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1484 DEKALB AVENUE BUSHWICK
Exclusive Offering Memorandum
2
TerraCRG has been retained to exclusively represent ownership in the sale of 1484 Dekalb Avenue in Bushwick, Brooklyn.
For more information, please contact exclusive agents:
718-395-1877 | terracrg.com
Matthew [email protected]
Fred BijouSenior [email protected]
Eddie [email protected]
The information provided herein has either been given to us by the owner of the property or was
obtained from sources we deem reliable. We do not guarantee the accuracy of any information.
All zoning, existing square feet of buildings, available buildable square feet, permitted uses and
any other information provided herein must be independently verified. The value of any real
estate investment is dependent upon a variety of factors including income, vacancy rates, ex-
pense estimates, tax brackets and general market assumptions, all of which should be evaluat-
ed by your tax advisor and/or legal counsel. Interested parties should carefully verify each item
of information herein; there can be no guarantee that the enclosed information is accurate or
that the subject property will sell for the suggested asking price. The estimates and assumptions
provided herein are based on the subject property containing no environmental contamination.
Damhi ShawAssociate
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4 | The Offering
5 | The Property
6 Property Information
Building Information
Property Taxes
7 Revenue & Expenses
8 Aerial Maps
9 | Opportunity Zones
10 | Transportation Map
11-12 | Bushwick
13 | Area Attractions
14 | Brooklyn
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TerraCRG has been retained to exclusively represent own-
ership in the sale of 1484 Dekalb Avenue, a fully vacant, six-
unit property in the Bushwick neighborhood of Brooklyn.
Located between Knickerbocker and Irving Avenues, 1484
Dekalb Avenue provides the rare opportunity to acquire a
property within an Opportunity Zone. The three-story build-
ing is 4,500 SF set on a 25 ft x 100 ft and consists of six
rental units. After renovation, the property has a projected
annual rent of ~$211,000. The interior of the building has
already been fully gutted out, which will save the buyer both
money and time.
The building is located in one of the most prime sections
of Bushwick, just one block from the L train at Dekalb Av-
enue and near the M train at Knickerbocker Avenue. It is
also within short distance of Maria Hernandez Park and the
Wyckoff Heights Medical Center.
The retail development in this location has exploded with
some of the best restaurants, bars, cafes and clothing
stores opening in the immediate vicinity, including Milk &
Pull Coffee Shop, Alphaville, The Three Diamond Door, Ar-
tichoke Pizza, L Train Vintage, The Cobra Club, Left Hand
Path, Variety Coffee, to name a few.
THE OFFERING
ASKING PRICE: $2,500,000
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1484 DEKALB AVENUE BUSHWICK
IN HEART OF BUSHWICK CLOSE TO L, J, M, Z SUBWAY LINES
FULLY VACANT
TOTAL BUILDING SF FRONTAGE UNITS STORIES
PROJECTED NOI
4,500 25 FT 6 3
$181,820
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THE PROPERTY
PROPERTY INFORMATION
Address: 1484 Dekalb Avenue
Neighborhood: Bushwick
Cross Streets: Knickerbocker Ave & Irving Avenue
Block: 3247
Lot: 12
Lot Size: 25 ft x 100 ft
BUILDING INFORMATION
Building Size: 25 ft x 60 ft
Building Class: C2
Zoning: R6
Stories: 3
Total Units 6
Building Sq. Ft.: 4,500
Additional Air Rights: 1,000
Opportunity Zone: Yes
TAX INFORMATION
Taxes (18/19): $6,745
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REVENUE & EXPENSES
PROJECTED REVENUE AFTER RENOVATION
Unit Est. Unit SF Monthly Rent Annual Rent
1L 1,300 $3,200 $38,400 Duplex with private backyard
1R 1,300 $3,200 $38,400 Duplex with private backyard
2L 750 $2,800 $33,600
2R 750 $2,800 $33,600
3L 750 $2,800 $33,600
3R 750 $2,800 $33,600
Total $17,600 $211,200
EXPENSES (Estimated):
Real Estate Taxes $6,745
Gas/Heat (Tenants Pay) -
Electric (Common Area) $675
Payroll $3,000
Insurance $3,000
Water/Sewer $5,400
Maintenance/Repairs 2% $4,224
Management/Vacancy 3% $6,336
Total: $29,380
GROSS ANNUAL INCOME: $211,200
LESS EXPENSES: $29,380
NET OPERATING INCOME: $181,820
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AERIAL MAPS
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OPPORTUNITY ZONES
1484 Dekalb Avenue is in a Qualified Opportunity Zone (“Opportunity Zone”). Opportunity Zones
were created under The Tax Cuts and Jobs Act of 2017 to encourage private investment in dis-
tressed communities around the United States.
The new regime creates certain tax benefits that are available to investors with capital gains, who
invest those gains in a Qualified Opportunity Fund (“QOF”), which in turn invests in so-called
“qualified opportunity zone property.”
