10-UNIT BUILDING FOR SALE IN CLINTON HILL $3,800,000
FOR SALE
RELIABLE REAL ESTATE
CBCWORLDWIDE.COM
316 Clinton Avenue Brooklyn, NY 11205
AVAILABLE SPACE 6,786 SF
OFFICE Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Reliable Real Estate. All rights reserved. Coldwell Banker Commercial® and the Coldwell Banker Commercial are registered service marks owned by Coldwell Banker Real Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and it should not be relied upon as such. This information should be independently verified before any person enters into a transaction based upon it.
COLDWELL BANKER COMMERCIAL RELIABLE REAL ESTATE 7428 5th Avenue, Brooklyn, New York 11209 718.921.3100
316 Clinton Avenue, Brooklyn, NY 11205
OFFERING SUMMARY Sale Price: Number Of Units: Cap Rate: NOI: Lot Size: Year Built: Building Size:
PROPERTY OVERVIEW $3,800,000 10 3.91% $148,598 0.08 Acres 1905 6,786 SF
Zoning:
R6B
Market:
Brooklyn
Submarket: Price / SF:
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
Clinton Hill
A Clinton Hill Historic District rare find for any Owner-User and/or Investor that is interested in doing a 1031 Exchange. This elegant, gilded mansion is located on Brooklyn’s “Gold Coast,” and it was designed in 1884, at the height of Brooklyn’s gilded age. Originally designed and built to attract New York’s most affluent residents, this property preserves many of its original divine architectural details that define its charm. A 10-unit building, this property is a great opportunity and a certain investment for a variety of development ideas, as it is situated among some of the most beautiful mansions in Brooklyn and nestled on a wide tree-lined street that has come to define the historic and highly-desirable Clinton Hill. The 6,786 square foot building on the lot features 8 studio apartments; 1-1 bedroom apartment; a ground floor that has 2.5 bedrooms; a basement with clean space for storage (with opportunity for development of livable space); and a spacious backyard. The home also has an impeccably kept mahogany staircase that retains the splendor of its original era and a grand foyer that takes you back to another era, uniquely designed with stained glass and restored sunlit units. A must see – this property offers endless opportunities, including the development of a home office with street access. Conveniently located, 316 Clinton Avenue is close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation, and so much more!
$559.98 • Clinton Hill Historic District
CBCWORLDWIDE.COM
• 10-Unit Property • Original Details in the Building
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
• Close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation
RELIABLE REAL ESTATE
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL 316 Clinton Avenue, Brooklyn, NY 11205
PROPERTY DESCRIPTION A Clinton Hill Historic District rare find for any Owner-User and/or Investor that is interested in doing a 1031 Exchange. This elegant, gilded mansion is located on Brooklyn’s “Gold Coast,” and it was designed in 1884, at the height of Brooklyn’s gilded age. Originally designed and built to attract New York’s most affluent residents, this property preserves many of its original divine architectural details that define its charm. A 10-unit building, this property is a great opportunity and a certain investment for a variety of development ideas, as it is situated among some of the most beautiful mansions in Brooklyn and nestled on a wide tree-lined street that has come to define the historic and highly-desirable Clinton Hill. The 6,786 square foot building on the lot features 8 studio apartments; 1-1 bedroom apartment; a ground floor that has 2.5 bedrooms; a basement with clean space for storage (with opportunity for development of livable space); and a spacious backyard. The home also has an impeccably kept mahogany staircase that retains the splendor of its original era and a grand foyer that takes you back to another era, uniquely designed with stained glass and restored sunlit units. A must see – this property offers endless opportunities, including the development of a home office with street access. Conveniently located, 316 Clinton Avenue is close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation, and so much more!
