Warren Lewis Sotheby's International has been retained on exclusive basis to market this great Great mixed use property in Cypress Hills area in the first new rezoned block of East New York. This building has in place income and has a good upside. It is also offering additional 7094 of air rights under the new FAR of 6.02. Current Income: - H&R Block: $1750 (Lease Exp - 4/17) - 2ND FLOOR: $1000 (month to month) - 3RD FLOOR: $1750 (month to month) Total Gross Income - $54,000 Expenses: - Insurance: $2,782 - Taxes: $3,417 - Utilities: $986 Total Expenses - $7,185 Current NOI - $46,815 Current CAP - 2.7% Potential Income: - Store: $3800 - 2ND FLOOR: $1750 - 3RD FLOOR: $2500 Total Potential Gross Income - $96,600 Potential NOI - $89,415 Potential Cap - 5.2% This property is also offering additional 7,094 of air rights under the new east NY zoning. Offering R8A with FAR of 6.02. Which is allowing the new owner to add additional 5 - 7 floors. Cypress Hills is Located in the busiest East Brooklyn areas and with the new East NY rezoning, this area will see many new tenants and new developments in the coming years.
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