An investor may obtain three types of U.S. federal income tax benefits as a result of
investing a capital gain in a QOF:
While the final details of the Opportunity Zone program have yet to be confirmed, the new
provisions are expected to result in a significant influx of capital into real estate located in
the newly-designated Opportunity Zones.
For more information regarding Opportunity Zones, please visit
https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f 3cad12b6c4bffb816332544f04542
A TEMPORARY DEFERRAL OF CAPITAL GAINS TAX ON ANY GAIN INVESTED IN
A QOF;
THE ELIMINATION FOR TAX PURPOSES OF A PORTION OF THE INVESTED GAIN
UPON THE 5TH AND 7TH ANNIVERSARY OF THE INVESTMENT IN THE QOF;
AND
THE ABILITY, AFTER HOLDING A QOF INVESTMENT INTEREST FOR 10 YEARS,
TO ELECT FOR THE BASIS OF THAT INTEREST TO BE EQUAL TO ITS FAIR MAR-
KET VALUE ON THE DATE SUCH INTEREST IS SOLD OR EXCHANGED, WITH
THE RESULT THAT AN INVESTOR WILL NOT RECOGNIZE A GAIN AND WILL
NOT OWE ANY TAX ON THE SALE OR EXCHANGE OF ITS QOF INTEREST.
1 4 8 4 D E K A L B A V E
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1 4 8 4 D E K A L B A V E
J ZM Y R T L E A V E
M
M
M
LL
ZJ
B13 B26 B38 B52 B54 B60
LO C A L M TA B U S L I N E S :
R I D E R S H I P O V E R V I E W
Myrtle AveWeekday | 13,222Annual | 4,213,096
18 min distance
5 min distance
6 min distanceKnickerbocker StreetWeekday | 2,077Annual | 593,366
Dekalb AveWeekday | 13,050Annual | 6,551,184
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TRANSPORTATION
D E K A L B A V E
K N I C K E R B O C K E R S T R E E T
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BUSHWICK
Home to Brooklyn’s nascent creative arts class, Bushwick is generating the
kind of buzz and attention its neighbor Williamsburg to the west has recent-
ly experienced. Bushwick has emerged as a desirable focus of developers
capitalizing on the many former factories and industrial buildings which
are being restored and re-positioned as for office, residential and cultural
uses. With a vibrant street-art scene and dozen’s of galleries and pop-ups,
Bushwick is being brought to life along with a continual restoration of sig-
nature lofts and multi-colored brownstones throughout the neighborhood.
With the well-known Williamsburg bordering Bushwick on the west,
it’s no surprise that new retail and critically-acclaimed restaurants
have begun quickly migrating and finding space on Bushwick’s main
thoroughfares. Checking out the shops, cafés and bars on Wyck-
off Avenue, or around any of the major subway stations will be sure
to fill your camera with weeks’ worth of Instagram-worthy photos.
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BUSHWICK
Listed by Vogue as one of the “world’s coolest neighborhoods,” Bushwick
has always been a creative hub attracting artists, musicians, and
creative minds from around the world. Like its neighbor, Williamsburg,
Bushwick is also generating the attention and buzz of developers
and potential residents alike. One of the hottest areas to develop in,
developers have had an emerging desire to restore former factories
and industrial buildings into offices, residential units, cultural spaces
and more. With a vibrant street art culture, many are turning their eye
to Bushwick.
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AREA ATTRACTIONSThe Bushwick Collective is completely covered in amazing street art and murals by some of the best national and international street artists, muralists & graffiti artists.
The BogArt was converted to an artist production studio space in 2005 and has become the artist center of Bushwick.
House Of Yes is a funky venue showcasing dance, circus, theater & cabaret performances in a former ice warehouse.
Roberta’s became an international brand, as evi-denced by the frozen pizzas it sells at Whole Foods and the crowds who line up at the restaurant daily.
The Rheingold at 10 Montieth, the nine-story resi-dential complex from the Rabsky Group will occupy a portion of the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood.
Market Hotel is an historic event space that has been a neighborhood nightlife hub for Bushwick and Bed-Stuy, in many incarnations, for over 50 years.
DeKalb Library originally opened in 1905. The build-ing was designed by the Brooklyn architect William Tubby in the Classical Revival style.
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BROOKLYN
The borough is situated at the southwestern end of Long Is-land and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Up-per New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in 1898. The bor-ough’s 36 neighborhoods continue to maintain a distinct cul-ture, independent art scene and unique architectural heritage.
With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. Brooklyn is the second most densely populated county in the U.S.
For more information, please contact exclusive agents:
718-395-1877 | terracrg.com
The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be inde-pendently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject prop-erty will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.Exclusive Offering Memorandum
Matthew [email protected]
Fred BijouSenior [email protected]
Damhi [email protected]
Eddie [email protected]
