer Maintenance Heating Total expense Projected Net Income
Year 2
7,200 7,344 7,491 7,641 7,794 7,949 8,108 8,271 8,436 60,520 61,730 62,965 64,224 65,509 66,819 68,155 69,518 70,909 7,500 7,650 7,803 7,959 8,118 8,281 8,446 8,615 8,787 6,000 6,120 6,242 6,367 6,495 6,624 6,757 6,892 7,030 25,488 25,998 26,518 27,048 27,589 28,141 28,704 29,278 29,863 106,708 108,842 111,019 113,239 115,504 117,814 120,170 122,574 125,025
8,605 72,327 8,963 7,171 30,461 127,526
$637,200 $656,316 $676,005 $696,286 $717,174 $738,689 $760,850 $783,676 $807,186 $831,401 Current Rent Schedule
Investment Overview Asking Price Year 1 Capitalization Rate Price Per SF Net Income Multiple 10-Year Average Net Income
$7,500,000 8.5% $346 12
Tenant
Floor
SF
Annual Rent
Pharmacy
1st
1,600
$38,400
Law Office Senior Day Care Medical Office
LL
1,500
1st + LL
11,400
2nd
7,200
$37,200 Owner Occupied Owner Occupied
21,700
$75,600
$730,478 Totals
Lease Term Month Month Month Month Month Month Month Month
to to to to
Assumptions to Financial Pro Forma The Financial Pro Forma depicts a ten (10) year cash flow projection. The projection is based upon market rental rates with assumptions regarding the future occupancy of the building as well as current and future market conditions. The following assumptions in addition to the projections above were used in developing the Financial Pro Forma for the Property: 2% annual expense increases
3% annual revenue increases
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Floor Plans (1st Floor)
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Floor Plans (2nd Floor)
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Floor Plans (Lower Level)
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Property Overview Maps & Aerials
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Traffic Count Report
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Demographic Market Comparison Report
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Demographic Market Comparison Report (Continued)
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Demographic Summary Report
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Daytime Employment Report
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Market Overview Consumer Spending Report
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Contact Information
Contact Info For more information, please contact:
Richard DiPietro, Licensed R.E. Salesperson 7428 5th Ave. Brooklyn, NY, 11209 Phone: 1-347-809-5192 Fax: 1-347-809-5192 Mobile: 1-347-693-2995 Email: richard.dipietro@coldwellbanker.com
Coldwell Banker Reliable Commercial Division 7428 5th Ave Brooklyn, NY , 11209 Phone: 718-921-3100 Fax: 718-921-3110 Website: cbrcd.com
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division
Confidentiality Statement
Confidentiality Statement This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an indepth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
7428 Fifth Avenue, Brooklyn, NY 11209 (718)921-3100 www.cbrcd.com
Coldwell Banker Reliable Commercial Division