Multifamily Building with Upside in Brooklyn

530 Chauncey Street, Brooklyn, NY, USA
Price: $1,750,000
Lot Sq Ft 2,600
Lot Dimensions 20' x 100'
Zoning: R6
Stories: 3
Residential Units: 6
Cross Street: Broadway & Rockaway Avenue

About this property

ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 530 Chauncey Street. The subject property is a walk-up building located on the south side of Chauncey Street between Broadway and Rockaway Avenue in Ocean Hill, Brooklyn. The structure comprises 5,418 SF with six (6) rent stabilized units. Units 2L and 3R have been fully gut renovated into three (3) bedrooms with one-and-a-half (1.5) bathrooms and are currently leased to tenants paying market rate rents at $2,500/month each. Tenants pay their own heating since the renovated units have an HVAC cooling/heating system (2L & 3R) and unit 3L has electric baseboard heating.

An investor can realize upside in the property with residential rents at $25/NSF in a market that can easily garner $35/NSF. Unit 1L is currently vacant and will be delivered vacant at closing. 530 Chauncey Street is less than 300 ft. from the J, M and Z subway line on Chauncey Street and near the B20 and Q24 Bus Station on Broadway. In addition, there are numerous subway lines that canvass the area such as the J, M, Z, A and C. Additionally, due to the upcoming shut down of the L subway line in early 2019, many residents that rely on the train are moving south to Bedford, Stuyvesant Heights and Ocean Hill further strengthening the rents in these sub-markets.

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