Marketing Package q

Transcription

Marketing Package q

Offering
Memorandum
0
8
6
1
Woodbine Street
Ridgewood | Queens
Table of Contents
I.
Pricing and Financial Analysis
Rent Roll
Income & Expenses
II.
Property Description
Investment overview
Zoning Map
Property Photos
III.
Neighborhood Guide
Borough Description
Neighborhood
Description
IV.
Marcus & Millichap Advantage
V.
The Riney Group
Agent Bios
Closing Page
Confidentiality
The information contained in the following
Marketing Bro-chure is proprietary and strictly
confidential. It is intended to be reviewed only by
the party recieving it from Marcus & Milli-chap and
should not be made available to any other person
or entity without the written consent of Marcus &
Millichap. This Marketing Brochure has been
prepared to provide summary, un-verified
information to prespective purchasers, and to
establish only a preliminary level of interest in
the subject property. The information contained
herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not
made any investigation, and makes no warranty or
representation, with respect to the income or
expenses for the subject property, the future
projected financial performance of the property,
the size the square footage of the property and
improvements, the pres-ence or absence of
contaminating subtances, PCB’S or asbestos, the
compliance with State and Federal regulations, the
physical condition of the improvements thereon, or
the financial condi-tion or business prospects of
any tenant, or any tenant’s plans or intentions to
continue its occupancy of the subject property.
The information contained in this Marketing
Brochure has been ob-tained from sources we
believe to be reliable, however, Marcus & Millichap
has not verified, and will not verify, any of the
infor-mation contained herein, nor has Marcus &
Millichap conducted any investigation regarding
these matters and makes no warranty or
representation whatsoever regarding the accuracy
or completeness of the information provided. All
potential buyers must take appropriate measures
to verify all of the information set forth herein.
Pricing and Financial Analysis
Rent Roll Page
Rent Roll Page
Unit #
Type
Status
Actual
Pro-Forma
1L
2BR
RS
$1,059
$1,059
1R
2BR
RS
$1,059
$1,059
2L
2BR
RS
$0
$2,400
2R
2BR
RS
$1,900
$1,900
3L
2BR
RS
$1,200
$1,300
3R
2BR
RS
$1,600
$1,820
Monthly Gross Income
$6,818
$9,538
Annual Gross Income
$81,816
$114,456
*Please note Pro-Forma rent for units 1L, 1R, 2R, 3L and 3R is the registered legal rent
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Financial Overview
THE OFFERING
5,610
Gross SF
# of Units
6
Income
Actual
Proforma
Gross Income
$81,816
$114,456
5%
$4,091
$77,725
$5,723
$108,733
Actual
$11,983
$11,983
$1.5/SQFT
$8,415
$8,415
Water & Sewer
$900/Unit Estimate
$5,400
$5,400
Property Insurance
$450/Unit Estimate
$2,700
$2,700
Repairs & Maintenance
$500/Unit Estimate
$3,000
$3,000
Electric
$.15/PSF Estimate
$842
$1,000
Estimate
5%
$1,200
$3,886
$1,200
$5,437
$37,426
$39,135
$40,299
$69,599
Less Vacancy & Credit
Effective Gross Income
Expenses
Real Estate Taxes
Fuel
Payroll - Super
Management
Total Expenses
Net Operating Income
THE OFFERING PRICE
PRICE PER SQUARE FOOT
PRICE PER UNIT
CAP RATE - CURRENT
CAP RATE - PROFORMA
GRM - CURRENT
GRM - PROFORMA
$1,500,000
$267.38
$250,000
2.7%
4.64%
18
13.11
PLEASE CONTACT EXCLUSIVE LISTING BROKER TO DISCUSS PRIVATE PROPERTY TOUR
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of
the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap
is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Property Description
PROPERTY DESCRIPTION
Property Information
Address
Neighborhood
Cross Streets
Lot Size
Lot Area
1680 Woodbine Street
Ridgewood
Cypress & St. Nicholas Ave
27.5 x 100 Ft.
