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EXPENSES
$4,800
$1,100
$10,000
$1,200
$2,500
Real Estate Taxes (tax abatement to year 2025 - 421a)
Water/Sewage (restaurant has sep. meter)
Gas (Heating)
Insurance
Electric
Maintenance / Repairs
Vacancy/Management (3% of Res. Gross)
TOTAL ~$28,920
397 Greene Ave Brooklyn, NY 11216
PRICE: $5,800,000 $5,600,000 Current Cap Rate : 5.44%
Projected Cap Rate Fall 2020 cap. Improvements - no vacancies): ~5.8+% Building type: New -Development Walk-upBlock/Lot: 1954/7501-7502
Lot dimensions: 37.5’ x 65’
Building SF: 11,400* (9750 above grade)
Floors: 5 (with a full basement which can be considered a 6th floor)Rent Stabilized Units: 7
Commercial units: 2 (combined by 1 operator)Total Units: 9* (technically 2 condos, 1 residential and 1 commercial)
*Pilar signed an amendment to their current lease to expand into 2nd commercial unit
**Commercial tenant pays all taxes for commercial portion of building, along with 4.5% rent increase per annum which increases every spring, commercial ICAP tax abatement till 2035
$2,040
$7,280
397 Greene Avenue (1074-1076 Bedford Ave), this corner building built in 2010 on a tree-
lined street offers endless opportunity to an investor looking for a trophy property (semi-
detached with triple exposures) in Clinton Hill / Bedford Stuyvesant Comprised of 7-rent
stabilized units (4 two bedrooms, 2 duplexes with 1.5 bath and 3 bedroom 1.5 bath duplex) at
near market rents and retail on the first floor (leased by 1 tenant). Though it's rent-stabilized, there is much added value in the units. With an actual NOI hovering ~$300k per year, there
isn't something this great in Prime Brooklyn on the market.
There is about 9750 Square feet available above grade along with a usable basement of 1650
Sq Ft. There is laundry in the basement with some common storage. Beautiful shared roofdeck
which offers 360 views of downtown Brooklyn along with the Manhattan Skyline. Bordering
Clinton Hill / Bedford Stuyvesant, this architectural gem is strategically 1 block from the
Bedford-Nostrand G train bordering Clinton Hill.
Don't miss the opportunity!
Danny Duffoo
Licensed Associate Real Estate Broker
917.524.5919
Real estate agents affiliated with Citi Habitats are independent contractor sales associates and are not employees of Citi Habitats.
Citi Habitats is a licensed real estate broker located at 387 Park Avenue South, NY, NY 10016. All information furnished
regarding property for sale or rent or regarding financing is from sources deemed reliable, but Citi Habitats makes no warranty or
representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes,
changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are
approximate. To obtain exact dimensions, Citi Habitats advises you to hire a qualified architect or engineer. Equal Housing
Opportunity. ©2018 Citi Habitats.
397 GREENE AVENUE
Neighborhood: Clinton Hill / Bed-Stuyvesant Price: $5,750,000 (Price Drop)
Bedrooms: 11
Bathrooms: 10 Full
Square Feet (approx): 11,400
Res Real Estate Taxes: $2,040/year
Grant CooperLicensed R.E. Salesperson
917.816.4926
Bronwyn Kelley Licensed R.E. Salesperson
347.687.9577
397 GREENE AVE REVENUE BREAKDOWN
COMMERCIAL RENT ROLL
UNIT TENANT SF/LAYOUT LEASE EXP
LEGAL
MONTHLY
RENT ANNUAL RENT
(based on current rent)
Comm 1 CORNER PILAR
1250 SF (& 1/2basement)* 4/01/2023 $4,735.90 $ 56,831
Extension
PILAR 2*
(bakery)
650 SFwith some basement
space 4/01/2023 $2,821.50 $ 33,858
TOTAL COMMERCIAL REVENUE
1900 SF(w/basement) $ 90,689
RESIDENTIAL RENT ROLL
UNIT LEASE TYPE LAYOUT LEASE EXP
LEGALMONTHLYRENT
CURRENT/PREFERENTIAL (COLLECTED) MONTHLY RENT
ANNUAL RENT(based on
current rent)
PROJECTED MONTHLY
MARKET RENT (09/2020) minor modifications -
$100 W/D add on fee)PROJECTED ANNUAL RENT
2A RS 2BR 1 BATH 6/30/2020 $2,589.77 $ 2,448 $ 29,376 $ $ 32,4002B RS 2br 1 bath w/deck 6/30/2020 $2,572.00 $ 2,572 $ 30,864 $ 2,875 $ 34,500
3A RS 2BR 1 BATH 12/31/2019 $3,250.00 $ 2,733 $ 32,796 $ 2,975 $ 35,7003B RS 2BR 1 BATH 3/30/2020 $3,298.75 $ 2,895 $ 34,740 $ 3,050 $ 36,600
PH-A (4A) RS 3BR 1.5 BATH 7/31/2020 $3,853.09 $ 3,484.90 $ 41,819 $ 3,685 $ 44,220
PH-B (4B) RS 2br 1.5 BATH 8/20/2020 $3,097.30 $ 3,097.30 $ 37,168 $ 3,310 $ 37,620
PH-C (4C) RS 2br 1.5 BATH 7/31/2019 $2,997.28 $ 2,992.38 $ 35,909 $ 3,200 $ 38,400
TOTAL RESIDENTIAL REVENUE
$ 242,671 $ 261,540
Current Total Annual Rent Roll (Res & Comm): $ 333,360
Projected Annual Rent Range Fall (September) 2020 [Market Rents with minor modifications (i.e. w/d in units) ]:
$ ~356,310 (this does not account for ability for landlord to incr. rent to legal rent incase of avacany, which would lead to a higher rent roll if that occurs)
Comm 1a
$7,557.40
2,700
Comm. Rev. September 2020 $ 94, 770
