Four-Story Mixed-Use Pre-War Building For Sale, Prime Corner Brooklyn Neighborhood NYC

28-Jun-2021

I like this.

By

An eternal optimist, Liu-Yue built two social enterprises to help make the world a better place. Liu-Yue co-founded Oxstones Investment Club a searchable content platform and business tools for knowledge sharing and financial education. Oxstones.com also provides investors with direct access to U.S. commercial real estate opportunities and other alternative investments. In addition, Liu-Yue also co-founded Cute Brands a cause-oriented character brand management and brand licensing company that creates social awareness on global issues and societal challenges through character creations. Prior to his entrepreneurial endeavors, Liu-Yue worked as an Executive Associate at M&T Bank in the Structured Real Estate Finance Group where he worked with senior management on multiple bank-wide risk management projects. He also had a dual role as a commercial banker advising UHNWIs and family offices on investments, credit, and banking needs while focused on residential CRE, infrastructure development, and affordable housing projects. Prior to M&T, he held a number of positions in Latin American equities and bonds investment groups at SBC Warburg Dillon Read (Swiss Bank), OFFITBANK (the wealth management division of Wachovia Bank), and in small cap equities at Steinberg Priest Capital Management (family office). Liu-Yue has an MBA specializing in investment management and strategy from Georgetown University and a Bachelor of Science in Finance and Marketing from Stern School of Business at NYU. He also completed graduate studies in international management at the University of Oxford, Trinity College.

Posts by
Liu-Yue Lam’s Website







4,000 sf above grade, 1,147sf lot, FAR 5 * Can add an additional floor to the four-story building

Current asset mix: three two-bedroom free market rentals (1k sf full floor per apartment), one 1ksf ground floor commercial space, and 1k sf below grade – full floor basement.

This is a cash flowing four-story mixed-use pre-war building available for sale ($4.295MM) in a prime corner Brooklyn neighborhood.  The building has three two-bedroom free market rentals and one commercial space on the ground floor.  An existing long term commercial tenant anchors the corner building.  The property is ideal for both home owners as well as investors.

This building is situated in one of the most coveted neighborhoods (Carroll Gardens) in Brooklyn.  The residential rentals have beautiful balconies and terraces that overlook this historic neighborhood.  It’s surrounded by famous eateries, hip bars and cafes, classic brownstones, and peaceful parks.  The property is conveniently located a few blocks away from multiple transit stations for easy access to Manhattan.  It has a transit score of 100 rider’s paradise.

Home owners and investors alike will mutually benefit from the property’s convenient access to higher academic institutions for residents and housing demand from students and families.  The building location is within walking distance to Pier6 Brooklyn Bridge Park and other recreations.  It has a walk score of 98 walker’s paradise.  The building is also near multiple cultural and entertainment institutions including Barclays Center, Transit Museum etc.

Residential Rental Comps: Avg. two-bed room apartments in this Brooklyn neighborhood is $3,053 (Rents increased .9% over the past year). 

two-bedroom rentals with balconies and terraces can potentially command free market rents of $4,250, – $7,650

Property taxes is $31K/yr.

Using recent sales of comparable properties in the area we derive the following fair market value for the building:

$1,140psf to $1,150psf = $4.56MM to $4.6MM Market Value

$3K rent for each apartment (3) = $108K + Commercial Space $76.2K =

Total Annual Revenue = $184.2K, Operating Expenses = 37.4K, Net Annual Income = $146.8K

*The current 4,000sf building is underutilized by 1,735sf.  A buyer can add an additional floor to the existing building to 5,000sf five-story building.

The seller is willing to provide this incredible building at 2018 price level ($4.295MM) in return for a quick execution.

Oxstones Real Estate, www.Oxstones.com  CRE@Oxstones.com

Tags: , , , , , , , , ,
Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

Subscribe without commenting