Deal analysis..Need help with multifamily mix use commercial

[Will Bert]

Hi Bp... I was looking at a deal with 2 investors who want to form a partnership. We will get an LLC and owner is willing to finance. This will be my first time doing this. Just looking for insight if you have any questions please ask so I can fill in what I'm missing. The property is in Brooklyn NY in a working class neighborhood

2 Buildings 1million

%20 down

15yrs at %4 

1st building taxes $5400yr

1 commercial space rents for $3000 a month

1 3br rents for $1300 a month

1 garage space rents for $200 a month

total $4500

2nd building taxes $7300

1 commercial space not rented but can rent for $4500

2 1br apts rent for $910 each tenant's pay own heat

total $6300

[Adam K.]

@Will Bert $1 million for both buildings, I assume? What neighborhood? I think the key here is the 2nd commercial space. If it can actually be rented for $4500 that looks like it could be pretty solid. $10,800/month in rent on $1MM is a great ratio in Brooklyn, especially if it's in an area where you have some appreciation potential.