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© 2013 Century 21 Real Estate LLC. A Realogy Company. All Rights Reserved. Each Office is Independently Owned and Operated. CENTURY 21 Commercial and the CENTURY 21 Commercial Logo are registered service marks owned by Century 21 Real Estate LLC. Each agent and broker is responsible for complying with any consumer disclosure laws or regulations arising from participation in this or any program.
FEATURES
2280 East 7th Street
2280 East 7th StreetBrooklyn, NY 11223
Samuel Mizrahi
718-998-5700
[email protected]
916 Kings Highway
Brooklyn, NY 11223
718-998-5700 (p)
718-998-5804 (f)
www.century21retaileasing.com
Prime Detached 6 Family Building for sale●
Lot 32 X 100 / Built 23 X 84●
5/2 Bedroom Apts and 1-1 Bedroom Apt●
Zoning R4●
Gross Rent roll $85,200/●
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Real Estate Investment Details
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
ANALYSIS
Analysis Date: July 2013
PROPERTY
Property: 2280 East 7th StreetProperty Address: 2280 East 7th Street
Brooklyn, NY 11223Year Built: 1930
FINANCIAL INFORMATION
Down Payment: $450,000Closing Costs: $30,000
PURCHASE INFORMATION
Property Type: MultiFamilyPurchase Price: $1,500,000Units: 6Total Rentable Sq. Ft.: 5,796
LOANS
Debt Term Amortization Rate Payment LO CostsFixed $1,050,000 30 years 30 years 5.0% $5,637
INCOME & EXPENSES
Gross Operating Income: $85,200Monthly GOI: $7,100Total Annual Expenses: ($25,150)Monthly Expenses: ($2,096)
CONTACT INFORMATION
Samuel [email protected]
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Biography2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
PROFESSIONAL BIO
WE KNOW THE BOROUGHSSAMUEL I. MIZRAHI
REAL ESTATE BROKER ASSOCIATE
CENTURY 21 MIZRAHI REALTY
PRESIDENT OF COMMERCIAL &INVESTMENT DIVISION
Past President & Chairman of the Flatbush RealEstate Board
Member of International Council of Shopping Centers
Member of Brooklyn Board of Realtors
Member of Multiple Listing Services - Brooklyn New York MLS
Century 21 Commercial Advisory Board
I have over 20 years experience in Brooklyn, Bronx, Queens and Manhattan Retail Markets.
Tenant and Landlord Representation in Retail leasing and sales of Taxpayers and Mixed Useproperties.
Our Roster of tenants include the following
CITIBANK, BANK OF AMERICA, PONCE DELEON FEDERAL BANK, KFC, BURGER KING,PIZZA HUT, TACO BELL, HEALTH PLUS, CARE PLUS, VIM, DANICE STORES, RENT ACENTER, BARGAIN HUNTERS, 99 CENTS DREAM, GOLDEN KRUST BAKERY, RADIO SHACK,CELL TECH, WEEKEND, SUBWAY, CLEAN RITE, JIMMY JAZZ, CHILDRENS PLACE,BERKSHIRE BANK, ASHLEY STEWART, RITE AID, SALVATION ARMY, SCORES LEARNINGINSTITUTE, EASY PICKINS, S & A STORES, ALLSTATE, POPEYE'S, JEMBRO, LINEN KING,CARVER BANK, WEIGHT WATCHERS, COZI XANDO, CROWN CHICKEN , WOK N ROLL,page 3 of 12
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Property Description2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
2280 East 7th Street, Brooklyn, NY 11223Gravesend section of Brooklyn
Detached 6 Family Brick Building for saleExcellent Condition,For further DetailsContact Rachel IngenitoPhone- 718-998-5700www.century21mizrahi.comwww.century21retaileasing.com
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Property Photos2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
Prime 6 Family, Gravesend section of Brooklyn, NY2280 East 7th Street
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Executive Summary2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $1,530,000Investment - Cash $480,000First Loan $1,050,000
INVESTMENT INFORMATION
Purchase Price $1,500,000Price per Unit $250,000Price per Sq. Ft. $258.80Income per Unit $14,200Expenses per Unit ($4,192)
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $85,200Total Vacancy and Credits $0Operating Expenses ($25,150)Net Operating Income $60,050Debt Service ($67,640)Cash Flow Before Taxes ($7,590)
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes -1.58%
Debt Coverage Ratio 0.89Capitalization Rate 4.00%Gross Rent Multiplier 17.61Gross Income / Square Feet $14.70Gross Expenses / Square Feet ($4.34)Operating Expense Ratio 29.52%
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Pro Forma Summary2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