OFFERING SUMMARY Sale Price:
$3,800,000
Number of Units:
10
Lot Size:
3,383 SF
Building Size:
6,786 SF
NOI:
$148,598.80
Cap Rate:
3.91%
DEMOGRAPHICS
0.25 MILES
0.5 MILES
1 MILE
Total Households
5,404
18,245
54,055
Total Population
10,944
40,635
129,237
Average HH Income
$90,932
$83,939
$80,179
PROPERTY HIGHLIGHTS
CBCWORLDWIDE.COM
• Clinton Hill Historic District
• 10-Unit Property Joseph Giordano • Original Details in the Building 718.921.3100 joseph.giordano@coldwellbanker.com
• Close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
Property Name: Property Address:
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
10-Unit Building For Sale in Clinton Hill 316 Clinton Avenue, Brooklyn, NY 11205
Property Type:
Multifamily
Lot Size:
3,383 SF
Building Size:
6,786 SF
Zoning:
R6B
Rail Access:
N/A
Year Built: Number of Stories: Number of Units:
1905 3 10
PROPERTY OVERVIEW A Clinton Hill Historic District rare find for any Owner-User and/or Investor that is interested in doing a 1031 Exchange. This elegant, gilded mansion is located on Brooklyn’s “Gold Coast,” and it was designed in 1884, at the height of Brooklyn’s gilded age. Originally designed and built to attract New York’s most affluent residents, this property preserves many of its original divine architectural details that define its charm. A 10-unit building, this property is a great opportunity and a certain investment for a variety of development ideas, as it is situated among some of the most beautiful mansions in Brooklyn and nestled on a wide tree-lined street that has come to define the historic and highly-desirable Clinton Hill. The 6,786 square foot building on the lot features 8 studio apartments; 1-1 bedroom apartment; a ground floor that has 2.5 bedrooms; a basement with clean space for storage (with opportunity for development of livable space); and a spacious backyard. The home also has an impeccably kept mahogany staircase that retains the splendor of its original era and a grand foyer that takes you back to another era, uniquely designed with stained glass and restored sunlit units. A must see – this property offers endless opportunities, including the development of a home office with street access. Conveniently located, 316 Clinton Avenue is close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation, and so much more!
SALE HIGHLIGHTS • Clinton Hill Historic District • 10-Unit Property • Original Details in the Building • Close to the Barclay Center, the Brooklyn Academy of Music, Saint Joseph’s College, public transportation
LOCATION OVERVIEW
CBCWORLDWIDE.COM
Clinton Hill is bordered by the Brooklyn Navy Yard and the Brooklyn-Queens Expressway to the north, Williamsburg to the Joseph Giordano northeast, Classon Avenue and Bedford–Stuyvesant to the east, 718.921.3100 Atlantic Avenue and Prospect Heights to the south and southwest joseph.giordano@coldwellbanker.com and Vanderbilt Avenue and Fort Greene to the west
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
INVESTMENT OVERVIEW Price Price per Unit
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
10-UNIT BUILDING FOR SALE IN CLINTON HILL $3,800,000 $380,000
GRM
20.2
CAP Rate
3.9%
Cash-on-Cash Return (yr 1) Total Return (yr 1)
3.91 % $148,598
Debt Coverage Ratio
-
OPERATING DATA
10-UNIT BUILDING FOR SALE IN CLINTON HILL
Gross Scheduled Income
$188,023
Other Income Total Scheduled Income
$188,023
Vacancy Cost
$0
Gross Income
$188,023
Operating Expenses
$39,425
Net Operating Income
$148,598
Pre-Tax Cash Flow
$148,598
FINANCING DATA Down Payment
10-UNIT BUILDING FOR SALE IN CLINTON HILL $3,800,000
Loan Amount
-
Debt Service
-
Debt Service Monthly
-
Principal Reduction (yr 1)
-
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
INCOME SUMMARY
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
10-UNIT BUILDING FOR SALE IN CLINTON HILL
Rental Income
$188,023
Gross Income
$188,023
EXPENSE SUMMARY
10-UNIT BUILDING FOR SALE IN CLINTON HILL
Property Tax Property Insurance Water and Sewer Common Electric Heating
$22,400 $6,100 $5,200 $1,575 $4,150
Gross Expenses
$39,425
Net Operating Income
$148,598
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL 316 Clinton Avenue, Brooklyn, NY 11205
UNIT
UNIT
UNIT
CURRENT
NUMBER
BED
BATH
RENT
1
0
1
$336
2
0
1
$2,075
3
0
1
$1,616
4
0
1
$709
5
0
1
$2,240
6
0
1
$349
7
0
1
$1,800
8
0
1
$427
9
1
1
$2,206
10
2
1
$3,910
Totals/Averages
$15,668
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL 316 Clinton Avenue, Brooklyn, NY 11205
%
SIZE
TOTAL
(SF)
8
80.0
0
$1,194
$0
$0
1 br / 1 ba
1
10.0
0
$2,206
$0
$0
2 br / 1 ba
1
10.0
0
$3,910
$0
$0
Totals/Averages
10
100%
0
$15,668
$0
$0
UNIT TYPE
COUNT
0 br / 1 ba
RENT
RENT/SF
MARKET
MARKET
RENT
RENT/SF
DEPOSIT
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL 316 Clinton Avenue, Brooklyn, NY 11205
