NEW IMPROVED PRICE! Warren Lewis Sotheby's International has been retained on an exclusive basis to market this great corner building located in Cypress Hills. This Extra Large, 100% occupied building is rented to 2 government agencies. The...
NEW IMPROVED PRICE! Warren Lewis Sotheby's International has been retained on an exclusive basis to market this great corner building located in Cypress Hills. This Extra Large, 100% occupied building is rented to 2 government agencies. The leases will expire in 4-5 years. Both tenants are paying almost twice less than the market dictates today, which gives 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 - 5.4% Potential Income - $330,252 Potential Cap - 8.2% - 9% Lot Size: 4,056 Lot Dimensions: 49.75 ft x 82 ft FAR - 6.02 FAR CF - 7.20 Existing sqft: 12,168 The building has a full-size basement with 10 feet ceilings, all other floors 12-14' . It also features an updated boiler from 2000 - 2001 and 2 gas tank (2000 gallons each), Nextel antenna on the roof that brings $3100 a month that is already included in the income. The additional air rights that the building has are not included in the purchase price!
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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.
With offices located in both Park Slope and Williamsburg, we are a short trip from Manhattan. All Warren Lewis Sotheby's International Realty clients receive the expert services of our real estate brokers and agents, who offer personalized consultancy services for both sales and rentals. The company combines strong Brooklyn knowledge and customized consulting services with the Sotheby's International Realty® global network, thanks to the presence in 50 countries with over 700 offices worldwide. Allow us to ease your transition from one home to the next.
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