2,750
Building Information
Building Dimensions:
Stories
Building Class
Zoning
Tax Class
~ Above Grade Building SF
~ Below Grade Rentable SF
~ Total Gross Building SF
Total Units
Total Residential Units
Total Commercial Units
Max FAR
Total Buildable As of Right
Minus Existing SF:
Available Air Rights
27.5 Ft. x 68 Ft.
3
C2
C2-4, R6B
2A
5,610
0
5,610
6
6
0
2.0
5,500
5,610
-110
Real Estate Taxes (15/16)
$11,983
PLEASE CONTACT EXCLUSIVE LISTING BROKER TO DISCUSS PRIVATE PROPERTY TOUR
Zoning and Tax Map
R6 Zoning
Residential FAR: 2.4
COMMERCIAL FAR: N/A
Cross Streets: Irving & Knickerbocker
Satellite and Train Location
INVESTMENT DESCRIPTION:
The subject property, 1680 Woodbine, is a three story building located near the corner of
Cypress & St. Nicholas Ave in the Ridgewood section of Queens, NY. The building is built
27.5 Ft. x 68 Ft.
The property is in an excellent Ridgewood location on a tree-lined street with significant
unlocked value in the residential rent roll. The building features air shafts on either side and
eight foot ceilings in the basement which would provide an investor a significant repositioning
opportunity.
Similar to what has been seen across many of the Brooklyn neighborhoods bordering
Manhattan, Ridgewood is now experiencing a complete influx of new residents and is
considered one of the most actively evolving neighborhoods of New York City. The building
itself is in a central Ridgewood location, in close proximity to the Myrtle Wyckoff Avenue "L",
the Seneca "M" trains and steps to the Myrtle Ave retail corridor.
NEIGHBORHOOD GUIDE
Q
U
E
E
N
S
Borough Description
Queens is the easternmost and largest in area of the five boroughs of New York City, geographically
adjacent to the borough of Brooklyn at the western end of Long Island. The borough of Queens is the
second-largest in population (behind Brooklyn), with approximately 2.3 million residents in 2013.
Queens County is also the second most populous county in New York State, behind neighboring Kings
County, which is coterminous with the borough of Brooklyn.
The differing character in the neighborhoods of Queens is reflected by its diverse housing stock
ranging from high-rise apartment buildings, especially prominent in the more densely urban areas of
western and central Queens, such as Jackson Heights, Flushing, Astoria, and Long Island City, to large,
free-standing single-family homes, common in the eastern part of the borough, in neighborhoods that
have a more suburban layout like neighboring Nassau County, such as Little Neck, Douglaston, and
Bayside.
Transportation
Queens has crucial importance
in international and interstate air
traffic. Two of the New York
metropolitan area's three major
airports are located there;
LaGuardia Airport is in northern
Queens, while John F. Kennedy
International Airport is to the
south on the shores of Jamaica
Bay.
Twelve New York City Subway
routes traverse Queens, serving
81 stations on seven main lines.
The A, G, J, M, and Z routes
connect Queens to Brooklyn
without going through
Manhattan first. The F, M, N, Q,
and R trains connect Queens
and Brooklyn via Manhattan,
while the E, 7, and 7d trains
connect Queens to Manhattan
only. It is of note that M trains
travel through Queens twice in
the same trip, as both terminals
are in Queens.
Culture & ARts
Queens hosts various museums and
cultural institutions that serve its
diverse communities. They range
from the historical (such as the John
Bowne House) to the scientific (such
as the New York Hall of Science),
from conventional art galleries (such
as the Noguchi Museum) to unique
graffiti exhibits (such as 5 Pointz).
Queens's cultural institutions
include, but are not limited to:
Afrikan Poetry Theatre, Bowne
House, Flushing Town Hall, King
Manor, MoMA PS1, Museum of the
Moving Image, Noguchi Museum,
New York Hall of Schience, Queens
Botanical Garden, Queens Museum
of Art, SculptureCenter, and the
Hindu Temple Society of North
America.
