Exclusive Sale Offering Memorandum 385 Nostrand Avenue Brooklyn, NY
Exclusive Sale Offering Memorandum
385 Nostrand AvenueBrooklyn, NY
385 Nostrand AvenueProperty Description
6% Cap - Triple Mint Renovated - Turn-Key Mixed Use Building in the Heart of Bedford Stuyvesant
The top two floors are Spacious, Newly Renovated Three Bedroom Apartments with top of the line Stainless Steel appliances, Dishwashers, Full-size Washers and Dryers and all high-end finishes.
Loft Like Ceilings, Recessed Lighting, Hardwood Floors and Exposed Brick details create a comfortable, luxurious atmosphere. The Kitchens feature High End Stainless Steel appliances with an Industrial Sized Refrigerator for all cooking needs a tenant might have. Marble Countertops compliment both the Kitchen
and Bathrooms. White Tiles, High End Vanity and Modern Standing Shower all round out the Master Bathroom and additional Bathrooms. Both units feature Private Terraces accessible through wide glass
doors that let in tons of Natural Light.
The Ground Floor space is a Commercial space for rent.
The Buyer pays the Listing Broker Commission.
385 Nostrand AvenuePhotos
385 Nostrand AvenueFloor Plans
385 Nostrand AvenueProperty Information
Neighborhood
Neighborhood Bed Stuy
Community District 3
School District 13
Census Tract 249
Building
Building Class 2 Family + Store (S2)
Building Sqft 3,340
Building Dimensions 20 x 58 ft
Roof Height 30 ft
Ground Elevation 47 ft
Year Built 1910
Stories 3
Use:
Residential Units 2
Residential Sqft 2,140
Avg. Residential Unit Size 1,070
Commercial Units 1
Retail Sqft 1,200
Lot:
Lot Sqft 1,586
Lot Dimensions 20 x 80 ft
Corner Lot No
Buildings On Lot 1
Zoning
Zoning Districts R6A, C2-4
Zoning Map 17a
Floor Area Ratio (FAR)
Residential FAR 3
Facility FAR 3
FAR As Built 1.50
Allowed Usable Floor Area 4,800
Usable Floor Area As Built 3,340
Unused FAR 1,460
Property Taxes
Tax Class 1
Current Tax Bill $3,078
385 Nostrand AvenueFinancials
Asking Price………….………………………………… $1,999,999Square Footage………………………………..………………. 3,340Cap Rate…………………………………………………………….…… 6%
Unit # Lease Expiry Date Current Monthly Rent Current Annual Rent
1 July 2021 $3,300 $39,600
2 July 2021 $3,300 $39,600
COMM - $4,200 $50,400
Total Annual Income $129,600
Total Annual Expenses . $9,078
NOI $120,522
Income/Expense Breakdown:
Expense Annual Amount
Real Estate Taxes $3,078
Electric $1,200
Water $2,000
Insurance $2,800