736 Fulton Street

PROPERTY SUMMARY

Solace Properties has retained the exclusive and is pleased to present a beautiful brick three-family townhouse on 736 Fulton Street in Fort Greene for sale.Property sits in a prime location in the highly desired area of Fort Greene on Fulton Street in between Carlton Avenue and Cumberland Street. This is one of the very rare, if not the only property on the entire block that’s currently consist of all free market units. Property consists of 3 two-bedroom and one-bathroom units. First floor unit is an enormous 1,500 sqft two-bedroom duplex. The duplex offers a washer and dryer on the lower floor and access to the backyard along with a rare parking space. Second and third floor are 800 sqft two-bedroom units. All units have unencumbered views of Cuyler Gore Park where tenants can enjoy the fall foliage and sprouting of the trees in the spring. Property is a stone’s throw away from the Barclays Center, The BAM, Fort Greene Park, Starbucks, The Apple Store, Whole Foods, Trader’s Joe, Target, Stop and Shop, countless restaurants and other retail stores. Rental market in Fort Greene is exceptionally strong as people are continually moving into the neighborhood. Transportation in the area is excellent thanks to an easy access to numerous subway stations such as Lafayette Avenue Station located across the street from the property (C Line) and a 5 minute walk to the Atlantic Avenue Station where you can catch the 2,3,4,5,B,D,G,N,Q,R,W, and LIRR. This extraordinary property will allow the purchaser an option for a future condominium build out utilizing its air rights of 5,350 sqft and zoning of R7-2. Condominium average price per square foot is $1,350. If a condominium project is not preferred, purchaser can choose to expand the number of rental units with the air rights. 736 Fulton Street proposes a unique collection of assets as it presents three constant appreciating rental units along with future rental unit expansion and a condominium build out.

PROPERTY SPECIFICATIONS
-Building Size with finished basement, Total 3,600 sqft.
-Building Size is 20 X 45, Total 2,700 sqft.
-Lot Size is 20 X 117, Total 2,340 sqft.
-Zoning is R7-2
-F.A.R is 3.44
-Air Rights 5,350 sqft
-Total is 8,050 Buildable square footage
-Built 1995

PROPERTY FINANCIALS

Total Current Annual Rent Roll is $111,600 :
1st Floor Duplex - $2,800/month, $33,600 annual
2nd Floor - $3,250/month, $39,000 annual
3rd Floor - $3,250/month, $39,000 annual

Total Annual Expenses - $11,071
Taxes - $4,071 (2 years left on abatement, expires 2020)
Insurance - $2,000
Heat - $2,500
Water and Sewage - $2,500

NOI is $100,529
Cap Rate is 3.9%

Total Market Annual Rent Roll is $129,600:
1st Floor Duplex - $4,200/month, $50,400 annual
2nd Floor - $3,300/month, $39,600 annual
3rd Floor - $3,300/month, $39,600 annual

Total Annual Expenses - $11,071
Taxes - $4,071 (2 years left on abatement, expires 2020)
Insurance - $2,000
Heat - $2,500
Water and Sewage - $2,500

NOI is $118,529
Cap Rate is 4.6%

FUTURE CONDOMINIUM BUILD OUT
Current condominium average price per square foot in Fort Greene/Clinton Hill is $1,350. Build out of seven condominium units with a first floor duplex with a total gross square footage of 8,950 would net a value of $10 million in sales.