The travel magazine, Lonely Planet,
also named Queens the No.1
destination in the country for 2015
for its cultural and culinary diversity.
Demographics
Since 2010, the population of Queens
was estimated by the Census Bureau to
have increased 2.9% to 2,296,175 as of
2013, representing 27.3% of New York
City's population, 29.7% of Long
Island's population, and 11.7% of New
York State's population.
According to the New York Times, the
most diverse census tract in the entire
city is in Queens Village, home to at
least 100 people from each of nine
major groups. In terms of living
arrangements,
Queens households are 68% families,
29% families with children, 26% people
living alone, and 7% non-family groups
(i.e., roommate situations). The average
household size is 2.8 people and the
average family size is 3.4. Rentals make
up 57% of housing units, while 43% of
units are owner-occupied.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage
or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc.
© 2015 Marcus & Millichap. All rights reserved.
Queens, NY
Queens is an international brand, cultural
hub, culinary capital, and real estate
juggernaut. Its streets are full of diversity,
interesting people, and things to do. For
more New York City arrivals than ever, for
long-time New Yorkers looking for an
easier life, for first-time homeowners and
long-term renters, it has become the first
choice of where to live and where to lay
down their roots.
Queens was named America's No.1
destination for 2015 by travel advisers at
Lonely Planet. New York's largest
borough is "quickly becoming its
hippest." Thevast array of culture,
creativity, and diversity in Queens is truly
something to be praised. Queens is home
to the Queens Museum, the Queens
botanical gardens, the Museum of the
Moving Image, and many more.
Don’t forget the charm. "Browse New
York's biggest Chinatown in Flushing,
shop for brilliantly colored saris in Jackson
Heights, and inhale the heady aromas of
coffee in Astoria," according to the
Longely Planet. Each one of the Queens
neighborhoods is unique. The
incomparable array of qorld cuisines
makes Queens a destination for food
lovers from all parts of New York City.
The only way to truly understand Queens
is to walk its streets, see its homes, meet its
people, and understand its ebb and flow.
Never before, has looking for a home in
Queens been this exciting. One of the best
places to start is here.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage
or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc.
© 2015 Marcus & Millichap. All rights reserved.
Q
U
E Ridgewood
E
N
S
About the neighborhood:
Ridgwood borders the neighborhoods of Maspeth, Middle Village, and Glendale, as well as the Brookly neighborhoods
of Bushwick and East Wiliamsburg. Historically, Ridgewood was part of the Dutch settlement of Bushwick and was later
incorporated into the village of Brooklyn. A legacy of this pasis still represented today as the main culture in Ridgewood.
Ridgwood is a densely settled neighborhood, with housing stock ranging from six-family builldings near the Brooklyn
border to two-family and single-family row houses deeper into Queens. Most of Ridgwood was developed block-byblock around the turn of the 20th century. Many of these houses are well-kept and retain much of their early 20th century
appeal. In Ridgewood, 10 national historic districts were listed on the National Register of Historic Places in 1983 and 5
more districts have been added since then.
The Ridgewood Times, established in 1908, and now known as the Times Newsweekly, serves as the community
newspaper, and has the largest classifieds section of Queens County community newspapers. Ridgewood was formerly
the site of one of the nation's oldest cinematic theaters, the Ridgewood Theatre. The 1,950 seat William Fox moviehouse
was open fro 1916 to 2008 and is now a national landmark.
V
Q
U
E Ridgewood
E
N
S
Local Business:
Onderdonk & Sons
The couple behind Greenpoint's Pencil Factory have opened this Ridgewood bar with a killer happy
hour, a dozen rotating beers on tap, and inventive cocktails absent of hard liquor (their location
near a church prevents it).
566 Onderdonk Ave.
K&K Super Buffet
See the review of this Chinese restaurant at 3-41 St. Nicholas Ave. in Queens.
3-41 St. Nicholas Ave.
Domsey's Express
Neighborhood locals stock up on discounted basics and gently used garments at these two bargain
basement outlets.
