Warren Lewis Sotheby's International has been retained on an exclusive basis to market this great corner commercial building located in Cypress Hills. This extra large, fully occupied building leases to 2 government agencies. The leases will...
Warren Lewis Sotheby's International has been retained on an exclusive basis to market this great corner commercial building located in Cypress Hills. This extra large, fully occupied building leases to 2 government agencies. The leases will expire in 4-5 years. Both tenants are paying well under current market rates, which give a tremendous value-add opportunity to the new owner! [[ Gross Income: $270,200; Taxes: $71,420 (Tenant's Contribution - $46,420, Owner's Portion - $25,000); Expenses: $28,040; NOI: $217,000; Current Cap: 4.3%; Potential Income: $330,252; Potential Cap: over 7%; Lot Size: 4,056; Lot Dimensions: 49.75 ft x 82 ft; FAR (Residential): 6.02; FAR (Residential w/ Inclusionary Housing): 7.2; FAR (Community Facility): 6.5; FAR (Commercial): 3.5; Existing Building sqft: 12,168; UNUSED/ADDITIONAL Buildable Air Rights: 17,035 sqft of air rights. ]] The building has a full-size basement with over 9-foot high ceilings, all other floors 12-14' ceilings. Boiler (2x 2000 gal. oil tanks) installed in 2001. Nextel (antennas) leases roof for $3100 (included in income). Located on the very high volume intersection of Pennsylvania & Atlantic Avenues. Contact me today for more details.
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Warren Lewis Sotheby’s International Realty offers local expertise and international exposure to real estate buyers and sellers in Brooklyn, NYC. The ties we have to the local communities are deep and our knowledge of the real estate market comes from our 25+ years of proudly working in Brooklyn. A firm with a solid reputation for excellence, we specialize in exceeding our clients' expectations.
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