AVAILABLE FOR SALEINVESTMENT OPPORTUNITY

ADELAIDE

STATEN ISLAND, NEW YORKAVENUE

351

OVERVIEW

Located in the Oakwood section of Staten Island, 351 Adelaide Avenue is an investment opportunity on New York City’s most opportune island. This 16-unit, 2-story multifamily dwelling is on the corner of Adelaide Avenue and Falcon Avenue, just off of Guyon Avenue. The buildings Gross Square Footage is 8,460 SF, plus a 4,230 SF basement. It sits on a lot size of 18,420 SF. There are air rights available at 2,592 SF.

The building has seen a few major capital improvements including a newly installed roof in 2013, as well as new front steps, porch and basement windows. Individual apartment units have seen repairs and improvements including replacement of carpets, in addition to new ovens, hot water heaters, toilets and vanities.

PROPERTY SIZE 11,052 SF / 2-story

BUILDING SIZE 95’ X 45’

GROSS SF 8,460 plus 4,230 SF basement

AIR RIGHTS 2,592 SF

LOT SIZE 18,420 SF (Approx.)

YEAR BUILT

ZONING R3-1

FAR 0.60

PARKING Off street parking

COMMENTS

UPGRADES New Owens Corning 40-yr roof installed in 2013

New porch and front steps

New basement windows

NEARBY AMENITIES Less than a mile from Midland Beach, Franklin D. Roosevelt Boardwalk and Ocean Breeze Track

& Field Athletic Complex

LOCATION Easy access to Interstates 95, 87, 287 and 278

REVENUE

Gross Monthly Income $13,342

Gross Annual Income $160,104

EXPENSES (ESTIMATED)

Real Estate Taxes $24,965

Water / Sewer $3,800

Electric $2,200

Grounds keeping / snow $2,300

Insurance $5,200

Repairs & Maintenance $2,400

Management $4,000

TOTAL: $44,865

Gross Annual Income $160,104

Less Expenses $44,865

NET OPERATING INCOME:

$115,239

Exterior Laundry - basement

Building entrance Electric meters - basement

Studio- Kitchen/living area Studio - Kitchen

FINANCIAL OVERVIEW

UNIT # TENANT STATUS

UNIT TYPE

LEGALRENT

LEASE EXPIRATION

MONTHLY RENT

ANNUALRENT

PROJECTED MONTHLY RENT

PROJECTED ANNUAL RENT

11 TE Studio - October $600 $7,200 $600 $7,20012 RS Studio $850 Vacant - $- $950 $11,40013 RS Studio $860 December $860 $10,320 $860 $10,32014 RS Studio $765 September $765 $9,180 $765 $9,18015 Owner unit Studio - - $- $900 $10,80016 RS Studio $810 January $810 $9,720 $810 $9,72017 Owners unit Studio - - $- $900 $10,80018 RS Studio $901 October $901 $10,812 $901 $10,81221 RS Studio $900 March $900 $10,800 $900 $10,80022 RS Studio $890 April $890 $10,680 $890 $10,68023 RS Studio $781 January $781 $9,372 $781 $9,37224 RS Studio $786 December $786 $9,432 $786 $9,43225 RS Studio $777 August $777 $9,324 $777 $9,32426 RS Studio $794 April $794 $9,528 $794 $9,52827 RS Studio $890 June $890 $10,680 $890 $10,68028 RS Studio $788 April $788 $9,456 $788 $9,456TOTAL $36,688 $10,542 $126,504 $13,292 $159,504

RENT ROLL

RC-RentControlled•RS-RentStabilized•TE-TemporaryExemption•ProjectedRent

UNIT # TENANT STATUS UNIT TYPE COMMENTS

11 TE Studio Replaced carpet, painted, new electrical panel12 RS Studio Replaced carpet, painted, new electrical panel, new oven, tub suround13 RS Studio Painted, new electrical panel, new hot water heater, new toilet14 RS Studio New carpet, new electrical panel15 Owner unit Studio Studio owners unit, new electrical panel16 RS Studio Painted, new electrical panel, new oven, new toilet17 Owners unit Studio Studio owners unit, new electrical panel18 RS Studio Painted, new electrical panel, new hot water heater (in bsmt), new toilet, new vanity21 RS Studio Painted, new electrical panel, new carpet, new toilet22 RS Studio Studio painted23 RS Studio Studio painted24 RS Studio Studio painted25 RS Studio Studio painted26 RS Studio Studio painted, new hot water heater27 RS Studio Studio painted, new electrical panel, shower wall coverings, new toilet, cleaned rugs

UNIT MAINTENANCE RECORD

ROUTES AND AIRPORTS

Roads leading into and out of Staten Island make it accessible and convenient for travel to all three states in the Tri-State area. The Verrazano-Narrows Bridge is the main northern connection from Brooklyn, which turns into I-278 and runs through the northern part of Staten Island, connecting Staten Island to I-95. On the western side of Staten Island, the West Shore Expressway (440) becomes I-287, once crossing over into New Jersey. Other major roadways include the Bayonne Bridge that leads to parts of northern New Jersey, EWR and I-78.

Newark Liberty International Airport (EWR) is the nearest airport to 351 Adelaide Avenue, which is located approximately a half hour away. LaGuardia International Airport (LGA) and John F Kennedy International Airport (JFK) are also within an hour ride from the property.

Newark Airport

351 ADELAIDE AVENUE

John F. Kennedy Airport

Laguardia Airport

8676

STAT

EN IS

LAND R

AILWAY

7879

57

TYSONS PARK SHOPPING CENTER

HYLAN COMMONS

STARBUCKS

BANK OF AMERICA

STARBUCKS

CHIPOTLE

LOCATION

The nearest major cross street is Hylan Boulevard, a major roadway on Staten Island with a heavy commercial presence. Less than a half mile from the property is Tysens Park Shopping Center, with major retailers such as Stop & Shop, Bank of America, HomeGoods, and CityMD.

Located next door is the Hylans Commons, which will be going under significant renovations and rebranded as The Boulevard. Current retailers such as CVS, Chipotle, Applebee’s and Five Below and proposed future retailers LA Fitness, ShopRite, A.C. Moore, Ulta Beauty and Alamo Drafthouse Cinema will occupy this more than 440,000 SF, two-level shopping center.

The Metropolitan Transportation Authority (MTA) provides public transportation for residents of Staten Island. Oakwood is serviced by the Oakwood Heights station for rail service and S57 for bus service within Staten Island. Providing direct service to Lower Manhattan, the Staten Island Ferry is a free service that is located in the St. George section of Staten Island. The Staten Island Railway connects directly to the Staten Island Ferry, making a seamless commute for residents.

8676

STAT

EN IS

LAND R

AILWAY

7879

57

TYSONS PARK SHOPPING CENTER

HYLAN COMMONS

STARBUCKS

BANK OF AMERICA

STARBUCKS

CHIPOTLE

ADELAIDE

STATEN ISLAND, NEW YORKAVENUE

351

*CURRENTLY UNDER CONSTRUCTION*

Former Hylan Commons

MATTHEW GIORDANO718 289 7721matthew.giordano@cbre.com

CBRE47-09 Center Blvd.Long Island City, NY 11109

www.cbre.us/longisland

TO ARRANGE AN INSPECTION PLEASE CONTACT

ADELAIDE

STATEN ISLAND, NEW YORKAVENUE

351

© 2018 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.