1609 Palmetto St.
Happy Days Children's Wear
These massive stores carry all your child's basic needs.
56-40 Myrtle Ave.
Q
U
E Ridgwood
E
N
S
Transportation:
On the New York City Subway, the M train runs through the heart of Ridgewood, and its connection to the L train at
Myrtle-Wyckoff Avenues at the south end of Ridgewood is a transportation hub, with a 60-million-dollar renovation
completed in 2007. At the end of the Myrtle Avenue Line is the Fresh Pond Yard, a storage yard for the M train, although
the rolling stock themselves are maintained at East New York Yard. Halsey Street (L train) has entrances in both
Ridgewood and Bushwick.
The Ridgewood Terminal at that station serves New York City Bus' B13, B26, B52, B54, Q55, and Q58 lines. The B20,
B38, Q39, and Q54 bus lines also serve Ridgewood. In addition, the neighborhood is home to the large Fresh Pond Bus
Depot, which services many of the buses that run throughout Brooklyn and Queens.
Q
U
E Ridgewood
E
N
S
Arts & Culture:
Perhaps most importantly, Ridgewood has been able to grow organically–the way Williamsburg did so many years
ago–though it’s no longer a secret and changes are a-coming. The very livable “border” community has been able
to slowly find its place while grand-scale development roared through neighboring Williamsburg, Greenpoint and
Bushwick.
Things that make Ridgewood a sweet spot:
- Diversity and a friendly neighborhood vibe.
- Quaint village streets and attractive housing stock including historic row houses and apartment buildings.
- New eateries from cafes to fine dining continue to join the neighborhood’s growing collection of restaurants,
galleries, music venues and arts centers.
- Close proximity to the restaurants, cafes, galleries and gathering spots in Bushwick and Williamsburg, with whom
it shares a border.
- A new arts center will attract more artists to the neighborhood.
- There’s already a crafts and artists’ market, Ridgewood Market, in an old-school beer-hall, launched in spring of
2013.
- The neighborhood just got new bike lanes!
Why the Riney Group?
The Riney Team
Brooklyn and Queens #1 Investment Sales Team
Focused exclusively on seller representation
Coverage in all major northern Brooklyn and Queens markets Consistent track record of
superior performance and results 9 member team + support staff
"Top 5 investment sales team in all NYC" Real Estate Forum October 2014 issue
#1 producing sales team in Brooklyn Marcus Millichap office
www.BkMultifamily.com
www.QnsMultifamily.com
National Core Sales Broker Ranking
$2.5M – $20M, 2013* RINEY
Shaun Riney
GROUP AGENTS
Overview
Shaun is a Vice President of Investments of Marcus & Millichap Real Estate
Investment Services (“MMREIS”) and leader of the Riney Team.
The group have consistently been recognized as one of New York City’s elite
investment sales teams and are primarily responsible for investment sales advisory
and transaction services to multi-housing, mixed-use, and retail operators across
all neighborhoods of Northern Brooklyn and Queens. Mr. Riney oversees his
team’s operations and focuses on business development, advisory services, and
start-to-finish deal execution of the team’s assignments. By age 27 – he was
inducted into the firm’s exclusive seven figure club and is recognized as of the
youngest top performing brokers across the country. He pro-actively and
personally recruits, trains and mentors all members of the team in collaboration
with regional manager John Horowitz.
Professional Achievements
Top Producing Broker Brooklyn Office (2011, 2012, 2013, 2014)
Vice President of Investments
National Multi-Housing Group
Named Top 20 to Watch in NYC Commercial Real Estate (2012)
Top
5 Real
Investment
Source:
Capital Analytics, Inc. Sales Brokers in NYC by Transaction Sold (2014)
Power Broker: The Multifamily Guy (2011)
Tel: (718) 475-4369
Fax: (646) 349-2282
SRiney@marcusmillichap.com
National Achievement Award – 2012, 2013, 2014
University: Boston University
Riney is an active member of the Brooklyn Heights Real Estate Roundtable and
contributor to the Greening of Detroit, the Mosaic Youth Theatre of Detroit, the
American Heart Association and Greenpeace. His passions outside of real estate
include reading, traveling, skiing, spending meaningful time with friends and family,
and exploring the natural world. He is a dedicated mountain hiker and has spent
considerable time climbing in the Pyrenées Mountain Range of Southwest Europe,
the Tramuntana Mountains of Mallorca and in the Presidential Mountains of the
Northeast United States. He is a sports enthusiast, an avid soccer player and Captain
of the Brooklyn Football Club (BKFC).