POPULATION
0.25 MILES
0.5 MILES
1 MILE
10,944
40,635
129,237
Median age
37.1
34.5
32.3
Median age (Male)
38.6
35.8
32.4
Median age (Female)
36.0
33.8
32.3
0.25 MILES
0.5 MILES
1 MILE
5,404
18,245
54,055
# of persons per HH
2.0
2.2
2.4
Average HH income
$90,932
$83,939
$80,179
Average house value
$624,062
$619,530
$650,729
Total population
HOUSEHOLDS & INCOME Total households
* Demographic data derived from 2010 US Census
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
JOSEPH GIORDANO Vice President 917.650.2647 joseph.giordano@coldwellbanker.com
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
10-UNIT BUILDING FOR SALE IN CLINTON HILL 316 Clinton Avenue, Brooklyn, NY 11205
SALE
&RQILGHQWLDOLW\ 6WDWHPHQW
&RQILGHQWLDOLW\ 6WDWHPHQW This offering has been prepared solely for informational purposes. It is designed to assist a potential tenant 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 Reliable Commercial Division or by Ownership. 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 of Coldwell Banker Reliable Commercial Division or the property Ownership. Interested lessees should be aware that the lessor is leasing the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to lease, as appropriate, lessee will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the lessee’s choosing. The Owner 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 lease or purchase must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract to lease or purchase and prepared by the Owner or their representatives and executed by both parties; and (iii) approved by the Owner and such other parties who may have an interest in the Property. Neither the prospective tenant or purchaser nor Owner shall be bound until execution of a formal lease or contract of sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective tenants or purchasers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
CBCWORLDWIDE.COM
Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE
316 Clinton Avenue, Brooklyn, NY 11205
SALE
10-UNIT BUILDING FOR SALE IN CLINTON HILL
JOSEPH GIORDANO Vice President joseph.giordano@coldwellbanker.com Direct: 718.921.3100 | Cell: 917.650.2647
PROFESSIONAL BACKGROUND Joseph Giordano began his highly-successful real estate career in 1986 and joined Coldwell Banker Reliable Residential & Commercial in 2012. Thereafter, in five short years, Joseph managed to become one of the top agents at his firm. With more than three decades of experience as a professional in the real estate industry, Joseph offers his clients a wealth of unparalleled knowledge and strategies to successfully execute a broad range of residential, investment and commercial real estate sales. Joseph specializes in residential & commercial real estate deals including the sale and lease of multi-family properties, vacant land, development sites, investment properties, luxury properties, single family, and condos. He has repeatedly raised the bar in providing exemplary customer service to his clients by making himself readily available at all times to resolve any and all of his client needs related to the real estate process. As a confident entrepreneur and businessman for more than 30 years, Joseph Giordano has acquired the necessary skills to negotiate and close the most complex and difficult deals. Understanding the importance of showcasing properties, Joseph offers his clients the full advantage of benefits and resources Coldwell Banker Reliable has to offer. In particular, he uses Coldwell Banker's huge national network and advanced marketing strategies and tools to further the interests of his clients by exposing his clients' properties to a wide range of potential buyers that the property would not otherwise be exposed to. Ultimately, Joseph knows how to get things done. He represents his clients with honesty, integrity and with the utmost diligence. Buying and selling your property is a complex process. Meet with Joseph today to learn more on how to professionally market your property to get the best deal possible. Joseph will readily organize a team of professionals that will get you to the closing table immediately. In the meantime, Joseph's services will include detailed progress reports on the status of the sale of your property. He is motivated in gaining a friend with every real estate transaction and be your personal agent for life! Give him a call to get a proper evaluation of your property. Top Producer 2016 - 2019 International President's Elite. RELIABLE REAL ESTATE 7428 5th Avenue Brooklyn, New York 11209 718.921.3100
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Joseph Giordano 718.921.3100 joseph.giordano@coldwellbanker.com
RELIABLE REAL ESTATE