347 Union Avenue Brooklyn, NY 11211 Asking Price: $2,700,000 Legal Two Family with One Store with Full Basement Building Size: 25 Ft x 55.33 Ft Lot Size: 25Ft x 60 Ft Zoning: R6, C2-3 Year Built: 2000 Currently Set Up as Five Apartments and one restaurant Rent Roll Restaurant: $3,800/month (Lease until 2023) 2A: $1,900 (M2M) 2B: $2,100 (M2M) 3A: $2,000 (M2M) 3B: $2,100 (M2M) PH: VACANT Total Gross Annual Rental Income: $142,800 Projected Rent Roll Restaurant: $4,400/month 2A: $2,100 2B: $2,400 3A: $2,200 3B: $2,300 PH: $3,600 Total Projected Gross Annual Income: $204,000 Annual Expenses: Taxes: $6,406 Gas: $4,500 Water/Sewage: $1,200 Insurance: $4,000 Electricity: $4,200 Total annual expense: $20,306 NOI: $122,494 Actual Cap Rate: 4.5% Projected NOI: $183,694 Projected Cap Rate: 6.8% Description: New Two-Family with a store available for sale for the first time since its inception in 2000. All the apartments in this building have been fully renovated with meticulous detail. All units are currently on a month-to-month Lease except for the restaurant which has a Lease until July 2023. The Penthouse unit will be delivered vacant and has a private terrace overlooking Brooklyn. This vacant unit can increase the rent roll dramatically. The new owner will see an immediate 4.5% rate of return, easily increasing it to 5% when the penthouse is Leased. Excellent potential to achieve over a 6% Capitalization Rate of Return by repositioning the rental units. Located on Union Avenue and Grand Street in prime Williamsburg. This location is perfectly positioned in a high-demand rental area. Call, text, or email anytime for further information and to receive a detailed set up sheet with income/expenses.
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