INCOME
Actual Per Unit Market Per Unit
Gross Potential Rent $85,200 $14,200 $85,200 $14,200
Less: Vacancy $0 $0 $0 $0
Effective Gross Income $85,200 $14,200 $85,200 $14,200
OPERATING EXPENSES
Actual Per Unit Market Per Unit
Building Insurance $2,500 $417 $2,500 $417
Taxes - Real Estate $10,450 $1,742 $10,450 $1,742
Utility - Electricity $1,200 $200 $1,200 $200
Utility - Oil Heat $6,000 $1,000 $6,000 $1,000
Utility - Water & Sewer $5,000 $833 $5,000 $833
Total Expenses ($25,150) ($4,192) ($25,150) ($4,192)
Net Operating Income $60,050 $10,008 $60,050 $10,008
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Pro Forma Summary2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Market Total
2 Bedroom 1 $16,800 $16,800 $16,800 $16,800
1 Bedroom 1 $10,800 $10,800 $10,800 $10,800
2 Bedroom 1 $15,600 $15,600 $15,600 $15,600
2 Bedroom 1 $14,400 $14,400 $14,400 $14,400
2 Bedroom 1 $13,200 $13,200 $13,200 $13,200
2 Bedroom 1 $14,400 $14,400 $14,400 $14,400
TOTALS 6 $85,200 $85,200
ANNUALIZED INCOMEActual Market
Gross Potential Rent $85,200 $85,200Less: Vacancy $0 $0Effective Gross Income $85,200 $85,200
Less: Expenses ($25,150) ($25,150)Net Operating Income $60,050 $60,050
Debt Service ($67,640) ($67,640)Net Cash Flow after Debt Service ($7,590) ($7,590)
Principal Reduction $15,491 $15,491Total Return $7,902 $7,902
ANNUALIZED EXPENSES
Actual MarketBuilding Insurance $2,500 $2,500Taxes - Real Estate $10,450 $10,450Utility - Electricity $1,200 $1,200Utility - Oil Heat $6,000 $6,000Utility - Water & Sewer $5,000 $5,000
Total Expenses $25,150 $25,150
Expenses Per RSF $4.34 $4.34
Expenses Per Unit $4,192 $4,192
INVESTMENT SUMMARYPrice: $1,500,000
Year Built: 1930
Units: 6
Price/Unit: $250,000
RSF: 5,796
Price/RSF: $258.80
Lot Size: 3,200 sf
Floors: 3
APN: 7158-0026
Cap Rate: 4.0%
Market Cap Rate: 4.0%
GRM: 17.6
Market GRM: 17.6
FINANCING SUMMARYLoan Amount: $1,050,000
Down Payment: $450,000
Loan Type: Fixed
Interest Rate: 5%
Term: 30 years
Monthly Payment: $5,637
DCR: .89
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Cash Flow Analysis2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
GROSS SCHEDULED INCOME $85,200 $86,904 $88,642 $90,415 $92,223 $94,068 $95,949 $97,868 $99,825 $101,822
Total Operating Expenses ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150)
NET OPERATING INCOME $60,050 $61,754 $63,492 $65,265 $67,073 $68,918 $70,799 $72,718 $74,675 $76,672
Loan Payment ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640)
NET CASH FLOW (b/t) ($7,590) ($5,886) ($4,147) ($2,375) ($566) $1,278 $3,160 $5,078 $7,036 $9,032
Cash On Cash Return b/t -1.58% -1.23% -0.86% -0.49% -0.12% 0.27% 0.66% 1.06% 1.47% 1.88%
Footnotes: b/t = before taxes;a/t = after taxes
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Cash Flow Analysis2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
GROSS SCHEDULED INCOME $103,858 $105,935 $108,054 $110,215 $112,420 $114,668 $116,961 $119,301 $121,687 $124,120
Total Operating Expenses ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150) ($25,150)
NET OPERATING INCOME $78,708 $80,785 $82,904 $85,065 $87,270 $89,518 $91,811 $94,151 $96,537 $98,970
Loan Payment ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640) ($67,640)
NET CASH FLOW (b/t) $11,069 $13,146 $15,265 $17,426 $19,630 $21,878 $24,172 $26,511 $28,897 $31,331
Cash On Cash Return b/t 2.31% 2.74% 3.18% 3.63% 4.09% 4.56% 5.04% 5.52% 6.02% 6.53%
Footnotes: b/t = before taxes;a/t = after taxes
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Equity vs. Debt2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$110,000
$220,000
$330,000
$440,000
$550,000
$660,000
$770,000
$880,000
$990,000
$1,100,000
Legend
Equity Loan Principal Balance
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Operating Income Analysis2280 East 7th Street2280 East 7th StreetBrooklyn, NY 11223
© 2013 Century 21 Real Estate LLC. A Realogy Company. All rights reserved.
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$13,000
$26,000
$39,000
$52,000
$65,000
$78,000
$91,000
$104,000
$117,000
$130,000
Legend
GROSS OPERATING INCOME NET OPERATING INCOME NET CASH FLOW (b/t)
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