Sales Recognition Award – 2011, 2012, 2013, 2014
Personal
Riney is a graduate of Boston University and currently resides in Williamsburg,
Brooklyn.
$2.5M – $20M, 2013* RINEY
GROUP AGENTS
Overview
Thomas Shihadeh
Tom is an investment sales broker managing the team's transactions through the
Bushwick & Ridgewood sections of Brooklyn & Queens; he handles a wide range
of product types including, but not limited to, multifamily, mixed-use, ground up
development and conversion sites (IMDB & Industrial). He strives to offer the most
real-time investment sales advisory services to maximize value with each asset for
his clients while overseeing each of their assignments from start to finish.
Mr. Shihadeh has worked closely with nearly every city agency to execute the sale
of properties with a variety of encumbrances including distressed assets,
receiverships, non-conforming uses, and DHCR rent overcharge cases which have
proven to make him indispensable to his clients in whatever hurdles are involved
in each transaction. Among several other accolades, he was Marcus & Millichap's
Rookie of the Year, closing thirteen transactions worth an aggregate $20,000,000
within his first twelve months.
Investment Associate
He has since gone on to set the price record in almost every asset class this year to
date across Bushwick & Ridgewood and is largely responsible for the firm's now
dominant market share.
Professional Achievements
Tel: (718) 475-4380
Fax: (646) 349-2282
TShihadeh@marcusmillichap.com
Real Capital
Analytics, Inc. 2014
Pace Source:
Setter
Award
Rookie of the Year 2014
Personal
Tom is a graduate of Boston University's School of Management with a Bachelor of
Science in Business Administration. Outside of the classroom, he ran a co-founded
production company focused on the orchestration of nightlife events and concerts
across the east coast which hosted up to 3,000 guests and featured many of today's
most recognizable names in music.
Tom is from Villanova, Pennsylvania, just south of Philadelphia. When he is not in the
office, he enjoys working out, traveling, and spending time witih his friends and
family.
He currently resides in Chelsea New York, NY
$2.5M – $20M, 2013* RINEY
GROUP AGENTS
George Koncilja
Overview
Tel: (718)-475-4387
Gkoncilja@marcusmillichap.com
George Koncilja is primarily responsible for investment sales and advisory
services for multifamily, mixed-use and retail operators throughout the
Ridgewood section of Queens. In this role, he is responsible for sourcing
and underwriting investment sales transactions while providing professional
service for clients including valuation, marketing, property tours, due
diligence organization and sourcing capital for client acquisitions and/or
recapitalizations. He continues to proficiently execute every facet of the
investment sales process and brings a wealth of transaction experience to
Source: Real Capital Analytics, Inc.
the team.
Personal
George is from Colorado and currently resides in Gramercy, Manhattan.
1680 Woodbine Street
Ridgewood, Queens
PLEASE CONTACT US AT ANYTIME FOR A REAL TIME MARKET UPDATE
FOR THIS PROPOSAL. MARKET CONDITIONS ARE SUBJECT TO FREQUENT
CHANGE.
Shaun Riney
Vice President of Investments
718.475.4369
Jim Saros
718.475.4343
Mike Salvatico
718.475.4358
Daniel Greenblatt
718.475.4357
Thomas Shihadeh
718.475.4380
Daniel Degiovanni
718.475.4365
Ari Azarbarzin
718.475.4352
Steve Grassl
718.475.4348
George Koncilja
718.475.4387
www.bkmultifamily.com
www.qnsmultifamily.com

Marketing Package q

Transcription

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