353 Bay Ridge Parkway Brooklyn, NY 11209

$13,750,000

Bay Ridge 43-unit elevator building

Download PDF

Offering Summary

CPEX Real Estate has been retained on an exclusive basis to arrange the sale of 353 Bay Ridge Parkway, a 43-unit elevator building with 14 indoor parking spaces in the heart of Bay Ridge, Brooklyn.

Property Highlights

  • Seven-story elevator building with 42 residential apartments and one professional office which is currently vacant
  • Mixture of 12 one-bedroom apartments and 30 studios, of which 41 are rent-stabilized and one free market
  • NOI: $457,715 per year
  • Two blocks from R train at 77th Street and 4th Avenue
  • Walking distance to famous 86th Street retail corridor
  • Easy access to Verrazano Bridge, BQE, Belt Parkway, and the Shore Road waterfront
  • Interest from commuters, young professionals, and families alike

Property Facts

  • Address 353 Bay Ridge Parkway, Bay Ridge, NY 11209
  • Block Lot 5929_54
  • Location Between 3rd & 4th Avenues
  • Lot Dimensions 80' x 94'
  • Lot Size 7,520 SF
  • Building Class D1
  • Building Dimensions 80' x 88' (irregular)
  • Building Size 41,363 SF
  • Floors 7
  • Residential Units 42
  • Commercial Units 1 (office space)
  • Zoning R5B/BR
  • FAR 1.35
  • Parking 14
  • Taxes $113,990
  • * Approximate

Close Chart

Financials

  • REVENUE
  • Commercial Income $36,000
  • Residential Income $656,931
  • Laundry Income $52,020
  • Miscellaneous Income $52,020 (parking/laundry)
  • Gross Annual Income $722,109
  • EXPENSES
  • Real Estate Taxes $112,804
  • Insurance $27,040
  • Water/Sewer $13,318
  • Heat/Hot Water $23,938
  • Electric $14,413
  • Repairs/Maintenance $22,349
  • Elevator $5,000
  • Gas $1,727 (cooking)
  • Management Fees $22,349
  • Vacancy & Collection $14,899
  • Total Expenses $264,395
  • Expense Ratio 36.92%
  • SUMMARY
  • Effective Gross Income (EGI) $722,109
  • Expenses $264,395
  • Net Operating Income (NOI) $469,915

Close Chart

Neighboring Retailers

Transportation

  • 3,753,132 annual subway riders at the 4th Avenue R train station