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656 72nd Street
BROOKLYN , NEW YORK 11209
Exclusive Offering Memorandum
PRESENTED BY:
_____________________
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored
by, or endorsed by any commercial tenant or
lessee identified in this marketing package. The
presence of any corporation's logo or name is not
intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation
of Marcus & Millichap, its affiliates or subsidiaries, or
any agent, product, service, or commercial listing
of Marcus & Millichap, and is solely included for
the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT
ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR
COMPARATIVE MARKET ANALYSIS OF VALUE AND
SHOULD NOT BE CONSIDERED AN APPRAISAL. This
information has been secured from sources we
believe to be reliable, but we make no
representations or warranties, express or implied,
as to the accuracy of the information. References
to square footage or age are approximate. Buyer
must verify the information and bears all risk for
any inaccuracies. Marcus & Millichap is a service
mark of Marcus & Millichap Real Estate Investment
Services, Inc. © 2018 Marcus & Millichap. All rights
reserved.
JOHN BRENNAN
Licensed Real Estate Salesperson
john.brennan@marcusmillichap.com
License: NY 10401237299
718.475.4373
CONNOR WOLFE
Licensed Real Estate Salesperson
connor.wolfe@marcusmillichap.com
License: NY 10401311185
718.475.4336
Financial Analysis 656 72nd Street
Rent Roll
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
3
RES Units 2
Commercial Units 2
Gross SF: 6,156
Rentable SF: 5,540
Tenant Unit Status Type Approx. SF Current Current /
SFYear 1
Year 1/
SF
Apartment 1 FM 2 BR 1,078 $2,000 $22.26 $2,200 $24.49
Apartment 2 FM 3BR 1,078 $2,000 $22.26 $2,200 $24.49
Medical Office
1First Floor Dr.'s Office 2,000 $4,000 $24.00 $4,000 $24.00
Medical Office
2Below Ground Dr.'s Office 2,000 $3,400 $20.40 $5,000 $30.00
Monthly $11,400 $13,400
Annual $136,800 $160,800
Tenant Lease Abstract
Medical Office 1Owner Occupied - Tenant is willing to deliver the
space vacant or negotiate a sale-leaseback
Medical Office 2 Long Term Tenant - No lease in place
Financial Analysis 656 72nd Street
FINANCIAL ANALYSIS
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Operating Statement
4
Actual Year 1
Gross Scheduled Rent $136,800.00 $160,800.00
Less: Vacancy 3.00% ($4,104.00) 3.00% ($4,824.00)
Plus: Other Income $0.00 $0.00
Plus: Tenant Reimbursement $3,867.54 $3,867.54
Effective Gross Income $136,563.54 $159,843.54
Taxes ($35,976.00) ($35,976.00)
Gas Fuel ($5,427.00) ($5,427.00)
Water & Sewer ($1,800.00) ($1,800.00)
Insurance ($1,500.00) ($1,500.00)
Common Electric ($1,108.08) ($1,108.08)
Repairs ($1,000.00) ($1,000.00)
Payroll ($800.00) ($800.00)
Management 5.00% ($6,828.18) 5.00% ($7,992.18)
Less: Total Expenses 39.86% ($54,439.26) 34.79% ($55,603.26)
Net Operating Income $82,124.28 $104,240.28
Taxes Dept. of Finance Tax Bill
Gas Fuel $1.25/ RSF
Water & Sewer $900/ Unit
Insurance $750/ RES Unit
Common Electric $0.20/ RSF
Repairs $500/ Unit
Payroll $400/ Unit
Management 5% of EGI
Financial Analysis 656 72nd Street
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Contact Irina Furmanskaya for Financing Inquiries at 718.475.4385
Financial Overview
5
OFFERING PRICE
$1,700,0002 Residential Units
2 Commercial Units
6,156 Gross SF
5,540 Rentable SF
$425,000 Per Unit
$276.15 Per SF
Zoning R4-1, BR
Block \ Lot 5911 / 31
Built Dimensions 20 ft x 100 ft
Residential FAR 0.9
Facility FAR 2
FAR as Built 2.53
Current MetricsCAP Rate 4.83%
GRM 12.43
Year 1 MetricsCAP Rate 6.13%
GRM 10.57
Proposed Financing
Loan Amount: (0%) LTV $0
Term: 5 years
Interest Rate: 4.25%
Amortization: 30 years
Interest Only: None
Annual Debt Service: $0
Prepayment Penalty: 5%-4%-3%-2%-1% Step Down
Investment Overview 656 72nd Street
FINANCIAL ANALYSIS
• Bay Ridge 2 Apartments & 2 Medical Offices• Large 2 Bedroom 2 Bathroom Apartments Have Been Upgraded/Renovated
in the Last 5 Years• Strong Location 2 Blocks From Bay Ridge Avenue and Adjacent to the
Gowanus Expressway• Well Maintained Building with Recently Renovated Electric, Plumbing, Boiler
and Water Tanks Installed• Total of 5 Exam Rooms, 2 X-Ray Rooms, 2 Consultation Rooms, 2 Waiting
Rooms, 2 Main Offices, and 4 Bathrooms• No Residential Leases and Month to Month Medical Office Lease Provide
Major Investor Upside
Marcus and Millichap has been selected to exclusively represent ownership in the sale of 656 72nd Street, a 3 story corner mixed-use building comprised of 2 two bedroom apartments and 2 medical office units. The property is located on the
corner of 7th Avenue and 72nd Street in the Bay Ridge neighborhood of Brooklyn.
The subject property totals approximately 6,156 gross square feet, measuring 20 feet by 100 feet on the ground and below ground floors, and 20 feet by 55 feet on the 2nd and 3rd floors. The lot measures 26 feet by 100 feet, and is zoned R4-1, BR.
656 72nd Street presents a new investor the rare chance to purchase an exceptionally well-managed corner building in Bay Ridge. With 0 violations and no deferred maintenance to a new buyer. The subject offering is a stable cash-flowing property in a reliably strong location of Brooklyn.
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Investment Highlights
6
Investment Overview 656 72nd Street
FINANCIAL ANALYSIS
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Property Description
7
Zoning R4-1, BR
Block/ Lot 5911 / 31
Building Dimensions 20 ft x 100 ft
Building Gross SF 6,156
Lot Dimensions 26.5 ft x 100 ft
Residential FAR 0.9
Facility FAR 2
FAR as Built 2.53
Annual Tax Bill $35,976
Tax Class 4
Investment Overview 656 72nd Street
FINANCIAL ANALYSIS
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Local Map
8
Property Photos656 72nd Street
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Master Bedroom/Bath & Kitchen
Property Photos656 72nd Street
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Living Areas
Property Photos656 72nd Street
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Medical Offices
Property Photos656 72nd Street
John Brennan
718.475.4373
Connor Wolfe 718.475.4336
Mechanicals
JOHN BRENNAN
Licensed Real Estate Salesperson
john.brennan@marcusmillichap.com
License: NY: 10401237299
718.475.4373
CONNOR WOLFE
Licensed Real Estate Salesperson
connor.wolfe@marcusmillichap.com
License: NY 10401311185
718.475.4336
PRESENTEDBY
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