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FOR SALE:
181 Irving Ave, Brooklyn, NY 11237
Investment Sales & Advisory Division
Theo Eastwind | 718-536-7787 | [email protected]
X-LG 4 Family Brick w/ 2 Stores & Full Basement
Building is located in Bushwick’s trendiest section.Just 1 Block to the Dekalb L;1 Stop to the Jefferson L station; 6 min to the Knickerbocker/Myrtle J, M, Z Trains line.One block from the Wyckoff Hospital and local businesses.
This Property is an Investor's Dream! It features:• 4 Apartments (each is 2 Br/ 1 Bath. No Leases)• 2 Commercial Stores• All Apartments are in good condition, original wood floor a contemporary
design with respect to its pre-war character and charm: bright exterior,very high ceilings, hardwood floors, tall windows and so much more!
• Quiet building. Very well maintained.• Residential Units may be delivered vacant upon closing• Extra Large building! Super rare in Bushwick• Full Basement• Large Backyard
Other features: facade was pointed two years ago; new electric; new gas boiler & hot water heater; new roof; new plumbing; separate storage in the basement for each apartment.
Neighborhood highlights include: Art galleries, Maria Fernandez Park, trendy nightlife bars, famous restaurants and an organic Farmer’s market on Saturdays.
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OVERVIEWImprovements to the building:
1. Facade cleaned - repointed and sealed.
2. Back facade repointed and sealed as well.
3. New roof (3 years) - new front and back cornice.
4. New boiler and new hot water heater.
5. New electrical from street to the basement.
6. New plumbing and shut off valve in the basement.
7. Steal staircase to the basement.
8. Separate water meter for the stores - left and right.
9. Remodeled hallway and apartments: 2R, 2L, 3L.
Theo Eastwind | 718-536-7787 | [email protected] 6
INFORMATIONPrimary address 181 Irving AveZip Code 11237Neighborhood & Borough Bushwick - BrooklynBlock & lot 03259 & 0003Zoning R6Building Area 4,875 Sq Ft (25 Ft 65 Ft)Retail 1,625 Sq FtResidential 3,250 Sq Ft - 4 ApartmentsConstruction StoneLand Use Mixed Resi & Comm buildingsLot Area 2,500 Sq Ft (25 Ft 100 Ft )Building Class S9Residential FAR 2.43FAR as Built 1.95Buildable 6,075 Sq FtAir Rights 1,200 Sq FtCAP 6.01%Taxes $9,228/Yr
Asking Price$2,575,000
Theo Eastwind | 718-536-7787 | [email protected] 7
RENT ROLL & EXPENSESRENT ROLL
Apt Rent Roll Lease Notes
#2R $2,300 No Lease Can be Vacant
#2L $2,300 No Lease
#3R $2,300 No Lease Can be Vacant
#3L $2,300 No Lease
Commercial (Pet Store) $2,550 09/01/2018 – 08/31/2018
Commercial (Coffee Shop) $2,750
Total $14,500
Annual $174,000
EXPENSES
RE Taxes $9,228 Public Record
Insurance $3,648
Gas $2,952
Electric $648
Water/Sewer $2,800
Total $19,276
CAP 6.01%
Theo Eastwind | 718-536-7787 | [email protected] 10
NEIGHBORHOOD
All kinds of creative types have been filing into Bushwick and a considerable amount of trendiness is tricklingin from its ultra-hip neighbor to the west, Williamsburg. New dive bars, bodegas, and gallery spaces continueto flourish, fueled by the intrepid movers and shakers that are pouring into Bushwick’s converted loft spaces.Although Bushwick is busy reinventing itself, a somewhat grungy heart still beats beneath its remodeledexterior.
CONFIDENTIALITY DISCLAIMERThis Investment Offering Memorandum has been prepared for use by a limited number of parties, and does not purport to provide anecessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or tocontain all of the information that prospective investors may need or desire. All projections have been developed by designatedsources, and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller,and therefore are subject to variation. Seller or Capri Jet Realty “CJR” makes no representation as to the accuracy or completeness ofthe information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the futureperformance of the Property. Although the information contained herein is believed to be correct, Seller, CJR and its employees,disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying allsuch information. Further, CJR, Seller and its employees, disclaim any and all liability for representations and warranties, expressed andimplied, contained in, or for omission from, the Investment Offering Memorandum, or any other written or oral communicationtransmitted or made available to the recipient. The Investment Offering Memorandum does not constitute a representation that thebusiness or affairs of the Property or Seller since the date of preparation of the Investment Offering Memorandum have remained thesame. Analysis and verification of the information contained in the Investment Offering Memorandum is solely the responsibility of theprospective purchaser.
Seller and CJR each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding theProperty, and/or terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment orobligations to any entity reviewing the Investment Offering Memorandum, or making an offer to purchase the Property, unless and untilsuch offer is approved by Seller, a written agreement for the purchase of the Property has been fully executed, delivered and approvedby Seller and its legal counsel, and any conditions to Seller’s obligations there under have been satisfied or waived.
This Investment Offering Memorandum and the contents, except such information, which is a matter of public record or is provided insources available to the public, are of a confidential nature. By accepting the Investment Offering Memorandum, you agree that you willhold and treat it in the strictest confidence, that you will not photocopy or duplicate it, and that you will not disclose the InvestmentOffering Memorandum or any of the contents to any other entity (except to outside advisors retained by you if necessary, for yourdetermination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without theprior written authorization of Seller or CJR, and that you will not use the Investment Offering Memorandum or any of the contents in anyfashion or manner detrimental to the interest of Seller or CJR.
We obtained the information from sources we believe to be reliable. However, we have not verified its accuracy and make noguarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental orother conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimatesfor example only, and they may not represent current or future performance of the property. You and your tax and legal advisors shouldconduct your own investigation of the property and transaction.
All content subject to errors & omissions.
