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- LoopNet Team
2611 Avenue U
Brooklyn, NY 11229
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- heavy traffic area
- potential for 6% cap rate with rent inc to market value
- pork store staple for over 30 years
PROPERTY FACTS
ABOUT 2611 AVENUE U , BROOKLYN, NY 11229
Rent Roll National Grid (apartments) G & S Pork Store $4170 a month 3% yearly inc (5yr lease) Jan $817.30 1 bedroom $1000 a month Feb $700.51 2 Bedroom $1100 a month Mar $676.31 Annual $75,240 April $469.51 May $250.88 Expenses June $158.99 Taxes $5,037.52 Jul $84.51 Boiler annual inspection $220.53 Aug $85.31 Total = $5,258.05 Sep $90.07 Oct $89.86 Water Bill Nov $209.91 3-25-2019 $669.44 Dec $628.18 7-3-2019 $745.84 Total = $4,261.34 9-27-2019 $975.01 12-29-2019 $958.40 Total = $3,348.69 G&S pays $1,216.30 Lanlord pays = $2,132.39 Con Edison (Hallway) Electricity Jan $32.28 Feb $36.41 March $32.98 Apr $34.03 May $31.05 June $32.12 Jul $30.14 Aug $34.03 Sep-Nov $90.16 Total = $353.20 Taxes $5,037.52 + Boiler inspection $220.53 + Water $2,132.39 + Electricity $353.20 + Gas (apartments) $4,261 = $12,004.64 Annual Rent $75,240 - Expenses $12,004.64 = $63,235. Existing Cap Rate = 3.95% at sale price of $1,599,999 does not include insurance Rents for apartments are below market value.
PROPERTY TAXES
| Parcel Number | 07331-0052 | Improvements Assessment | $64,320 |
| Land Assessment | $11,040 | Total Assessment | $75,360 |
PROPERTY TAXES
